Category: Cryptocurrency News

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Altcoins like Algorand and Solana have recorded some of the highest losses following the market crash. This has been apparent in the performances of these digital assets in the past week. While the market at large had experienced dips, Algorand, Solana, and Hedera had led the pack for the worst performing coins for last week. Altcoins Suffer Massive Losses The crash which started with the top coin, Bitcoin, had inadvertently spilled over onto altcoins. Most had suffered greatly with the highest losses being recorded across digital assets such as Algorand and Solana. These cryptocurrencies had all recorded at least 20% price drops in the space of a week and even higher losses across monthly records. Related Reading | Bitcoin, Ether Spike After Fed Announce No Change To Interest Rates Algorand had seen the highest losses with a 24.8% total loss for last week that brought its price to $1.35. The total losses for the month came out to 35.5%. Solana suffered losses of 20.3% in the same one-week time frame, along with 36% losses for the month. Hedera recorded 20.1% losses on the week-long scale, marking the lowest of the three but saw the highest losses on a monthly average with a 49.2% loss. Algorand and Solana record highest losses | Source: Arcane Research BNB also suffered alongside fellow altcoins, as did Ethereum. According to Arcane Research, BNB recorded an 11% loss for the week while Ethereum saw a 14% total loss, underperforming Bitcoin for the week. The top three worst-performing coins were noted to be Layer1 tokens, which may suggest that Layer1s are beginning to taper off in their outperformance of the market. However, the dip has been market-wide and may only be temporary. Bitcoin Not Much Better Off The altcoins had suffered much more than bitcoin for the week but bitcoin itself had not recorded the best performance either. The digital asset which had been on a streak for the last month had suddenly reached a roadblock, struggling to break through $50,000 once again. Bitcoin had lost 8% of its total value over the same seven-day timeframe. Lesser than its altcoins counterparts but still significant nonetheless. Related Reading | This Bitcoin Morning Star Could Brighten The Bullish Narrative In A Flash Bitcoin outperformed Ethereum for the week, once again claiming dominance over the number 2 cryptocurrency in the market. Ethereum’s drop below $4,000 this past week helps to place bitcoin solidly above it in terms of performance. The top three coins by market cap, namely BTC, ETH, and BNB, all had a negative week, all dropping below key resistance points. This comes on the back of massive sell-offs that have been recorded in the market in the past weeks, sending the value of cryptocurrencies all across the market plummeting. BTC struggling at $48K | Source: BTCUSD on TradingView.com Featured image from Investment U, charts from Arcane Research and TradingView.com

Following the American professional skateboarder Tony Hawk’s first non-fungible token (NFT) sale on the NFT marketplace Autograph, Hawk is commemorating his career with a new series of NFTs called the “Last Trick” collection. The popular skateboarder’s latest digital collectibles showcase his most memorable tricks like the “Frontside Cab,” “Gymnast Plant,” and “Finger Flip” in animated […]

I could say that Crypto is dominating the world because people can’t seem to get enough of the metaverse and most of the best-performing cryptocurrencies this year are the currency used to participate in many virtual experiences. Metaverse won't be able to exist without Cryptocurrency. It is the perfect medium of exchange for the emerging…
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I was going to send some avax to coinbase and accidently sent all my ether from metamask to said avax address. Metamask was showing avax on ether net and I thought that was really weird so I tried sending it to coinbase. I clicked send all and it showed that it was sending ~$20 of…
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The Stellar Development Foundation (SDF) has been working with the Ukrainian government on their national Central Bank Digital Currency (CBDC) for a while. The collaboration has started to produce results as the SDF, Bitt, and TASCOMBANK recently deployed a pilot project for the electronic hryvnia on this network. Related Reading | An Introduction To Stellar And XLM: Mission, Control, And Consensus Per a press release, the partners will test the CBDC’s use cases and its programmable capabilities. These will be leveraged to pay employees at a company called Diia, and to perform payments to merchants and individuals. According to the release published by Bitt, the project has been under the supervision of the National Bank of Ukraine aided by their Ministry of Digital Transformation. In that sense, Ukraine’s Deputy Minister of Digital Transformation, Oleksandr Bornyakov commented the following on their CBDC’s test phase: This pilot project will serve as a technological basis for the issuance of electronic money and is the next key step to advance innovation of payment and financial infrastructure in Ukraine. During the trial on Stellar, the partners will also test the capacity to issue digital currency with “asset-control capabilities for issue”s”. The banking institution will be in charge of testing the implementation of the hryvnia on Bitt’s Digital Currency Management System (DCMS). The latter company has been in charge of developing a stablecoin with its payment rails for the National Bank of Belize, and it’s behind the Eastern Caribbean Central Bank (ECCB) initiative to launch a CBDC. The target for this project, per its official website, is to increase “opportunities for financial growth”. Similar to this project, the digital hryvnia will use the “moderns software techniques” and alleged scalable and performant benefits from the DCMS. This system will “protect” the user’s data while regulatory bodies still can access “needed” information, the official website adds the following on their DCMS: Security is designed-in, to use secure defaults, minimize attack surfaces and provide defense-in-depth. Independent modules allow each component to scale independently of others, allowing automatic adjustment to meet variable demands. Stellar Spearheads Ukranian Initiative With its DCMS system Bitt will provide secure minting, currency manager, and a monetary transaction network. Thus, tackling three of the most important items in every CBDC project. Volodymyr Dubey, Chairman of the for TASCOMBANK, said: Cooperation with Bitt to build on Stellar allows us to connect our core banking system with blockchain-based infrastructure, creating an ecosystem that includes a full range of banking products and operations with electronic currency on the Stellar blockchain. Dubey also expressed excitement to improve the country’s financial products by using virtual assets. The Ukranian Central Bank and TASCOMBANK have long-term strategies that include innovation supported on blockchain technology and the digital economy. Executive Director and CEO of the Stellar Development Foundation Denelle Dixon added the following: Stellar is an open network that was designed with asset issuance in mind, and is uniquely suited to assets like the electronic hryvnia. It offers issuers, like TASCOMBANK, a suite of controls that they can configure for their asset control needs while maintaining the interoperability and flexibility of an open ledger. Related Reading | Stellar To Launch New Europe-Africa Payment Corridor With This Partner As of press time, XLM trades at $0,26 with a 2.9% loss in the past 24 hours.

Powell, speaking at a press conference Wednesday said I do think crypto assets are risky, as they’re not backed by anything. And I think there’s a big consumer issue for consumers who may or may not understand what they’re getting.” Like damn, how much more hypocritical can you get than that. Jerome Powell is the…
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The two firms successfully executed cross-realm and end-to-end digital asset transactions with the pilot test, which can also settle securities and forex.