Category: Cryptocurrency News

Solana (SOL) is the best performing asset in the crypto top 10 by market cap. The market seems to be positively reacting to Solana Labs’ smartphone announcement as the cryptocurrency is surging faster than other assets in this tanking. Related Reading | Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead? At the time of writing, SOL’s price trades at $42 with a 12% and 36% profit in the last 24 hours and 7 days respectively. In the meantime, the second-best performing cryptocurrency is XRP with a 16% profit in the past week, followed by Polkadot (DOT) with 15%, and Ethereum with 14% profits. Solana has been recovering after experiencing massive selling pressure. In addition to trending in tandem with the crypto market, the cryptocurrency was impacted by negative news and a series of network outages that prevented users from transacting on it. This week’s bullish momentum could be related to yesterday’s announcement, but a pseudonym analyst believes Solana is playing the long game. In that sense, this network is posing a “large and growing threat to Ethereum”, currently, the most used blockchain across decentralized finances (DeFi). The analyst claims the team behind Solana is addressing the complexities and difficulties people have when using Ethereum. The network, its ecosystem, and products on it, the analyst claims, require users to have a degree of technical knowledge and allegedly have poor performance. In addition, Ethereum is an expensive network that prices out a lot of users from accessing its ecosystem. The analyst believes a blockchain should be built for the everyday user and thus claims the “Solana crowd is more in touch with reality”. This could work out for this network in the long run and potentially attract market share from Ethereum. The launch of its own native smartphone seems like the tip of the iceberg. The analyst said: is this very decentralized? no. is this ethically funded/monetized? probably not, lol. but could your grandma use this? YES. but projects in the ecosystem generally gravitate towards better usability, because solana builders generally focus on usability more than eth builders. Solana More Productive Than Ethereum? Furthermore, the analyst claims Solana developers are “more productive” and more “focused” than Ethereum developers. The analyst concluded: I strongly dislike Solana. but it is healthy to put Ethereum in the hot seat at times like these. if we feed ourselves isolated delusions of Ethereum being uncontested while relatively failing to serve the normal user, then Solana just might win. Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison At its peak, Ethereum DeFi protocols commanded over $100 billion in total value locked (TVL) while Solana reached over $12 billion. If the latter is capable of taking a portion of Ethereum’s TVL, Solana could return and surpass its all-time high and see unprecedented expansion.

Uphold, a New York-based cryptocurrency exchange, has announced it is closing its operations in Venezuelan markets. The company, which has already had problems with users in the country in the past — shutting down accounts and requiring KYC controls that some users deemed excessive — declares that the exit from Venezuela has to do with […]

The alleged removal is a bit strange considering Bored and Hungry only opened its doors back in April.

Restructuring, bankruptcy, buyouts… media outlets are swarming with different reports on the next steps Celsius may take.

The Bitcoiner had visited eight different countries out of his goal of forty and was in Africa at the time of Cointelegraph’s interview.

SEC vs Ripple: The SEC filed an action against Ripple Labs Inc alleging that they raised over $1.3 billion through an unregistered, ongoing securities offering–the XRP token. This case is still going on! SEC vs BlockFi: The SEC charged BlockFi with failing to register its BlockFi Interest Accounts. BlockFi ended up paying $100 million in…
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Despite the bear market in Bitcoin and altcoins, the industry’s builders continue to build for a brighter future.

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In an interview with The Financial Times, SEC chair Gary Gensler said he is working on a memorandum of understanding with the agency’s digital asset market co-regulator.