Tag: ETHEREUM. ETH

Bitcoin Forming a Price Floor on Its Way to $100,000: Bloomberg Report

by Dailyhodl

Bitcoin (BTC) is likely forming support above the $40,000 level en route to breaking the six-figure mark, according to Bloomberg commodities analysts.

In its latest “Crypto Outlook” report, Bloomberg says that traders thinking that Bitcoin is trading between a range of $30,000 and $60,000 may be caught off guard as BTC’s price action progresses.

“Bitcoin is more likely forming a floor than a ceiling, which means range traders accustomed to $30,000-$60,000 may be disappointed. Since the start of 2021, the more tactically oriented had opportunities near the lower end twice and to sell for double around the upper end.

Our graphic shows this consolidation period may be ending, with the path of least resistance pointing higher. About 30% below the 52-week moving average has proven to be a good support reading. Bitcoin revisited this potential bottom in January for the first time since the 2020 trough.”

Source: Bloomberg

Looking at Ethereum, Bloomberg says that a dwindling supply of ETH could put upward pressure on the top smart contract platform as it attempts to break out of the $2000 – $4,000 range.

“Ethereum supply is less defined, but clearly in a downward trajectory, notably due to a protocol change in 2021 that burns coins. Ethereum is the foundation for revolutionary technologies like non-fungible tokens and crypto dollars. Bitcoin is well on its way to becoming the benchmark global digital collateral.”

Most stablecoins, which Bloomberg’s commodities analyst Mike McGlone calls “crypto dollars,” are currently based on the Ethereum network. This is another bullish factor for ETH, according to the analyst.

“Ethereum made crypto dollars possible, and the escalating use of the technology to transact greenbacks, support the No. 2 crypto’s price. Approaching $170 billion on Feb. 2, the market cap of the top six crypto dollars listed on Coinmarketcap is up about 5x from the start of 2021. That pace may slow, but we see little to stop what is billions of dollars of market cap from reaching trillions.”

Source: Bloomberg

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin Long Traders Bear The Weight As Liquidations Continue

by NEWSBTC

Bitcoin liquidations have continued as the year draws to an end. The year has been rocked with liquidations that have gone past the $100 billion mark and there does not seem to be a stop even as 2022 rolls around. Long traders have had to bear the brunt of the losses given the recent downtrend. As bitcoin looks set to finish the year off below $50K, these losses will continue well into the year.

Bitcoin Liquidations Continue

Data on the 12 and 24-hour scales on Coinglass shows that bitcoin liquidations have not really slowed down. This number has climbed for the past 12 hours as of the time of this writing and has grown past $31 million in the same time period. For the 24-hour volume, the number is much higher at $46 million but shows more losses recorded over the last 2 hours than the whole day.

Related Reading | Bitcoin Only Works For The Wealthy, Senator Elizabeth Warren

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This follows the general trend of 2021 that has seen long traders suffer tremendously in the market. While there certainly was money to be made for these long traders due to the various bull rallies that the market experienced, the crashes were swift and brutal leading to quick liquidations that went into the billions of dollars.

Bitcoin price chart from TradingView.com

BTC trading at $47K | Source: BTCUSD on TradingView.com

Bitcoin short traders have been doing well with the downtrend as bears continue to drag BTC’s price down. The majority of the liquidations recorded for the digital assets have been for long traders. The highest volume has been from crypto exchange Binance which hosts the majority of traders in the market given its trading volume.

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Ethereum Trades Not Left Out

Bitcoin traders are not the only ones suffering the effects of ongoing market liquidations. Ethereum traders are also bearing a significant portion of the weight with this. The digital asset has also seen traders get rekt on both the 12 and 24-hour time frames, with liquidations going into the tens of millions.

Like bitcoin, the 12-hour liquidations have made more impact than their 24-hour counterparts. Ethereum liquidations for the past 12 hours have come out to over $21 million. While on the 24-hour scale, there have been a total of $38 million in liquidations going on.

Related Reading | Bitcoin Should Not Be Measured In Dollar Terms, Says Pompliano

Long traders are once again seeing the majority of the losses. Since ETH’s price, moving in tandem with that of bitcoin has continued to decline, these long traders are seeing their positions liquidated and are incurring heavy losses. Additionally, Binance is also the exchange recording most of the liquidations on this end.

