In June, the number of cryptocurrency automated teller machines (ATMs) saw a slight decline, yet 377 new ATMs were installed during the month. Since January 2024, data shows a total of 2,564 crypto ATMs have been deployed globally. 2024 Sees Steady Rise in Crypto ATMs Despite June Dip At the end of 2022, there was […]
Bitcoin News
Ripple Working With 10 Governments Globally, CEO Reveals in Rediscovered Interview
In a resurfaced video clip, Ripple CEO Brad Garlinghouse stated that his crypto firm is collaborating with around 10 governments globally on central bank digital currencies (CBDCs). “A central bank digital currency is a stablecoin. It’s just issued by the government,” the executive described. Ripple CEO on Working With Governments Worldwide A video clip surfaced […]
Bitcoin News
South Korea’s Crypto Premium Drops Below 1% as Bitcoin and Ethereum Prices Align Globally
South Korea’s infamous crypto premium has diminished significantly, with bitcoin and ethereum prices now aligning closely with the weighted global averages, albeit with a minor premium. The BTC premium stands at 0.84%, while ETH’s premium is in a similar range. South Korea’s Crypto Premiums Slides When BTC reached its all-time high in March, the leading […]
Bitcoin News
Belarusian President Claims Decline in US Dollar and Euro Use Globally
Belarusian President Alexander Lukashenko stated that many nations are reconsidering their use of the U.S. dollar and euro due to recent global financial tensions. Speaking in Minsk, Lukashenko highlighted that this shift is not limited to Belarus and Russia, but is observed worldwide. He attributed the declining relevance of these currencies to the controversy surrounding […]
Bitcoin News
Number of Crypto Owners Globally Reached 580 Million in 2023, Report Shows
The number of global crypto owners surged 34% in 2023, reaching 580 million by December, a new report shows. In particular, bitcoin ownership surged 33% while Ethereum saw an even steeper rise of 39%. The report pinpoints the approval of spot bitcoin exchange-traded funds (ETFs) and the Bitcoin Ordinals protocol as key drivers of bitcoin adoption growth, alongside strong institutional interest.
Number of Global Cryptocurrency Owners Jumped 34% in 2023
Crypto trading platform Crypto.com published its annual Crypto Market Sizing Report on Monday. The firm explained that the number of crypto owners globally has notably risen despite several macro headwinds, including monetary tightening by Western central banks to curb inflation, ongoing conflicts in Europe and the Middle East, and the pandemic’s lingering impacts. Crypto.com detailed:
Global cryptocurrency owners increased by 34% in 2023, rising from 432 million in January to 580 million in December.
Specifically, “Bitcoin (BTC) owners grew by 33%, from 222 million in January to 296 million in December, accounting for 51% of global owners” and “Ethereum (ETH) owners grew by 39%, from 89 million in January to 124 million in December, accounting for 21% of global owners,” the report states.
“The main catalyst behind BTC’s adoption growth was the development in bitcoin exchange-traded funds (ETFs) and the introduction of the Bitcoin Ordinals protocol, which enabled non-fungible tokens (NFTs) and fungible tokens to be minted on the Bitcoin network,” the report explains.
Crypto.com further pointed out:
Strong interest from institutional investors also contributed to the increase in BTC’s adoption.
Regarding Ethereum, the report notes that “ETH’s adoption growth was mainly driven by liquid staking after Ethereum’s Shanghai Upgrade, which allowed the withdrawals of staked ETH after the transition to the Proof of Stake (PoS) blockchain.”
The U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs on Jan. 10, including one from Grayscale, which converted its bitcoin trust (GBTC) into an ETF. Since launch, Grayscale has seen major outflows while several other spot bitcoin ETFs, particularly Blackrock’s Ishares Bitcoin Trust, have seen significant inflows.
What do you think about the number of crypto owners globally? Let us know in the comments section below.
Mastercard and Feedzai Collaborate to Increase Crypto Fraud Protection for 900 Million Consumers Globally
Mastercard is collaborating with Feedzai to “increase crypto fraud protection for hundreds of millions of consumers.” In pairing the technologies offered by the two companies, “Feedzai’s customers, who collectively protect over 900 million consumers globally, will now be able to identify and prevent transactions involving fraudulent crypto exchanges before they occur,” Mastercard explained.
