Connect with us

Cryptocurrency

Indian Supreme Court Rejects Crypto Petition Trading Regulations

Published

on


THORChain, a native asset settlement protocol, is now the second-largest decentralized exchange (DEX). Its native token, RUNE, has experienced a significant increase over the last week amid the aforementioned development.

THORChain Surges in Trading Volume

Over the past week, THORChain has experienced a significant surge in trading volume, surpassing $1.325 billion. Data from DeFi Llama reveals that its daily trading volume has reached $334.3 million, topping PancakeSwap and securing the second spot, trailing only behind Uniswap.

Despite this impressive growth, THORChain’s total value remains steady at $260.1 million.

The acceleration in THORChain’s ascent, surpassing Curve Finance, occurred much earlier than anticipated by THORChain core developer Chad Barraford. Initially predicting the flipping to appear before the end of 2023, Barraford expressed surprise in a November 13 X post, stating that this happened much faster than they thought, “taking two days instead of 2 months”.

THORChain is recognized as a multichain counterpart to Uniswap, allowing users to exchange native Bitcoin for Ether through the decentralized exchange named THORSwap, powered by the THORChain protocol.

The platform presents an average annual percentage rate (APR) of nearly 44%, with certain liquidity pools offering substantially higher APRs, such as Bitcoin and RUNE pairs boasting an over 353% APR.

Prominent Bitcoin advocate Erik Voorhees highlighted that THORChain processed nearly 2%, equivalent to $224 million, of the overall spot Bitcoin trading volume between November 11 and 12.

Read Also: Aave Resumes Standard Functions After Security Vulnerability

Voorhees emphasized the significance of THORChain for principled Bitcoiners, being the sole market enabling Bitcoin trading at scale without intermediaries, aligning with the fundamental ethos of Bitcoin.

RUNE Price Surges

Following the notable trading volume for THORChain, its native token, RUNE, has experienced a 40% surge over the past seven days. Currently trading at $5, RUNE holds a market cap of $1.5 billion.

RUNE Price Chart | Source: Coinstats

 

Data from the market intelligence platform Santiment reveals a 27% decrease in RUNE’s social volume in the past day. Additionally, Santiment reports a decline in RUNE’s total open interest (OI) from $78.9 million to $72.4 million within the last 24 hours.

This decline in performance coincides with Santiment’s data indicating that RUNE’s Binance funding rate for futures contracts currently stands at around 0.02%. A positive funding rate on an exchange typically suggests that short positions outweigh long positions until further price movements occur.





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Cryptocurrency

Cryptocurrency Market Update: Bitcoin Slips Below $70,000 Amidst High Liquidation

Published

on

By

In a swift turn of events, Bitcoin (BTC), the pioneering cryptocurrency, dropped below the $70,000 threshold early on Wednesday following a wave of investor sell-offs. Just a day prior, Bitcoin had crossed the $71,000 mark, but market sentiment swiftly shifted, dragging other major altcoins—including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC)—into the red zone.

According to CoinMarketCap data, the overall Market Fear & Greed Index stood at 75 (Greed) out of 100, indicating a mix of optimism and apprehension among traders. Notably, the Bittensor (TAO) token emerged as the top gainer with a remarkable 24-hour surge of over 7 percent, while dogwifhat (WIF) experienced the largest loss, plummeting nearly 16 percent.

Bitcoin (BTC) Price Update Bitcoin’s price tumbled to $69,089.01, marking a 24-hour dip of 3.05 percent, as reported by CoinMarketCap. On the Indian exchange WazirX, BTC was priced at Rs 60.93 lakh.

Other Major Cryptocurrencies Ethereum (ETH) saw a 24-hour loss of 4.81 percent, trading at $3,508.86, while Dogecoin (DOGE) registered a dip of 5.59 percent, currently priced at $0.1879. Litecoin (LTC) and Ripple (XRP) also experienced losses, with Solana (SOL) marking a 24-hour loss of 3.44 percent.

Top Gainers and Losers Bittensor (TAO) led the pack of gainers with a 7.30 percent surge, while dogwifhat (WIF) suffered the most significant loss, dropping by 15.58 percent.

Market Analysis and Expert Insights Experts weighed in on the market scenario, attributing Bitcoin’s downturn to heightened liquidations and cautious sentiment ahead of the upcoming US CPI data release. While Bitcoin’s immediate support rests at $67,700, resistance is expected at $70,400. Ethereum proponents face challenges amid hopes for an ETF approval, with the SEC providing limited updates on the matter.