LUNA traders are also feeling some of the heat with over $2 million liquidated in the past 24 hours. If the market continues its current trend, traders may only be seeing what is the start of a stretched-out period of liquidations.

Featured image from Time.com, chart from TradingView.com

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Solana Takes the Helm as the Most Staked Crypto, Cardano Goes Second

by Blockchain News

The neck-to-neck battle among Solana (SOL), Cardano (ADA), Ethereum (ETH), and Polkadot (DOT) continues because they have gained the upper hand in different crypto areas like decentralized finance (DeFi), non-fungible tokens (NFTs), and staking.

Even if Ethereum takes the lion’s share in DeFi, Solana is the victor when it comes to staking with a value of $78.49 billion, according to crypto insight provider Staking Rewards.

Cardano comes second with $42.92 billion, representing 70.67% of the total value.  

Ethereum 2.0 and Polkadot wrap-up the top four staked cryptocurrencies with $33.9 billion and $23.68 billion, respectively.  

Staking entails locking up crypto assets for a certain period of time to assist a blockchain network in functions like the confirmation of transactions. In return, investors earn interest or rewards. 

This investment strategy is available in cryptocurrencies using the proof-of-stake (POS) consensus mechanism, deemed more cost-effective and energy-efficient. 

Ethereum 2.0 is a deposit contract that intends to transit the current proof-of-work (POW) framework to a POS model. 

Meanwhile, Solana has been experiencing overwhelming institutional interest, which played an instrumental role in its listing on Bloomberg’s crypto terminal, after Bitcoin and Ethereum. 

Solana is one of the sought-after networks in the Defi and NFT industries because of its relatively lower fees and high speeds because it merges the proof-of-history with the proof-of-Stake.

For instance, Solana can perform more than 1,000 transactions per second (TPS), which is about 60 times more than the current Ethereum network’s capability of about 15 TPS, according to data from Blockchair and Solana Beach.

As a result, its NFT secondary sales recently reached $500 million in just three months. Therefore, Solana continues to stamp its authority in the crypto space, given that it has surged by at least 15,000% on a year-to-date basis. 

Image source: Shutterstock

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Bakkt Set To Expand Its Crypto Offering To Include Ethereum

by NEWSBTC

Digital asset marketplace Bakkt on Friday announced that users and partners will soon be able to buy, sell and hold ether (ETH). Users will also be able to send Ethereum to family and friends through its app. Institutional clients can also choose the Bakkt Warehouse for custody of ether.

Related Reading | Bakkt and CME launch new products, Bitcoin’s price reacts accordingly

The platform is adding ethereum to bitcoin, which it already offers. With these two coins, its users have access to two cryptocurrencies representing more than half of the total market value of all cryptocurrencies. The company, however, did not give a specific date for when the Ethereum offer will be available to its users. 

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The U.S. company also offers several other crypto services. They include a monthly bitcoin futures contract, crypto payments with a Visa debit card, as well as a Bakkt card with Apple or Google pay.

Offering Ethereum To Users

Bakkt’s decision to add Ethereum to its offering comes amid growing interest and adoption of cryptocurrencies. 

In a survey that the platform conducted, nearly half of respondents said they had bought some form of cryptocurrency within the last year. Others also expressed interest in adopting the asset class before year-end.

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ETHUSD Chart on TradingView.com

ETH price at $4,494.99 | Source: ETHUSD on TradingView.com

Ethereum has become very popular over the years, and it is currently the second-largest crypto with a market cap of approximately $532 Billion.

“By giving users greater opportunities to utilize their digital assets such as Ethereum, including buying, selling, spending, and sending, Bakkt facilitates the flow of digital commerce in line with the company’s mission of connecting the digital economy.”

Speaking on the platform’s latest announcement, CEO Gavin Michael said, “At Bakkt, providing flexible opportunities for users to enjoy their digital assets is a top consideration, and adding Ethereum brings a popular and growing cryptocurrency to our roster.”

“Bakkt users have already enjoyed the app’s capabilities to leverage bitcoin and we are confident that our addition of Ethereum will be a complement to our growing ecosystem of partners and assets.”

Bakkt Providing Easy Access To Crypto

The company has been on a mission to expand crypto adoption. It started trading as a public company on the New York Stock Exchange last month following a merger with VPC Impact Acquisition Holdings.

