PRESS RELEASE. Injex Finance is excited to announce the official launch of its Presale for the native $INJX token, offering early contributors an exclusive opportunity to become part of the thriving Injex ecosystem. With the Presale now live, users can seize the moment to participate and benefit from this groundbreaking initiative. As the cryptocurrency market […]
Bitcoin News
Stablecoins Join The Crypto Bull Run With $140B Market Cap, Highest Since 2022
February has been an overall notable month for cryptocurrencies and the crypto industry. We’ve seen Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, reach milestones not seen since the crypto winter started.
The bull run has seemingly started, as many analysts and investors have announced, and it appears to be following a ‘2-year trend’ where the industry is beginning to reclaim the heights lost in 2022. Consequentially, the rally has propelled the overall market cap of the crypto industry.
Stablecoins Remain Stable, But The Market Is Expanding
According to data from DefiLlama, stablecoins have joined the crypto market in the bullish rally, as its market capitalization hit 0 billion for the first time since December 2022.
Stablecoins are cryptocurrencies designed to have value pegged to another currency, like the US dollar, or a commodity, like gold. They account for a large portion of the daily trading volume of cryptocurrencies, as many consider them more useful for everyday transactions.
The slow and steady recovery of the crypto industry has been maturing the bullish sentiment in the community. Fueled by investors’ trust in crypto assets and important developments in the industry, the crypto market seems to be recovering to achieve a performance like that of the previous crypto bull run.
However, stablecoin’s recent market expansion is not only fueled by the positive sentiment. Tether (USDT) sits as the third largest cryptocurrency by market capitalization, with over billion, and it has continued to extend its reach in the last few years.
Just this month, USDT’s market cap increased by billion; in the last year, it has risen by over billion. USDT is also ranked as the first cryptocurrency by trading volume in the previous 24 hours, according to data from CoinMarketCap.
Circle’s USDC, ranked fifth by daily trading volume and seventh by market cap, has also seen impressive growth, with its billion market cap increase showing a recovery this month.
The stablecoin’s market capitalization saw a 1-year slump after dropping from billion in March last year. However, the relisting of its trading pairs on Binance and the recent expansion to international markets has fueled USDC’s ‘resurgence,’ as Coinbase recently called it.
Crypto Market Cap Hits T
Today, the total crypto market cap hit trillion as Bitcoin’s price spiked to ,000, increasing 32.2% monthly and 101.3% in the past year. This milestone has not been reached since April 2022, when the total crypto market cap was at .1 trillion.
However, Bitcoin’s parabolic surge is not the only reason behind this achievement, as the altcoin market cap, which includes all cryptocurrencies except for BTC, has grown 29.35% in 30 days.
Accordingly, the market capitalization for altcoins hit 5 billion, representing a 111.6% surge last year. Similarly, this level has not been seen since April of 2022.
The altcoin market has seen green throughout February as interest in cryptocurrencies soared massively, led by the ETFs frenzy that started building at the end of last year and exploded in January.
Dogecoin Orbit Expands: Over 890,000 New Addresses Join DOGE Community
Dogecoin, the meme-inspired cryptocurrency, is experiencing a resurgence in popularity, with key metrics showcasing explosive growth in network activity and user adoption.
Dogecoin New Addresses Surge
Over the past seven days, a staggering 890,000 new DOGE addresses were created, reflecting an 86% adoption rate as new users engage in their first transactions. This represents a remarkable 1,100% increase in new addresses compared to the previous week, according to on-chain data analyst Ali Martinez. January 29th alone saw a record-breaking 247,240 new addresses created, highlighting the rapid expansion of the Dogecoin network.
Over 890.000 new Dogecoin addresses were created in the past 7 days. Activity also spiked, with the new adoption rate reaching as high as 86% as the new users made their first transactions.
https://t.co/sVl5CEGkou pic.twitter.com/0LxATAEGaO— IntoTheBlock (@intotheblock) February 1, 2024
Doginals And Xpayments Spark Interest
Renewed enthusiasm for Doginals, NFTs minted on the Dogecoin blockchain, and rumors surrounding potential integration with Xpayments are believed to be contributing factors to the recent surge.
Santiment data reveals a significant uptick in active addresses, reaching 1.4 million as of February 3rd. This marks the highest level observed in the past six months, surpassing even December’s peak of 1.3 million.
