Category: Cryptocurrency News

The proposed offer would require both SEC relief and shareholders’ approval.

The Basel Committee, the organization in charge of setting global bank standards, has finalized its new rules related to banks and cryptocurrency exposure. The document establishes two different crypto asset classes, including tokenized real assets and stablecoins in one, and other cryptocurrencies in another, discriminating on the collateral and quantity that banks might hold for […]

The native currency of the Tron network, TRX, is one of the few cryptocurrencies in the current altcoin market to experience a price hike. As of this writing, TRX has gained 0.2% on a daily basis, with a 6.1% increase seen on a monthly timeframe. A recent development might have something to do with this, as it pertained to the TRX environment. According to a tweet, the ecosystem has reportedly passed Binance’s BSC to become the No. 2 cryptocurrency in terms of total value locked. Despite this progress, the price of TRX was rejected at $0.055175, causing a fall to its current market price of $0.053740. The entire locked value of Tron has recently breached $4.30 billion, surpassing BSC by approximately $260 million. #TRON surpasses #BSC to become the 2nd largest chain by Total Value Locked on-chain! @justinsuntron seems to be one of the only people that’s doing well considering the fall of all the heroes of 2021 #TRX #TVL pic.twitter.com/L1I1L50yHE — Intuit Φ (@Intuit_Trading) December 17, 2022 Related Reading: Can Ethereum Prevent More Losses As Altcoin King ETH Slips 7% In Last 7 Days? Tron (TRX) Price Gets Rejected DeFiLlama statistics reveals that TRX has dropped to third place since the tweet went public. While BSC has increased its TVL by 30% during the past two days, Tron’s TVL has decreased by 0.68% since December 17, the data shows. This was reflected in the price, as TRX was rejected at $0.055175 on December 18. In addition, Tron’s USDD stablecoin has lately lost its peg. Fears were raised amongst TRX advocates that the network could fail in the same tragic way that Terra did, as a result. Meanwhile, the coin’s developers and founder Justin Sun developed TCNH, a stablecoin pegged to the offshore Chinese yuan, to compensate. It used offshore Chinese yuan to circumvent the cryptocurrency restrictions. Nonetheless, if the Chinese government ever takes note of this growth, the absolutely top-down nation could make adjustments. the crypto may be safe from the Chinese government, though, because Justin Sun is playing it safe by sticking with the Chinese currency. Offshore Chinese Yuan-Pegged #TCNH is now accessible to all #TRONICS! #TRON is excited to collaborate with @tusdio to continue decentralizing finance! 🚀 Read more below by @decryptmedia ⬇️ https://t.co/7D8noTSBIk — TRON DAO (@trondao) December 17, 2022 TRX total market cap at $4.9 billion | Chart: TradingView.com Related Reading: Solana: Outshined But Not Lifeless As Network Activity Accelerates What Is The Impact On TRX? Meanwhile, TRX is somewhat correlated with ETH. The token itself has moved upward in the past weeks, making it one of the outliers in the altcoin market that did not depreciate when ETH was struggling. However, the token may be destined for further hammering. On December 16 it dropped a staggering 6.5 percent. The U.S. Federal Reserve hiked interest rates on this date. With more anticipated interest rate hikes, the coming days or weeks could be more difficult. Nonetheless, if this momentum continues, the Tron ecosystem will endure additional pain, as is already the case. Investors and traders can short TRX as downward price movements are more likely than bullish price increases. However, the debut of TNCH will certainly attract Chinese crypto enthusiasts who were previously prohibited by regulation.

The native currency of the Tron network, TRX, is one of the few cryptocurrencies in the current altcoin market to experience a price hike. As of this writing, TRX has gained 0.2% on a daily basis, with a 6.1% increase seen on a monthly timeframe. A recent development might have something to do with this, as it pertained to the TRX environment. According to a tweet, the ecosystem has reportedly passed Binance’s BSC to become the No. 2 cryptocurrency in terms of total value locked. Despite this progress, the price of TRX was rejected at $0.055175, causing a fall to its current market price of $0.053740. The entire locked value of Tron has recently breached $4.30 billion, surpassing BSC by approximately $260 million. #TRON surpasses #BSC to become the 2nd largest chain by Total Value Locked on-chain! @justinsuntron seems to be one of the only people that’s doing well considering the fall of all the heroes of 2021 #TRX #TVL pic.twitter.com/L1I1L50yHE — Intuit Φ (@Intuit_Trading) December 17, 2022 Related Reading: Can Ethereum Prevent More Losses As Altcoin King ETH Slips 7% In Last 7 Days? Tron (TRX) Price Gets Rejected DeFiLlama statistics reveals that TRX has dropped to third place since the tweet went public. While BSC has increased its TVL by 30% during the past two days, Tron’s TVL has decreased by 0.68% since December 17, the data shows. This was reflected in the price, as TRX was rejected at $0.055175 on December 18. In addition, Tron’s USDD stablecoin has lately lost its peg. Fears were raised amongst TRX advocates that the network could fail in the same tragic way that Terra did, as a result. Meanwhile, the coin’s developers and founder Justin Sun developed TCNH, a stablecoin pegged to the offshore Chinese yuan, to compensate. It used offshore Chinese yuan to circumvent the cryptocurrency restrictions. Nonetheless, if the Chinese government ever takes note of this growth, the absolutely top-down nation could make adjustments. the crypto may be safe from the Chinese government, though, because Justin Sun is playing it safe by sticking with the Chinese currency. Offshore Chinese Yuan-Pegged #TCNH is now accessible to all #TRONICS! #TRON is excited to collaborate with @tusdio to continue decentralizing finance! 🚀 Read more below by @decryptmedia ⬇️ https://t.co/7D8noTSBIk — TRON DAO (@trondao) December 17, 2022 TRX total market cap at $4.9 billion | Chart: TradingView.com Related Reading: Solana: Outshined But Not Lifeless As Network Activity Accelerates What Is The Impact On TRX? Meanwhile, TRX is somewhat correlated with ETH. The token itself has moved upward in the past weeks, making it one of the outliers in the altcoin market that did not depreciate when ETH was struggling. However, the token may be destined for further hammering. On December 16 it dropped a staggering 6.5 percent. The U.S. Federal Reserve hiked interest rates on this date. With more anticipated interest rate hikes, the coming days or weeks could be more difficult. Nonetheless, if this momentum continues, the Tron ecosystem will endure additional pain, as is already the case. Investors and traders can short TRX as downward price movements are more likely than bullish price increases. However, the debut of TNCH will certainly attract Chinese crypto enthusiasts who were previously prohibited by regulation.