Mastercard Expanding Crypto Fraud Protection
Mastercard announced Monday that the company is collaborating with Feedzai, a leading provider of financial crime and risk management solutions, to “increase crypto fraud protection for hundreds of millions of consumers.”
The payment giant detailed that Feedzai will “leverage Mastercard’s Ciphertrace crypto intelligence solutions to reduce the risk of account-to-account fraud flowing into crypto exchanges.” This integration will involve integrating Mastercard’s Ciphertrace Armada into Feedzai’s Riskops platform, which analyzes transaction data totaling over .7 trillion annually. Riskops also offers a comprehensive suite of artificial intelligence (AI)-based solutions designed to stop fraud and financial crime at the source.
Noting that “Ciphertrace Armada allows banks, crypto exchanges, wallets, crypto ATMs, and other virtual asset service providers (VASPs) to better assess the fraud risk in digital asset transactions,” Mastercard described:
In pairing these technologies together, Feedzai’s customers, who collectively protect over 900 million consumers globally, will now be able to identify and prevent transactions involving fraudulent crypto exchanges before they occur.
“The combined intelligence means that financial institutions can stop transactions involving high risk and potentially fraudulent crypto exchanges in real time, alerting the customer to the risk before money leaves their account,” the payments giant noted.
The announcement further explains that currently, an estimated 40% of fraudulent transactions directly flow from a bank account to a cryptocurrency exchange. As per Feedzai’s latest report on global anti-money laundering compliance, effective monitoring of cryptocurrency remains one of the significant challenges for financial institutions.
Feedzai CEO Nuno Sebastião commented: “Criminals use crypto as part of their scam strategies, with the scam proceeds often ending up being funneled to an unauthorized or otherwise risky crypto exchange. It also continues to remain a challenge for AML professionals as criminals become ever more sophisticated and money laundering techniques advance.” The executive continued:
This global partnership will further empower banks to protect their customers’ against the risks associated with crypto and instill further trust in the ecosystem.
What do you think about Mastercard and Feedzai collaborating to expand crypto fraud protection for hundreds of millions of consumers worldwide? Let us know in the comments section below.
FDUSD’s Meteoric Rise: 62% Surge in Supply and 6th Highest Trading Volume Globally
In the span of the past 85 days, the recently introduced stablecoin known as FDUSD has witnessed a significant surge in its circulating supply, soaring by 62% since the commencement of August. This surge in supply has propelled FDUSD into the echelons of the top ten stablecoins by market capitalization, while its market volume share has experienced a substantial expansion.
FDUSD Emerges as Dark Horse in Stablecoin Arena
In the realm of dollar-pegged digital tokens, the once-obscure stablecoin known as first digital usd (FDUSD) has witnessed a significant rise. Since August 4, 2023, its supply has undergone expansion, surging by 62% from 260 million to its current standing at 423 million as of October 28, 2023.
A global surge in trading volume has also been recorded, with data revealing that on Saturday, FDUSD secured the sixth position in terms of trading volume among more than 10,000 existing crypto assets. According to metrics from coingecko.com, the past 24 hours have witnessed FDUSD being traded globally to the tune of a substantial .62 billion.
While tether (USDT) maintains its position as the leading trading pair for bitcoin (BTC), statistics from cryptocompare.com highlight FDUSD’s distinction as the second-largest trading pair for the leading cryptocurrency. In the hierarchy of cryptocurrency assets by market capitalization, FDUSD holds the 85th position within the top 100.
However, it is worth noting that FDUSD’s trading volume primarily congregates within Binance, and a mere 141 unique addresses hold this stablecoin. Moreover, the majority of the trading activity occurs off-chain, as FDUSD has only recorded a modest 752 transactions since its inception.
The upper echelon of holders exerts dominant control, with the top 100 holders collectively commanding a staggering 100% of the supply, which amounts to 423,305,155 tokens out of the total 423,305,427 supply. Binance emerges as the foremost holder, with a single account wielding authority over a substantial 79.39% of the total FDUSD in circulation.