Daily transaction volume on the Dogecoin network has also seen a boost, exceeding one million transactions for the past five days. This indicates active use of the DOGE network and suggests potential growth in its real-world application.
Mavericks Remain Loyal
Adding fuel to the fire, entrepreneur Mark Cuban reaffirmed the Dallas Mavericks’ unwavering support for Dogecoin during a recent AMA session. The team’s continued acceptance of DOGE for merchandise and tickets reinforces their commitment to embracing digital currencies.
While the current trends paint a positive picture, questions remain about the long-term sustainability of this growth. Whether this surge translates to lasting momentum or a temporary spike is yet to be seen.
Dogecoin’s Value And Market Volatility
The article avoids delving into the intrinsic value of DOGE compared to other cryptocurrencies, and it’s crucial to remember that the overall crypto market is known for its inherent volatility. Positive sentiment can quickly shift, and investors should exercise caution before making any investment decisions.
Dogecoin’s proof-of-work consensus mechanism raises environmental concerns, which could potentially hinder its future adoption in the long run.
Despite these considerations, Dogecoin’s recent performance signifies a period of significant growth and renewed interest. As the cryptocurrency landscape continues to evolve, Dogecoin’s future trajectory remains intriguing, and its ability to sustain this momentum will be closely watched by investors and enthusiasts alike.
Featured image from iStock, chart from TradingView
Join The NewsBTC Sales Team!
We are looking for motivated individuals to join our remote sales team. This is a ‘work from where you like’ position.
What’s the role?
NewsBTC generates the revenue it uses to fund its journalism through advertising. We help companies in the space (and outside the space) get their product or service in front of the millions of users our website attracts every month.
As a member of our sales team, you’d be in charge of communicating with these companies, both on an inbound and an outbound basis, and putting together campaigns based on the advertising options we offer.
Training will be provided.
Required:
- Motivated
- Sales experience
- Strong internet connection
Preferred:
- Involvement or interest in the crypto/blockchain space
Compensation:
- Super competitive, will be discussed directly with applicants.
Interested?
Email Samuel Rae at samuel@newsbtc.com and let him know why you want the position.
Note: We’re not your usual company and we don’t take the usual approach to hiring. If we think you’re a good fit, we’re not going to make you jump through hoops and all that nonsense before you start. We’ll probably take a look at your CV, but it’s all about you NOW so don’t let something small that you might be worried about stop you getting in touch.
Galaxy Digital and Invesco Bitcoin Spot ETF Join BlackRock On The DTCC
In a recent development, another proposed Spot Bitcoin ETF has been listed on the Depository Trust and Clearing Corporation’s (DTCC) website, becoming the second proposed Spot Bitcoin ETF to appear on the corporation’s website.
BTCO Joins IBTC On DTCC Website
The Invesco Galaxy Bitcoin ETF under the ticker ‘BTCO’ recently appeared on the DTCC website, joining BlackRock’s spot Bitcoin ETF, which goes under the ticker ‘IBTC’ as uncertainty around a possible approval of these funds continues to heighten.
Many had speculated an approval was imminent when BlackRock’s IBTC was earlier listed. However, the optimism has sort of cooled off following a recent revelation by a spokesperson for the financial services company. The representative clarified that the listing of these ETFs was simply “Standard Practice” and that it doesn’t indicate any potential approval by the SEC.
An ETF expert had also weighed in and stated that DTCC’s listing didn’t mean anything in the grand scheme of things regarding a possible approval of Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). Going by this, the DTCC listing only suggests that these asset managers are preparing just in case they get approved by the SEC.
Such preparations also include asset managers BlackRock and VanEck recently revealing their plans to begin seeding for their respective funds. While such a move doesn’t guarantee that the SEC is likely to approve these funds anytime soon, it, however, shows the optimism of these firms that their Spot Bitcoin ETF will launch sooner or later.
Valkyrie Joins The Spot Bitcoin ETF Amendment Train
In a post shared on his X (formerly Twitter) platform, Bloomberg analyst James Seyffart noted that the asset management firm Valkyrie had joined the “prospectus amendment train” with the latest filing of their revised Spot Bitcoin ETF prospectus. Valkyrie joins the likes of ARK Invest, BlackRock, Fidelity, and Bitwise, who have also filed amendments to their prospectus.