Final Thoughts The cryptocurrency market remains highly dynamic, with prices fluctuating rapidly and investor sentiment playing a pivotal role. As the market navigates through volatility, it’s essential for investors to stay informed, exercise caution, and seek expert advice before making any investment decisions.

Continue Reading

Cryptocurrency

Cryptocurrency: A Scapegoat for Foreign Policy Failures?

Published

on

By

Cryptocurrency has once again found itself at the center of a heated debate, this time regarding its alleged role in facilitating illicit activities and circumventing sanctions imposed by the United States. The Biden administration, in particular, has come under scrutiny for its handling of the issue, with some accusing it of using digital assets as a convenient scapegoat for broader foreign policy shortcomings.

In a recent hearing before the Senate Banking Committee, Deputy Treasury Secretary Wally Adeyemo raised concerns about the misuse of cryptocurrencies by foreign adversaries such as Iran, Russia, North Korea, and militant groups like Hamas. Adeyemo’s remarks underscored a growing unease within the U.S. government regarding the potential national security implications of unregulated digital currencies.

However, voices from within the cryptocurrency industry and Congress have pushed back against the administration’s narrative. Faryar Shirzad, Chief Policy Officer at Coinbase, one of the leading cryptocurrency exchanges, pointed out that the prevalence of illicit activity in the crypto space is relatively low compared to traditional finance. Instead of demonizing cryptocurrencies, Shirzad argued, the focus should be on targeting bad actors operating offshore.

Senator Tim Scott, the ranking Republican on the Senate Banking Committee, echoed these sentiments, accusing the Biden administration of using digital assets as a distraction from its failure to effectively combat financial flows to sanctioned entities. Scott’s criticism reflects broader skepticism among some lawmakers about the government’s approach to regulating cryptocurrencies.

One area of potential agreement between the Biden administration and the cryptocurrency industry is the need for clearer regulations governing stablecoins, a type of digital asset pegged to a fiat currency like the U.S. dollar. Both sides recognize the importance of addressing the potential risks associated with stablecoin issuance and usage, particularly in the context of national security and financial stability.

The debate over stablecoins has intensified following reports of their alleged role in facilitating illicit transactions, including those linked to Russia’s war effort in Ukraine. The Treasury Department has called for increased oversight of stablecoin issuers and transactions, while also advocating for legislation that would subject them to stricter regulatory standards.

Despite the contentious nature of the discussion, there are signs of bipartisan cooperation on certain aspects of cryptocurrency regulation. A bipartisan bill addressing stablecoin regulation passed the House Financial Services Committee last year, signaling a potential path forward for legislative action in this area.

As the debate over cryptocurrency regulation continues to unfold, it is clear that finding the right balance between innovation and security will be paramount. While concerns about illicit activity and national security must be addressed, policymakers must also recognize the potential benefits of cryptocurrencies in fostering financial inclusion and technological advancement.

Ultimately, the resolution of these issues will require thoughtful collaboration between government officials, industry stakeholders, and lawmakers to develop a regulatory framework that promotes innovation while safeguarding against misuse. Only through constructive dialogue and cooperation can we ensure that cryptocurrencies fulfill their potential as a force for positive change in the global economy.

Continue Reading

Cryptocurrency

Bitcoin Resurgence: Why Wall Street Is Embracing the Crypto Revolution

Published

on

By

Andrew Pratt of Wiser Wealth Management in Marietta, Ga., finds little resistance as he proposes Bitcoin investments to his firm’s committee. With Bitcoin surging 140% in the past year and backed by giants like BlackRock, skepticism has waned. Pratt sees the potential to allocate a modest 1% of client portfolios to Bitcoin, acknowledging the limited downside risk compared to potential gains.

The debate over Bitcoin’s intrinsic value seems to have lost its relevance amidst its soaring market performance. Once dismissed, Bitcoin now boasts a market value of $1.3 trillion, driving the total crypto market to $2.5 trillion. Wall Street, once wary, now views cryptocurrency as an opportunity for profit rather than a speculative venture.

Despite lingering doubts about Bitcoin’s utility beyond speculation, Wall Street executives are increasingly supportive. BlackRock’s CEO, Larry Fink, notably reversed his stance, endorsing Bitcoin’s long-term prospects and championing the iShares Bitcoin Trust, now one of the largest Bitcoin ETFs with nearly $18 billion in assets.

While skepticism persists about Bitcoin’s status as a real asset or currency, its growing acceptance on Wall Street underscores the evolving landscape of finance. As institutions embrace cryptocurrencies, Bitcoin’s journey from pariah to portfolio asset highlights the transformative power of digital assets in reshaping traditional investment strategies.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.