Among the top five FDUSD wallets, Binance claims ownership of three. The remaining two wallets belong to anonymous holders, with the third holder’s identity shrouded in mystery, yet holding 2.02 million FDUSD. The fifth-largest holder, also operating incognito, boasts control over 999,998 FDUSD. Interestingly, this particular wallet holds additional assets, with .6 million in USDT and .27 million in USDC to its name.
What do you think about FDUSD’s supply rise and uptick in global trade volumes? Share your thoughts and opinions about this subject in the comments section below.
Tensions in Israel Reverberate Globally — US Equities, Cryptos Falter Amid Mideast Conflict; Oil and Metals Capitalize
Markets faced turbulence on Monday as all four major U.S. indices took a downward turn, influenced by the Israel-Hamas conflict which escalated into an outright war over the weekend. The crypto economy experienced a 1.8% dip against the U.S. dollar on the same day. Meanwhile, the onset of the Middle Eastern conflict spurred a surge in precious metals and crude oil prices.
Mideast Crisis Sends U.S. Stocks, Crypto on Downward Spiral; Oil, Metals Gain Ground
U.S. stocks took a hit on Monday, even as the bond market paused for Columbus Day. The market, already grappling with challenges from the Ukraine-Russia conflict, surging inflation, and climbing interest rates, is facing added pressure. While Friday saw a positive close for all four key indices — S&P 500, Dow Jones, Nasdaq, and Wilshire 5000 — Monday morning painted a different picture with declining figures. The recent dip is largely attributed to the unfolding uncertainties in the Mideast conflict.
The crypto economy mirrored the downturn in equities on Monday, sinking over 1.8% with BTC dwindling by 1.7% and ETH dropping 2.46% against the U.S. dollar during the early trading hours (Eastern Time). In contrast, defense giants like Northrop Grumman and Lockheed Martin saw their shares ascend nearly 5% on the same day. While stocks and cryptocurrencies faltered against the dollar, traditional safe havens like Treasury bonds, gold, silver, and the Japanese yen experienced an uptick on October 9. Gold gleamed with a 0.74% rise in a day, while silver’s value edged up by 0.16% at 10:00 a.m. (ET).
Crude varieties such as WTI and Brent experienced significant surges, with WTI climbing 3.7% and Brent ascending 3.46% over the last 24 hours. Susannah Streeter, Hargreaves Lansdown’s head of money and markets, remarked to Bitcoin.com News that surging oil prices are likely to fan the flames of inflation concerns. She noted, ”The shocking attacks in Israel have sent the price of oil soaring, as investors assess the potential for the conflict to disrupt supply in the Middle East, if other countries are drawn in.”
The market strategist at Hargreaves Lansdown further commented:
This latest jump will fuel inflationary worries, at a time when investors are already jittery about the interest rates potentially staying higher for longer.
This uptick in oil prices aligns with the Organization of the Petroleum Exporting Countries (OPEC) raising its output projections to 116 million barrels per day (bpd) by 2045, a hike of 6 million bpd from last year’s forecast. On Sunday, Saudi Arabia’s energy czar, prince Abdulaziz bin Salman, told CNBC that OPEC is adopting a “precautionary approach.” The consortium, led by Riyadh, has scaled back oil output, and there’s chatter about potential further reductions down the line.
What do you think about the Mideast conflicts that are shaking global markets? Share your thoughts and opinions about this subject in the comments section below.
Study: Sub-Saharan Africa’s Bitcoin Transaction Volume Number One Globally, Data Indicates Shift Towards Stablecoins
Despite accounting for just 2.3% of global transaction volume, the latest data shows that crypto has penetrated key markets in Sub-Saharan Africa and “become an important part of many residents’ day-to-day lives.” With a regional volume of 9.3%, Sub-Saharan Africa’s BTC share outranks all regions including North America (9.0%) and Eastern Europe (8.2%).
Nigeria Epitomizes Sub-Saharan Africa’s Crypto Penetration
While the Sub-Saharan Africa region is reported to have accounted for 2.3% of global transaction volume, a closer look at the latest data shows that “crypto has penetrated key markets and become an important part of many residents’ day-to-day lives.” As the excerpt from Chainalysis’ upcoming Geography Report shows, no country from this region best exemplifies how crypto has become part of everyday life than Nigeria.