Seyffart happens to be one of those who believe that these amendments could mean something. ARK Invest was the first asset manager to amend its prospectus, which led Seyffart and fellow Bloomberg analyst Eric Balchunas to predict that the US Securities and Exchange Commission (SEC) could approve a fund as early as next year.
Meanwhile, it is worth mentioning that the SEC has so far not said anything regarding Grayscale’s application despite the Commission opting not to file an appeal. But that could change soon as ETF enthusiast and prominent financial lawyer Scott Johnsson said that the Commission is set to have a closed meeting on November 2; its first since the Grayscale deadline expired, and one of the agenda for the meeting includes resolving litigation claims.
Join the Economic Freedom Nexus — No BS Crypto News in the Context of Permissionless Exchange
We all know central bank digital currencies (CBDCs) are the furthest thing there is from actual cryptocurrency. That “financial inclusion” usually just means more laws preventing poor people from free exchange and survival in broken, state-run fiat madhouses. The Economic Freedom Nexus is a new bi-monthly newsletter sent straight to your inbox contextualizing the latest in crypto and finance news globally, through the lens of Bitcoin and crypto autonomy. The Nexus brings everything back to what this was all about in the first place — money without a middleman.
The opinions presented in this editorial newsletter are solely those of the author, and do not necessarily represent the views of Bitcoin.com or Bitcoin.com News
Join the Nexus: Crypto News Focused on Freedom
Taking a cursory scan through the news today, I see that decentralized social media company LBRY Inc. has called it quits, finally exhausted by the endless harassment and legal bullying of the U.S. Securities and Exchange Commission (SEC). With LBRY getting nuked, the fate of its popular app Odysee — a Youtube competitor known for its truly uncompromising stance on free speech and quirky content — now teeters in the balance.
This, unfortunately, is a perfect segue into something Bitcoin.com News just reported Friday, namely that international crypto mixers are now likely to be viewed as criminal by the United States Treasury and related regulators, “because terrorism.” Which terror, of course, crypto is statistically hardly used for, anyway. No, that stuff is the specialty of government and central bank monetary systems.
And so, the ugly picture that’s been developing for years becomes clearer. Whether it’s speech, code, or money (all forms of information) these developments signal a grave and unyielding — and violent — push in the opposite direction of freedom and protection. A push towards a dark paradigm where individual expression must be approved before being uttered (as on Youtube, other mainstream social media, and in oppressive political zones), and financial transactions must be similarly stalked and surveilled and stifled every step of the way. After all, if you’re not a criminal and have nothing to hide, then what are you afraid of?
Information is like water — like air. Hard to contain. Decentralized blockchains and privacy protocols preserving human dignity can still be used in mass, decentralized non-compliance. They’re hard to stop. Thus the clownish fear mongering being put on by those in power. An example might be this telling sentence from a recent report by the Bank for International Settlements (BIS):
[Crypto] has so far failed to harness innovation to the benefit of society … it does not finance real economic activity. It suffers from inherent shortcomings related to stability and efficiency, as well as accountability and integrity.
This uttered by that paragon of integrity, BIS, who shamelessly funded and profited from both genocidal teams in WWII, as a matter of public record. The arrogance of ignoring how crypto has helped folks survive in developing and inflation-ravaged countries is also hard to believe. As for stability and efficiency, when I send bitcoin cash (BCH), it works for me every time, and is quite efficient and cheap. So there’s that.
The Nexus Newsletter is about the beauty of bitcoin and permissionless exchange in general, whatever the medium: I don’t need to prove I am not a member of Hamas, or one of those scary, scary Russians before buying food for my family. I’m not forced to show a social credit score or a “carbon footprint.” People shout for regulation, and indeed private, consensual free markets can and do handle such things well, but the regulation we see now is literal abusers and violent crooks controlling what the majority of non-violent individuals may or may not do in peace. I think we can find a better way.
Join the Nexus for no-nonsense crypto news through the lens of permissionless, economic freedom today:
What are your thoughts on the current state of crypto? You can share your views in the comment section below.
xDay 2023 Day 2: Google And MultiversX Join Hands, How The Big Tech Giant Will Support The Community
In the next three days, our team at NewsBTC will cover xDay 2023, an event organized by MultiversX in the Palace of Parliament, Romania. Formerly known as Elrond, the project rebranded in 2022 and focused on the Metaverse, one of the hottest trends in crypto.