The company partnered with Google in October to allow users to spend their crypto with the Bakkt Visa debit card at all merchants that use Google Pay. It is also using Google Cloud to build new analytics with artificial intelligence, machine learning, and geolocation.

Related Reading | Mastercard Furthers Investment Into Crypto Card Integration

Also, in October, it partnered with Mastercard to enable institutions to offer a broad set of cryptocurrency solutions and services to customers. This partnership resulted in Bakkt’s shares jumping to more than $25 per share.

Featured image by Financial Times, Chart from TradingView.com

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Dog-Themed DeFi Project Mysteriously Loses Fundraised $60 Million

by NEWSBTC

A DeFi project that launched on Thursday had raised $60 million overnight during its token sale. However, the funds seem to have disappeared, and no one is sure exactly how.

On Friday, investors woke up to the shocking news that their funds had disappeared. Around 13,556.36 ETH, which was worth $60 million at the time, was drained from AnubisDAO’s liquidity pool.

Related Reading | DeFi Hack: Vee Finance Losses $35 Million To Hackers Following Mainnet Launch

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The project, AnubisDAO, was promoted as a fork of OlympusDAO — a cryptocurrency backed by the assets in its treasury. It was based on Anubis, an Egyptian god of death with a dog’s head. This theme is also similar to other dog-themed meme coins.

Although Anubis identified itself as a decentralized autonomous organization (DAO), the details of the project were unclear. And even though it did not have an official website, investors still pumped in $60 million worth of ETH into it.

The Project Suffers Mysterious Attack

The token sale started on Thursday, with investors putting ETH into the project and receiving Anubis tokens (ANKH) in return.

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However, the token sale, which was supposed to last for 24 hours, lasted only 20. The reason was the removal of the liquidity pool by an unknown entity. And the $60 million in ETH that had been raised in the token sale was then sent to a different address.

Subsequently, the value of the ANKH token dropped to almost zero.

Investors are still in shock about how quickly the whole thing happened. Brian Nguyen, who invested in the project and lost nearly $470,000, spoke to CNBC about the unfortunate event.

Related Reading | Data Shows Crypto Hacks And Fraud In 2021 Are On Track For A New Record

He admitted that he did not investigate the project thoroughly before investing. “We, in crypto, tend to have a ‘buy first, do research later,’ mentality,” he says.

He mentioned that he was interested in AnubisDAO because it was similar to other dog-inspired cryptocurrencies like dogecoin and Shiba Inu, which have surged in popularity lately. The fact that the sale was on popular auction platform Copper Launch also encouraged him to invest.

Also, a crypto influencer who he respected – 0xSisyphus on Twitter – supported the project. “So, I had some conviction on the buy.”

Investigations Begin

Shortly after investors started talking about losing their money, people speculated that Copper Launch was probably compromised. In response, Copper Launch said it was not, “but the Anubis team seems to have compromised their admin keys,” The Auction platform also released a statement yesterday regarding the incident.

There have been many guesses on what really happened. Some suspect it to be a “rug pull.” A rug pull is a common type of crypto scam where a project is created with the specific intention of stealing investor funds.

Others think it could be a phishing attack, where hackers target victims to steal crypto credentials.

Total DeFi Cap on TradingView.com

Total DeFi Cap on TradingView.com


DeFi market cap at $152.789B | Source: Crypto Total DeFi Market Cap on TradingView.com

A Twitter user claimed that they may have fallen victim to a phishing attack. They shared a screenshot of an email from someone pretending to be crypto investor 0xSisyphus. 0xSisyphus, however, since denied it, and tweeted on Friday that the 0xSisyphus “account’s namesake is clearly compromised,” They also offered a bounty of 1,000 ETH in return for the lost funds or to anyone who could identify the owner of the receiving wallet.

A Twitter user traced the wallet address to another user named Beerus. Moments later, the Beerus account was deleted.

0xSisyphus later said that they were certain that the incident was not a phishing attack but instead a rug pull by a “rogue team member,” They further said that Chainalysis was involved in the investigation. And that they are also working with authorities in the UK and US.

Featured image by @AnubisDao on Twitter, Chart from TradingView.com

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Here Are Three Reasons Bitcoin Will Remain ‘Ultra-Volatile’ in the Foreseeable Future, According to Deutsche Bank Analyst

by Dailyhodl

A senior economist at Deutsche Bank predicts Bitcoin (BTC) will remain “ultra-volatile” for the foreseeable future.