With transaction volumes of just under billion between July 2022 and June 2023, Nigeria is Sub-Saharan Africa’s largest crypto market by a distance. For perspective, the region’s total volumes during the same period were 7.1 billion. The data shows that Nigeria accounted for nearly half of the region’s total transaction volume in that period.
South Africa, whose traded volumes surpassed the billion mark during the same period, is home to the Sub-Saharan Africa region’s second-largest crypto market. Kenya, Mauritius and Ghana, which are ranked third, fourth, and fifth, respectively, complete the region’s top five.
Meanwhile, the Chainalysis data suggests that residents from the Sub-Saharan Africa region increasingly see BTC as an alternative store of value. With a regional volume share of 9.3%, Sub-Saharan Africa’s BTC share outranks all regions including North America (9.0%) and Eastern Europe (8.2%). Explaining why Sub-Saharan Africa is ranked first, Chainalysis said:
Many countries in the region have struggled with rising inflation and debt, making cryptocurrency an attractive means of storing value, preserving savings, and attaining greater financial freedom.
The blockchain intelligence firm singles out inflation-hit Ghana where residents reportedly have turned to BTC.
While BTC is still the number one crypto in the region, the latest data appears to point to a shift away from the leading crypto asset towards stablecoins. Moyo Sodipo, the co-founder of Nigeria-based cryptocurrency exchange Busha, said the drop in the price of BTC may explain why users from the region are gravitating towards stablecoins.
“Now that Bitcoin has lost a lot of its value, there is a desire for diversification between Bitcoin and stablecoins. However, market shifts aren’t dampening activity,” explained Sodipo.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Russia Says BRICS Currency Unlikely in Near Future but De-Dollarization Grows Globally
Russia says that a common BRICS currency is unlikely to be feasible in the near future but the process of de-dollarization of the global economy is inexorably underway. Russian Press Secretary Dmitry Peskov added that many countries, including those that do not face sanctions, are gravitating towards using national currencies in trade settlements.
BRICS Currency and De-Dollarization
With the BRICS leaders’ summit on the horizon, there is a growing discussion about de-dollarization and the feasibility of a common BRICS currency. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. The summit will take place from Aug. 22-24 in Johannesburg.
Dmitry Peskov, Press Secretary of the President of the Russian Federation, told reporters on Thursday that experts are discussing the possibility and feasibility of introducing a common currency, Russian state-owned news agency Ria Novosti reported (translated by Google’s AI program). “This is still a discussion process, it is clear that it will be stretched over time,” he was quoted as saying. The Kremlin spokesperson described:
In the near future, it is unlikely that this will be feasible, but the use of national currencies is already a reality that is growing on a global scale, and this practice is not only used by countries that face sanctions, but also by those that do not face them.
“The process of de-dollarization of the global economy is inexorably underway. Many countries are gravitating towards the trajectory of using national currencies,” he emphasized.
Last week, Russia’s deputy prime minister stated that the topic of a common BRICS currency could be discussed at the economic bloc’s upcoming summit. However, South Africa’s diplomat in charge of BRICS relations, Anil Sooklal, has insisted: “There’s never been talk of a BRICS currency, it’s not on the agenda.” Moreover, Leslie Maasdorp, vice president and chief financial officer of the New Development Bank, also known as the BRICS Bank, recently clarified that the economic bloc has no immediate plan to launch a currency to compete with the U.S. dollar.
Recently, there have been rumors circulating regarding the BRICS economic bloc planning to launch a gold-backed currency. Numerous individuals believe that a common BRICS currency could erode the U.S. dollar’s status as the world’s dominant currency. However, there are hurdles to overcome. The governor of Russia’s central bank, for instance, has warned that establishing a BRICS currency would require the consent of numerous parties.
More than 40 nations have expressed their desire to become part of the BRICS alliance, with 22 countries already submitting formal applications. Additionally, Sooklal disclosed that South Africa has extended invitations to 69 leaders for the summit, encompassing all African heads of state and key leaders from prominent Global South organizations. However, he affirmed that no Western countries have been invited.
Do you think the BRICS economic bloc will launch a common currency soon? Let us know in the comments section below.