Category: Cryptocurrency News

The seemingly unshakeable reign of Tether (USDT) as the king of stablecoins faces a new challenger. Circle’s USD Coin (USDC) has pulled off a surprise victory, recording a higher transaction volume than Tether in April 2024, according to on-chain analytics from payments giant Visa. Related Reading: Ethereum Fees Dive: Will This Spark A Surge In Network Activity? This development marks a significant shift in the stablecoin landscape. While Tether boasts a staggering market capitalization of over $110 billion, USDC, with its $33 billion valuation, has emerged as the more actively traded coin. Visa’s data reveals USDC processed a whopping $456 billion – which is 400% more – in transaction volume last week, compared to Tether’s $89 billion. Stablecoin transactions. Source: Visa USDC: A Slow And Steady Climb This victory wasn’t a sudden overnight success. USDC has been steadily chipping away at Tether’s dominance since late 2023. Visa’s data shows USDC’s monthly transactions surpassed Tether’s for the first time in December 2023, with 145 million transactions compared to Tether’s 127 million. The April figures solidify this trend, with USDC clocking in at over 166 million transactions against Tether’s nearly 164 million. Source: Visa Experts point to several factors behind USDC’s rise. Increased regulatory scrutiny surrounding Tether’s reserves and ongoing concerns about its transparency may be driving users towards USDC, perceived as a more regulated and auditable stablecoin. Additionally, USDC’s partnership with Visa itself could be playing a role. Visa launched a stablecoin analytics dashboard in April, prominently featuring USDC alongside other major stablecoins. This increased visibility might be attracting new users to the platform. As of today, the market cap of cryptocurrencies stood at $2.2 trillion. Chart: TradingView.com Tether Still Holds The Crown (For Now) Despite USDC’s impressive transaction volume surge, Tether remains the undisputed king in terms of market capitalization. Its $110 billion dwarfs USDC’s $33 billion, indicating a much larger total value of outstanding coins. This suggests Tether is still the preferred store of value for many crypto investors, even if they aren’t actively trading it as frequently. Related Reading: Polygon In Peril: Will MATIC Bounce Back Or Stay Stuck In The Sub-$1 Doldrums? Furthermore, Tether boasts a significantly larger user base. While USDC processed more transactions in April, Tether saw activity from over 34 million unique wallets compared to USDC’s 9.57 million. This could imply Tether is used for larger transactions or by a wider range of individuals, while USDC caters to a more active trading community. The Future Of Stablecoins: A Two-Horse Race? The battle between USDC and Tether is far from over. USDC’s recent success in transaction volume demonstrates its growing influence within the crypto ecosystem. However, Tether’s established user base and market cap dominance suggest it won’t be easily dethroned. The evolving regulatory landscape and user preferences for transparency and security will likely be key factors shaping the future of stablecoins. Whether USDC can maintain its momentum and challenge Tether’s market cap advantage, or if Tether can regain its transaction volume lead, remains to be seen. Featured image from Tap Global, chart from TradingView

Ripple has partnered with HashKey DX to introduce XRP Ledger-based blockchain solutions to the Japanese market.

Cobra, the pseudonymous owner of the Bitcoin.org domain, has voiced concerns about future actions from the U.S. government regarding bitcoin ownership. He anticipates a possible ban on the self-custody of bitcoin even when its application and enforcement might be impractical. Bitcoin.org Owner Cobra: Bitcoin’s Self-Custody Might Be in Danger in the U.S. Cobra, the pseudonymous […]

Bitcoin ETFs hitting Hong Kong excite markets overnight, but overall BTC price conditions remain precarious, analysts say.

Learn how to safely purchase Bitcoin in Malaysia, exploring legal regulations, various purchasing methods and essential considerations for security and accessibility.

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The launch of Bitcoin Runes played an important role in the spike in the total number of transactions over the Bitcoin network.

Ripple has announced a major partnership with Tokyo-based HashKey DX, a consulting company of the HashKey Group, to deploy XRP Ledger (XRPL)-powered enterprise solutions in Japan’s burgeoning blockchain sector. The announcement led to an immediate 1.9% increase in XRP’s price, although this gain was slightly pared back; as of the latest data, XRP stands 1.1% higher since the news broke. The Ripple And HashKey Partnership: Details The collaboration leverages the substantial success HashKey Group has seen in mainland China. HashKey‘s blockchain-powered solutions for supply chain finance have registered over 4,000 companies, including 23 banks and 4,300 suppliers. The total transaction volume through these solutions has exceeded $7 billion, with almost $3 billion in financing transactions. In Japan, these blockchain solutions will be adapted and deployed through a partnership involving Ripple and SBI Ripple Asia, a joint venture between SBI Holdings and Ripple. The XRPL will be the foundational technology platform. This blockchain specializes in tokenizing and exchanging both crypto-native and real-world assets. Related Reading: XRP Sees Over $12 Million Sell-Off: Whale Warning Or Buying Opportunity? Andy Dan, a representative from HashKey DX, highlighted the efficiency and suitability of XRPL for their needs, stating, “The XRPL was the ideal blockchain infrastructure for us to build our proven supply chain finance solution. With its proven enterprise track record and unmatched performance metrics, including rapid settlement speeds, low costs, and scalability, we are confident in our ability to drive meaningful transformation and introduce innovative, cutting-edge solutions for businesses in Japan.” Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, echoed this enthusiasm for the partnership: “We are excited to join forces with HashKey DX and SBI Ripple Asia to introduce XRP Ledger-powered solutions to Japan. This collaboration exemplifies our shared commitment to advancing blockchain technology and delivering tangible value to businesses.” XRP Price Analysis The initial spike in XRP’s price post-announcement reflects the market’s optimistic reception of Ripple’s strategic moves. However, the broader price action context reveals more complexity. Related Reading: Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead Over recent weeks, XRP has experienced volatility, notably breaking down from a symmetrical triangle pattern on the weekly chart that began forming in September 2021. This pattern typically indicates a period of consolidation, with the eventual breakout direction suggesting the prevailing market force. Currently, the breakdown suggests that sellers have gained the upper hand, with the triangle now acting as a resistance zone. XRP faces multiple hurdles ahead as it is currently trading below several critical exponential moving averages (EMAs) – 20, 50, 100, and 200-week EMAs, all nested within the former triangle pattern. This setup presents significant resistance levels that need to be overcome for bullish momentum to resume. The Relative Strength Index (RSI), currently at 49, hovers near the neutral 50 mark, indicating that neither bulls nor bears have definitive control. This neutral position underlines the market’s current uncertainty, waiting for a catalyst that could drive the next significant price movement. Should the bulls regain control and push the price above the triangle’s resistance, the 0.236 Fibonacci retracement level at $0.68410 could initiate a shift in sentiment and potentially more robust gains for XRP. Featured image created with DALL·E, chart from TradingView.com

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