Marion Laboure, who also works as a market strategist at the banking giant, says BTC could potentially become the 21st century gold down the road. At this point in time, Laboure says BTC’s high level of volatility keeps it from serving as an effective store of value, and she does not expect wild price swings to disappear any time soon for three reasons.

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“I expect it to remain ultra-volatile in the foreseeable future. I see basically three reasons for this: first, about two-thirds of Bitcoins are used for investments and speculation. Second, due to its limited tradability, just a few additional large purchases or market exits can significantly impact the supply-demand equilibrium. Third, Bitcoin’s value will continue to rise and fall depending on what people believe it is worth. Small changes in investors’ overall perceptions about Bitcoin can have a large impact on its price.”

Looking at the rankings of crypto assets by market cap, Laboure says she doesn’t believe any other digital currency will surpass Bitcoin or Ethereum (ETH) in the next five years.

“It seems very unlikely to me, because of the network effect. Bitcoin enjoyed first-mover advantage and is now the most traded and well-known crypto-currency. And Ethereum has several real applications.”

The economist points to ETH’s ability to support decentralized finance (DeFi) and non-fungible tokens (NFTs).

“If Bitcoin is sometimes called ‘digital gold,’ Ethereum would then be the “digital silver’!”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Crypto Strategist Predicts New All-Time Highs for Ethereum and Cosmos, Says Bitcoin Warming Up for Big Move

by Dailyhodl

A popular crypto trader and market analyst is predicting new highs ahead for Ethereum (ETH) and Cosmos (ATOM) and says that Bitcoin (BTC) is winding up for a massive move of its own.

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The pseudonymous trader known as InmortalTA, who has a following of more than 65,000 on Twitter and over 4,000 on Telegram, says ETH appears ready to break out of a consolidation zone.

He expects Ethereum to crack the $5,000 level in a new move to the upside.

“5k is programmed, it’s as simple as that. It’s long ETH season, don’t get left behind.”

TradingView Chart

Source: InMortalTechnique/TradingView

He also highlights the decentralized interoperability platform Cosmos.

Looking at the charts, InmortalTA predicts a new all-time high this year for its native token ATOM.

“Still expecting a new ATH this year. The plan remains the same, accumulate. So I set more bids below $20. Just in case.”

TradingView Chart

Source: InMortalTechnique/TradingView

Lastly, the trader provides an updated analysis of Bitcoin’s price action. As the top crypto asset chops below the $50,000 line, he’s waiting for a clean break to the upside or downside in the short term to plan his next trade.

“I think BTC is warming up for a big move, but I would like to wait for a BMS (Break in Market Structure) to enter on a trade. I’m interested in long two numbers, 41k or 50k

41k If price lose 46k, I think we could see a retrace to 41k (Monthy Open), optimal spot to form a HL.

50k in the other hand, if price hold above 47k, I would like to long a BMS on the daily.

Here the two possibles setups”

TradingView ChartTradingView Chart

Source: InMortalTechnique/TradingView

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Ethereum North of $20,000 ‘Feels About Right,’ Says Macro Guru Raoul Pal – Here’s Why

by Dailyhodl

Macro guru Raoul Pal predicts that Ethereum (ETH) can skyrocket over 480% from its current price of $3,427 in the coming months.

In a new Bankless episode, the former Goldman Sachs executive unveils how he derived a $20,000 price prediction for the leading smart contract platform.

“My price prediction has been ETH north of $20,000, and that’s pretty simple. All I did is just map over the ETH chart to the Bitcoin 2017 chart. They work perfectly, and it gives you $20,000. There’s no great science to that, but it feels about right.” 

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Earlier this month, Pal called Ethereum the “greatest trade’ as changes in the fundamentals of the second-largest cryptocurrency work to significantly reduce the supply of ETH.

“Basically, there’s 13% of all the free float of Ethereum available. Everything else is being staked, locked and hoarded. They’ve just made the supply more difficult. The supply is lower.”

Pal says Ethereum can reach his price target before March 2022.

Looking at Bitcoin (BTC), Pal says the leading cryptocurrency can also meteorically rise in the coming months.

