Many people are labeling crypto as gambling or a poor investment in this sub. These are people that lost money, have no real intention to use crypto for its purpose at all, and we’re only in it for appreciation. This massive bull run created so much overvalued and useless projects it’s beyond belief. Don’t get…
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The Central Bank of Chile revealed it is studying how to issue a national digital currency, the digital peso. The bank issued a report titled “Issuance of a Central Bank Digital Currency in Chile,” where it explores the possibility of the creation of a central bank digital currency (CBDC) in the future, the mechanism it […]
With the market in turmoil, crypto investors are beginning to turn to stablecoins such as USDT and USDC to provide cover from losses. These stablecoins which are pegged to the U.S. dollar have been the obvious winners from the recent crash but it seems that investors are taking it one step further this time around. USDT volume across the Ethereum blockchain shows that investors are ramping up their activities in these stablecoins. USDT Provides Much-Needed Cover Through the crypto market downtrend, only a handful of cryptocurrencies have managed to retain their values. They were all stablecoins, and although some of them had lost their peg, the majority had been able to retain and provide some much-needed cover for investors. The sheer amount of volume of USDT being moved by investors on a daily basis is a testament to the fact that investors are converting to stablecoins to weather the bear market. Related Reading | Market Downtrend Trigger Bitcoin Inflows From Institutional Investors On May 12th, the volume of Tether USD being transacted on the Ethereum network reached a new all-time high. Data shows that more than $33 billion worth of USDT was moved across the network. This is significantly higher than the $24.5 billion in USDT that was transacted on February 4th, 2021, the previous all-time high. USDT-U.S. Dollar peg at $0.9990 | Source: USDTUSD on TradingView.com However, the motives behind both records had been the same; investors getting out of highly volatile digital assets into an asset that offered a measure of stability. These investors did not wish to cash out their digital assets to fiat currencies just yet and assets like USDT or USDC provide the perfect place to park funds while waiting out the bear market. Ethereum Fees Skyrocket One thing that investors moving into stablecoins such as USDT has brought with it is increased transaction fees on the Ethereum network. With so much volume being moved across hundreds of thousands of transactions, the network is expectedly congested and as such would have to increase gas fees to be able to process these transactions. Related Reading | Ethereum Tumbles To 10-Month Lows As Sell-Offs Intensifies This was the case on May 12th as the network had recorded a large number of transactions. Gas fees on the network for a single USDT transaction were shown to have risen as high as $20 during this one-day period. As many as 182,000 Tether transactions had been carried out in the 24-hour period. Despite this high demand for the stablecoin though, the market cap has not reflected this. Instead of increasing, it is down by 3.34% in the last 24 hours. Nevertheless, it remains an investor favorite as it is the largest stablecoin in the market. At the time of writing, one USDT is selling for $0.9988, maintaining a close peg to the U.S. dollar. Featured image from Wccftech, chart from TradingView.com
PRESS RELEASE. The crypto world is as innovative and exciting as fickle and dynamic. Understanding the market needs and keeping up with the latest trends and changes is crucial if we want to advance and reach new heights. KICK.IO has big plans for the upcoming year, and one, in particular, will make a significant change […]
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Looks like many sites have been hit with a front end attack. Some like Spirit Swap are reporting the attacker managed to change swap address by hacking into AWS.. CoinGecko warning. Security Alert: If you are on the CoinGecko website and you are being prompted by your Metamask to connect to this site, this is…
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On track to breaking 100k RVN coins sometime in NOV this year. 🙂 Still got a little over three years left in this run. Sitting back and watching all the flippers exit their positions while I scoop as much as I can. Goal is to mine 100k and scoop as much as I can from…
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Daily closes above $30,000 could be a sign that BTC price is ready to consolidate, but traders warn against “generational bottoms” and “V-shaped” recoveries.
A push to prohibit the energy-intensive proof-of-work mining of cryptocurrencies in Norway has been rejected by the majority of lawmakers. The ban had been suggested by the far-left Red Party which also didn’t win backing to raise an electricity tax for crypto miners. Norway Will Not Ban Bitcoin Mining The parliament of Norway has considered […]