Besides the macroeconomic headwinds, when it comes to crypto, there are two main concerns at the moment: Binance and DCG. The situation surrounding Genesis Trading, Digital Currency Group (DCG) and Grayscale, which is still unresolved after a month, is depressing the market sentiment around Bitcoin. As reported by the Wall Street Journal, information has now leaked out again which might be a double-edged sword for investors. Grayscale CEO Michael Sonnenshein said the company would explore new options to return a portion of the Grayscale Bitcoin Trust’s capital to shareholders, as the GBTC currently trades at a record 49% discount to net asset value (NAV). That option is up for debate if the company fails to convert the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund, according to a letter to investors. Related Reading: Binance Controversy Continues As Experts Warn Of Serious Fallouts Due To FUD As reported by WSJ, the option could include a tender offer for up to 20% of the trust’s $10.7 billion outstanding shares. A tender offer would be a direct appeal to shareholders to sell their shares at a specified price within a specified time period. The U.S. Securities and Exchange Commission has repeatedly rejected Grayscale’s applications to convert GBTC into a spot ETF, which is why Sonnenshein may now be considering the move. In June, Grayscale sued the SEC just hours after its ETF application was rejected. Last week, the SEC responded to the lawsuit for the first time, reiterating its position in a filing. Grayscale accuses the SEC of double standards by allowing futures ETFs on the market and repeatedly rejecting proposals for ETFs that invest in spot Bitcoin. The SEC’s rationale is that futures ETFs are closely monitored by the Chicago Mercantile Exchange. In contrast, spot Bitcoin ETFs lack this level of government oversight, the plea states. Related Reading: Bitcoin Price Prints Bearish Technical Pattern, Why It Could Continue Lower What a partial sell-off of GBTC would mean for the market remains to be seen due to a lack of detailed information on the framework. But the breakup of GBTC, which holds more than 643,000 BTC, is among investors’ biggest concerns. Meanwhile, Sonnenshein emphasized: Grayscale products, including GBTC, remain safe, secure, and unencumbered. We remain steadfast in our belief that the conversion of GBTC to an ETF is in the best interest of investors, and we remain 100% committed to that endeavor. Bitcoin Price Sits Above $16,700 Despite the news, the Bitcoin price held steady above $16,700 at press time. As recently as Friday, the broader crypto market experienced a sell-off after rumors surfaced that DCG might sell assets such as NEAR, Filecoin, and Ethereum Classic on a larger scale. However, apart from falling prices, there was no evidence to back this up. Nevertheless, there were some crypto Twitter analysts speculating about a sell-off by Grayscale’s parent company. Several crypto coins related to Barry Silbert's DCG have been selling off aggressively this evening (FIL, ZEN, ETC, NEAR), leaving many speculators to wonder whether the selling is derived from DCG itself. pic.twitter.com/M9mkQrEI7q — Will Clemente (@WClementeIII) December 16, 2022 At press, the Bitcoin price was sitting at $16,720. Thus, BTC is at a critical level. Bitcoin needs to break through $16,900 and start a continuation to above $17,300. If there is no breakout, then the $16,200 and $15,500 regions should provide support.

Amidst the Web3 revolution, the importance of blockchain in Web3 lies in offering a universal state layer to build the decentralized Web.

Got an email from Kraken that notified me about changes to the TOS, and seeing as i have Celsius PTSD i went ahead and read the whole thing. Doesnt seem like alot has changed but it was nice to see the section about asset title. Ownership. Title to Digital Assets shall at all times remain…
Read more

submitted by /u/amke12 [link] [comments]

TL;DR: The Reddit Recap 2022 contracts is dominating the Polygon PoS top statistics charts. It's making 4x as many transfers by itself as the next 20 top senders on the Polygon PoS network combined. ———————————– If you take a look at the Top Statistics page on the PolygonScan blockchain explorer, Reddit's 0x0b1c8… address is at…
Read more

The program aims to accelerate the development of decentralized applications and protocols to replace centralized exchanges.