On day two of the event, the MultiversX team, spearheaded by Beniamin Mincu, announced a partnership with big tech giant Google. The partners will work on driving adoption and “accelerating” the expansion of Web3 and the MultiversX ecosystem.
Google Cloud Pledges Financial Support For MultiversX Ecosystem
In conversation with Daniel Rood, Head of Web3 EMEA for Google Cloud, the partners spoke about the similarities in the obstacles faced by Google to reach billions of users. Mincu stated that this partnership with the big tech giant will help the network increase its adoption.
The partnership will be supported by “4 pillars,” as stated by Rood. In that sense, the big tech giant announced that the data running on the MultiversX will be embedded directly into the Google Cloud infrastructure, adding an extra layer of security for the blockchain.
In the past two years, MultiversX, formerly Elrond, implemented a sharding architecture capable of handling over 100,000 transactions per second. The project has focused heavily on providing its users and builders with a secure and scalable infrastructure; this partnership is another step in that direction.
The MultiversX CEO stated the following about the partnership:
We are excited to unveil this collaboration as part of a strategic plan meant to expand our ecosystem and bring significant opportunities for users and developers. MultiversX is in a unique position, with great potential for accelerated growth, and the additional products and services brought by Google Cloud are a key contribution to that.
On the stage, Mincu expressed excitement about what the partnership represents for the MultiversX ecosystem and the nascent industry. The announcement was received with applause by the community.
The MultiversX CEO emphasized their role as the “engine” driving the ecosystem. Thus, Google Cloud will also offer financial aid and pledge to create spaces like hackathons where builders can benefit from the partnership.
During the xDay 2023 event, a hackathon will reward the community with million in prizes and further funding. Daniel Rood, Head of Web3 EMEA for Google Cloud, added the following:
There are exciting opportunities to enable Web3 developers to build and scale faster and as we explore new verticals within the space, our partnership with MultiversX will allow us to expand our strategy and reach further and solidify our position as one of the main innovation drivers in the blockchain world.
Cover image from MultiversX, chart from Tradingview
Wirex and Polygon CDK Join Forces to Revolutionize Digital Payments With W-Pay
PRESS RELEASE. Wirex, a major player in crypto payments with over 6 million users, has chosen to partner with Polygon CDK (Chain Development Kit) to create a new App Chain focused on payments, named W-Pay. This move marks a significant development in the world of cryptocurrency payments.
By utilizing Polygon CDK, an advanced blockchain technology toolkit, Wirex aims to enhance the performance and security of its payment system. This technology facilitates faster and more secure transactions.
Pavel Matveev, Wirex’s CEO, explained, “Using Polygon CDK allows us to transition our payment infrastructure to the blockchain, improving efficiency and enabling seamless integration with various decentralized applications.”
Wirex’s status as a regulated entity and a principal member of Visa and Mastercard positions it uniquely to innovate in the payment industry. Matveev added, “Our initial plan includes introducing a non-custodial Visa card for cryptocurrency transactions, making digital assets more accessible in everyday life. Our goal is to bring all 6 million Wirex users into this ecosystem.”
Jordi Baylina, Co-Founder of Polygon, expressed excitement about the partnership, stating, “Wirex’s adoption of Polygon CDK to create their payment system has the potential to introduce fresh ideas and expand the adoption of digital payments.”
To further enhance the utility of the Wirex ecosystem, the new Wirex App Chain will use Wirex’s own token, WXT, for transactions. This move is expected to increase the demand and functionality of WXT, prompted by interest from large enterprises.
Wirex’s presence with users across various regions underlines its commitment to transforming digital-age payments. With millions of users worldwide, Wirex has been instrumental in making cryptocurrencies accessible for everyday transactions since its inception in 2015.
Founded by Pavel Matveev and Dmitry Lazarichev, Wirex has provided a user-friendly platform for buying, storing, and using cryptocurrencies alongside traditional currencies. Their specialized card allows users to make cryptocurrency transactions in their daily lives.