“I’ve also mapped the Bitcoin price versus Bitcoin 2013. They look pretty similar. There’s a bunch of other ways I’d do it with Bitcoin with log charts, regression analysis, stuff like that. Generally speaking, I think it’s somewhere between $250,000 to $400,000, with an outside chance of a million [dollars] if we get an extended cycle.”

The macro guru names two huge catalysts that can fuel the rally of the king cryptocurrency.

“Don’t forget, they usually go up 5 to 10x in the last three months of the year. We haven’t even got to the all-time high, but let’s say Bitcoin goes up 5x from the $60,000 high. That’s $350,000. That would be a very normal rally for year-end, considering we’re about to have an ETF (exchange-traded fund). And if I’m right, we might see the central bank pivoting to more printing. They may not print more money this year, but they’ll start talking about it. Those two things alone are enough to drive Bitcoin to $350,000.” 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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UK Police Seize Ethereum Worth $9.5 Million Found On USB Stick

by NEWSBTC

Ethereum is the second-largest cryptocurrency after Bitcoin. Although the majority of crypto transactions are legitimate, many are also fraudulent. Criminals take advantage of the anonymous and international nature of digital currencies. These crimes often include Money Laundering, Terrorism, Tax Fraud, and Drug Trafficking.

Security continues to remain a heavily debated topic in the crypto space. Recently, security agencies of the world have had to increase their efforts in tracking down cryptocurrency scams. The UK has not been left out of this as British agencies have been clamping down on these illegal activities.

Related Reading | Ethereum (ETH) Steadies Above $3K, What Could Trigger Fresh Drop

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The UK police have recently been active in seizing cryptocurrencies. Deputy Assistant Commissioner Graham McNulty said some criminals have moved “to more sophisticated methods” to launder money, such as using cryptocurrencies.

UK Police Seize Ethereum In USB Stick

The UK police have recently seized crypto worth $22.25 million from operators of an international cryptocurrency scam. This includes Ethereum worth $9.5 million found in a USB stick. The police announced on their website, “A sum of $22.25 million (equivalent to just over £16 million) was seized by specialist officers from Greater Manchester Police’s Economic Crime Unit after intelligence led to the discovery of USB sticks containing huge amounts of Ethereum”

The Victims of this scam are based in the UK, United States, Europe, China, Australia, and Hong Kong. They deposited money into what they thought was an online saving and trading service using Binance Smart Chain, which stores and records transactions made in crypto-currency, confirming their movement and value. “Crypto-currency saving and trading services are becoming increasingly popular, with projects offering incentives to people to invest significant amounts of money, offering tokens that can then be sold for a profit” the Greater Manchester Police stated.

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Related Reading | Ethereum Fee Burns Clocks $100 Million, Here’s Why The Burn Is Important

The scammers waited until a significant amount of money had been deposited, before shutting down their website. They then transferred the funds into their accounts, hoping to disappear without a trace. Unfortunately for them, specialist officers received intelligence that those running the scheme had been in Manchester for a limited time. They tracked the criminals down and recovered the stolen Ethereum. The police are now attempting to contact victims of this scam and return their funds. The scammers: a 23-year-old male and a 25-year-old female, have since been released under investigation.

Ethereum price chart on TradingView.com

Ethereum price chart on TradingView.com


ETH price maintains momentum over $3,000 | Source: ETHUSD on TradingView.com

According to the police, they found a further $12.7million a few days later after locating a Cryptograph safety deposit box. They also found the code to access it. “The sum totaled 90% of the cryptocurrency stolen, and work has now begun on re-uniting it with the rightful owners, some of whom are still unknown and located across the world”.

Other Recent Crypto Scam Investigations

In July, UK detectives announce that they confiscated £180 million in crypto as part of a money-laundering investigation. The police did not specify how they seized the crypto or what kind of coins they were. The suspect was a 39-year-old woman arrested on 24 June who was later released on bail.

Before this incident, the Metropolitan police announced one of the world’s largest cryptocurrency seizures as of then. The seizure, worth £114million, was carried out by detectives from the Met’s Economic Crime Command on the back of intelligence received about the transfer of criminal assets.

