Category: Cryptocurrency News

Hey everyone, I have been working on a dApp idea and I'd love to get your take on it. Its a project called proof of innovation and It's all about using blockchain to register innovations decentralised and potentially replace how we document innovations. Anybody can quickly register and verify their innovation. They can remain anonymous,…
Read more

The world of cryptocurrency exchanges, often clouded with volatility and competition, has recently been witnessing a distinct shift in dynamics, particularly as a Kraken is taking the lead in the US altcoin trading space. The latest data reveals Kraken, the California-based crypto exchange, is now dominating its rivals, specifically Coinbase, in the altcoin market. Dominating The Altcoin Trading Landscape Data analytics from crypto research firm Kaiko has highlighted Kraken’s emergence as the premier US crypto exchange for altcoin trading. With significant shifts in market depth percentages and a notable increase in market share, Kraken appears to be carving out a niche for itself in an otherwise volatile industry. 📈🤔In July, Kraken emerged as the most liquid platform for alts in the US. 👉 Its claiming almost half of the market depth for the top 10 alts. pic.twitter.com/2fumt7yi9a — Dessislava Ianeva (@DessislavaIane2) August 9, 2023 Related Reading: Gateway Issues Cause Withdrawal And Deposit Delays For Kraken Exchange Market depth is a crucial metric for crypto exchanges as it represents an exchange’s capability to manage large buy or sell orders without causing drastic price changes. And according to recent data from Kaiko, Kraken now commands roughly 47% of the market depth for the top 10 altcoins. This dominance, especially in the wake of the previous year’s price drop and the unfortunate collapse of FTX, underscores the resilience Kraken has brought to the altcoin trading sector. While the entire crypto trading industry has been grappling with declining trading volumes, Kraken has managed to hold its own. A steady uptick in its market share is evident as it jumped from 8.3% in August 2022 to 21.1% in July, according to data from The Block’s dashboard.  Behind Kraken Ascendancy Kraken reportedly attributes this upward trajectory to a few specific improvements in its offerings. Notably, the introduction of Kraken Pro, their advanced trading platform which rolled out in December, is believed to be a pivotal move. A spokesperson for the crypto exchange elaborated on the exchange’s recent performance, pointing out that their “share of total volumes has hit an 18-month high.” Furthermore, there’s been a significant surge in their share of EUR spot markets, rising from 35% to 53%, and the AUD spot markets have seen exponential growth, multiplying sixfold over the past year. Related Reading: Regulators Are To Blame For All The Crisis In Crypto, Says Kraken CEO Despite the laudable progress, it’s crucial to note that Kraken, like many others in the industry, has felt the effects of the industry-wide decline in trading volumes. Their monthly trading volumes have seen a dip from a high of $28.07 billion in March to $13.6 billion in the previous month. Featured image from Unsplash, Chart from TradingView

ARK Investment Management founder and CEO Cathie Wood predicted on Aug. 7 the SEC would delay its decision on the firm’s spot BTC ETF application.

submitted by /u/Gr8WallofChinatown [link] [comments]

The football club has been keen on creating nonfungible token collections for much of the past year.

Last week I wanted to load my reddit Vault seed phrase in the Metamask iOS app. To my surprise, not my Reddit public address appeared here but another address? I created up to 40 accounts under this seed phrase but my Reddit public address did not show up. I also tried it in the myetherwallet…
Read more

​ EXPERIMENT – Tracking 2023 Top Ten Cryptocurrencies – Month Seven – Up +34% Find the full blog post with all the tables and graphs here. Welcome to your monthly no-shill data dump: Here's the 7th monthly report for the 2023 Top Ten Experiment featuring BTC, ETH, BNB, XRP, BUSD, DOGE, ADA, MATIC, DOT, and…
Read more

San Francisco’s SoFi Bank, a rising financial institution with 6.2 million customers, has unveiled its substantial cryptocurrency holdings, demonstrating a proactive embrace of the evolving digital asset landscape.  BTC, ETH, and DOGE Lead the Way A recent report shows that the bank’s second-quarter earnings totaled $170 million in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Related Reading: Bittrex, SEC Reach Settlement In Securities Violation Case Among its cryptocurrency investments, SoFi Bank boasts $82 million worth of Bitcoin, solidifying its position in ‘digital gold.’ Ethereum follows closely, with $55 million, showcasing the bank’s belief in the blockchain’s potential.  The meme-inspired Dogecoin takes the third spot with $5 million, while Cardano secures the fourth place with $4.5 million. The bank also diversifies with digital assets like Solana (SOL), Litecoin (LTC), and Ethereum Classic (ETC). SoFi Bank’s crypto holdings | Source: X SoFi Bank’s unique proposition lies in its commitment to fee-free cryptocurrency investments, allowing customers to allocate a portion of their direct deposits to digital assets.  The bank further incentivizes newcomers by offering a $100 crypto bonus upon registration. With a minimum investment threshold as low as $10, the platform fosters accessibility to a variety of cryptocurrencies beyond Bitcoin. While SoFi Bank’s innovative approach to cryptocurrency has garnered attention, it faces regulatory scrutiny, particularly from the United States Federal Reserve. The regulatory body has raised concerns over the bank’s involvement in crypto-related activities, requiring alignment with established policies. The bank has been given until January 2024 to ensure compliance, a process that involves navigating regulatory capital treatment intricacies. Founded in 2011, SoFi Bank transitioned from its status as a non-bank entity in 2019 to a fully-fledged financial institution the following year. BTC price falls to $29,300 | Source: BTCUSD on Tradingview.com Strategic Growth And Financial Success The earnings report highlights SoFi Bank’s business acumen, reflected in its strong second-quarter performance. With a remarkable 37% surge in revenue ($498 million) compared to the previous year, the bank showcases its ability to thrive amidst a rapidly evolving financial landscape. SoFi Technology Stock also witnessed a 17% surge in July following its Q2 report. “As a result of this growth in high-quality deposits, we have benefited from a lower cost of funding for our loans,” SoFi CEO Anthony Noto said. Related Reading: New Milestone For Ethereum Could Spell Good News For ETH Price SoFi is not the only bank that has made its way into cryptocurrencies. Major US banks like Wells Fargo, JP Morgan, and Goldman Sachs, among others, have also taken the plunge to provide access to digital assets and cryptocurrencies for their clients. Other notable entrants into the industry include BlackRock and ARK Invest, which have filed applications for Spot Bitcoin ETFs with the SECs. On August 13, the first of these, the ARK Invest application, will be deliberated on to be approved or rejected by the SEC. However, the regulator could also end up extending the deadline. Featured image from BitIRA, chart from Tradingview.com