Wirex continues to evolve its product offerings to align with market trends, while also adhering to regional regulations and securing necessary licenses. As a pioneer in the industry, Wirex introduced its own native utility token, WXT, and initiated the world’s first cryptocurrency reward program, Cryptoback, offering users cryptocurrency rewards for their transactions.
To adapt to the growing Web3 landscape, Wirex expanded its product suite to enable mainstream access to decentralized finance (DeFi) and wealth management, introducing features like high-interest savings and partnering with decentralized finance platforms.
While headquartered in London, Wirex has expanded its presence globally and processed over billion worth of transactions. With rapid expansion into new territories, including the United States and Australia, Wirex is well-positioned to support and promote the mass adoption of cashless transactions through innovative solutions.
For more information, please contact:
E-mail: press@wirexapp.com
Website: wirexapp.com
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Report: More Than 50 Virtual Currency Platform Operators Want to Join the Taiwan Market
About 52 virtual currency operators have shown interest in joining Taiwan’s financial market, the Financial Supervisory Commission has said. The commission also said that it is planning to announce the region’s first virtual asset management guiding principles sometime in September.
Virtual Asset-Specific Laws
Taiwan’s Financial Supervisory Commission (FSC) recently revealed that some 52 virtual currency operators have expressed interest in joining the Taiwanese financial market. According to the regulator, some of these operators have processed the legal documents on money laundering prevention while others have yet to complete this step.
As explained in one local report, the FSC made these revelations during a public hearing conducted by a local legislator Guo Guow. In addition, the regulator also revealed that it is planning to announce sometime in September the first virtual asset management guiding principles.
The report also suggested that authorities in the region have however not ruled out setting up laws specific to virtual assets. Yet, before such laws are enacted, virtual assets will reportedly be regulated under the Money Laundering Prevention Act. As per the report, operators that fail to abide by the anti-money laundering laws face fines that range between ,000 and .38 million.
However, the report said under the current guidelines, aggrieved virtual asset investors cannot lodge complaints against operators with the Financial Review Center. Nevertheless, the FSC said it will still attempt to protect virtual asset users via other methods at its disposal. Some of these methods include asking operators to separate their assets from users’ funds.
Meanwhile, Huang Houming, deputy director of the Securities and Futures Bureau, said after the guiding principles are released later this month, operators will be encouraged to establish associations and self-regulate.
What are your thoughts on this story? Let us know what you think in the comments section below.
Top BRICS Diplomats Approached Indonesia With Proposal to Join, Foreign Minister Says
The foreign ministers of the BRICS states have reached out to invite Indonesia to become a member of the group, their Indonesian counterpart unveiled. The government in Jakarta is still weighing the benefits of joining the organization and is yet to decide whether to apply formally.
BRICS Nations Sought to Induct Indonesia Into Their Expanding Bloc of Emerging Economies
Indonesia has been contacted by the top diplomats of the BRICS member states (Brazil, Russia, India, China, and South Africa) with a proposal to join the grouping, the country’s Minister of Foreign Affairs, Retno Marsudi, told a parliamentary committee.
“All BRICS foreign ministers made an approach to Indonesia to invite it to join,” she was quoted by the Antara news agency as saying during a meeting of the First Commission of the House of Representatives, which is responsible for defense, intelligence and foreign affairs matters.
However, the Indonesian government is still studying the potential benefits, both political and economic, of a BRICS membership, Retno noted, adding that her nation is yet to submit an “expression of interest” letter to the organization.
Jakarta’s top diplomat pointed out that Indonesian President Joko Widodo attended the BRICS summit in Johannesburg, South Africa on Aug. 22-24 and highlighted the strong relations his country has with all BRICS members.
At the forum, Indonesia’s head of state emphasized that his nation is still considering its participation in BRICS. “We want to study first, calculate first, we don’t want to rush,” he said, according to a video posted by his administration.
During their summit, the current five member states agreed to admit six more nations to the organization on Jan. 1, 2024 – Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates – and, according to a Russian diplomat, all of them have accepted the invitation.
Indonesia was mentioned among potential candidates for BRICS membership in a report by the Indian Business Standard daily in June. The bloc already covers 40% of the world’s population and the Southeast Asian nation is the most populous Muslim country.
Do you think Indonesia will formally apply to become a member of BRICS? Tell us in the comments section below.