Related Reading | Ethereum Ecosystem Bolsters Bulls’ Power? What Brought Back Retail Investors

In a press release published on July 13, Detective Constable Joe Ryan said: “Less than a month ago we successfully seized £114million in cryptocurrency. Our investigation since then has been complex and wide-ranging. We have worked hard to trace this money and identify the criminality it may be linked to. Today’s seizure is another significant landmark in this investigation which will continue for months to come as we hone in on those at the center of this suspected money laundering operation.”

Featured image from CNBC, chart from TradingView.com

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Messari Report: USDC Is The Most Dominant Ethereum-Backed Stablecoin

by NEWSBTC

The growth of USDC in 2021 is more tremendous than that of Tether. The Ethereum-based USDC stablecoin is gaining immense traction as the experts deem it as the most dominant asset.

According to the analytics research, there is now an increase in the demand for USDC due to abrupt popularity in the DeFi ecosystem. Such demand has positioned USD Coin to bag more market shares in the crypto space.

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From what Ryan Watkins, a credible researcher, predicted, the stablecoin share for Tether on Ethereum could dip below 50%. In addition, Watkins revealed that more than half of USDC’s total supply is now in smart contracts.

The equivalent value for this USD Coin supply is about $12.5 billion. According to Messari, CoinMetrics data estimates show that USDC’s stablecoin supply is over 40% on Ethereum.

In his tweet, Watkins said that the next few weeks might not favor USDT’s stablecoin supply on Ethereum. He envisages a dip below 50% for the first time for USDT’s stablecoin supply share.

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On the other hand, he sees USD Coin becoming the prepotent Ethereum stablecoin because of its high reputation in the DeFi ecosystem.

Related Reading | VeChain Announces The World’s First National eNFT Adoption, Why It Could Be Huge for VET

More so, Watkins further acknowledges:

“Although this percentage is not as high as DAI, USDC leads by a wide margin in dollar terms and has become the preferred stablecoin in DeFi for now.”

This makes it the most preferred digital asset for staking in DeFi protocols’ smart contracts.

He said that even though USDC’s percentage is still low compared to DAI, it’s ahead with a wide margin in terms of the dollar. This pushes USDC to emerge in the DeFi sector as the preferred stablecoin.

From its 1.3 billion circulating supply, USD Coin made an upward growth of over 1,820% since the beginning of 2021. According to Circle, the coin’s stablecoin supply is currently at 25 billion.

Moreover, a recent report suggests USD Coin will get more exposure once it’s issued on other networks in the near term. A few hours ago, one of the biggest media outlets in the cryptocurrency industry reported that the USD Coin will gain huge attention once it goes live on other networks. The report reads:

“We anticipate that in the coming months USDC will become available on Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.”

What’s Ahead For Tether (USDT) As USDC Gains Significant Traction

Tether’s transparency report reveals that there are 62.7 billion circulating USDT. This portrays an increase of about 200% since the beginning of 2021.

Currently, only 30.9 billion from the total supply are on the Ethereum network. This value has been experiencing consecutive dipping through the year caused by high network transaction fees.

Related Reading | TA: Ethereum Remains Strong, Why ETH Could Rally Above $2.3K

According to a researcher, the largest USDC consumers are DeFi lending protocols such as MakerDAO, Aave, and Compound. Their holding is about 23% of the total USD Coin supply.

The researcher explained that while the launching of Compound Treasury still pends, there’s likely to be a continuation in the trend.

Treasury is a new product that will offer institutions 4% interest on USD Coin. This new product will also give initiatives that will revolve around the DeFi API of Circle.

The Circle protocol is a new platform that promotes decentralized finance operations for businesses.

Recall that Clinbase, a U.S. crypto exchange, promised 4% interest on USDC holdings earlier this week. Their action was a spark to the stablecoin.

Messari Report: USDC Is The Most Dominant Ethereum-Backed Stablecoin

Messari Report: USDC Is The Most Dominant Ethereum-Backed Stablecoin


As the USDC stablecoin's significance grows, the bulls are keeping its price intact  | Source: USDCUSD on TradingView.com

While the bears keep the entire DeFi market in the red zone, the USD Coin is thriving and it has claimed the most dominant stablecoin spot.

Featured image from Pixabay, Charts from TradingView.com

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Bitcoin (BTC) $ 28,333.59 4.17%
Ethereum (ETH) $ 1,729.46 2.49%
Litecoin (LTC) $ 67.73 0.30%
Bitcoin Cash (BCH) $ 245.60 3.68%