The CEO of USDC issuer Circle has given a “special” long-term outlook for the digital asset industry. In a new interview with investor Anthony Pompliano, Circle CEO Jeremy Allaire says stablecoins will slowly erode the dominance of digital currencies held by banks over the years. Allaire compared stablecoins to online video and banking to traditional cable TV, noting that it took decades for online video to significantly encroach on the latter’s viewing time. “The total addressable market for legal tender is currently around $100 trillion. The vast majority of that is bank-brokered tender, so I believe that these fully reserve…
Author: Crypto Flexs
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According to DefiLlama data, the Solana network outperformed Ethereum in monthly decentralized exchange (DEX) trading volume in July.Solana’s DEX trading volume reached $55.8 billion, surpassing Ethereum’s $53.8 billion during the same period. This marks Solana’s second-highest monthly trading volume ever, behind its peak of $60.7 billion in March 2024.Solana DEX Volume (Source: DeFillama)Solana’s volume surge is largely driven by activity on platforms like Raydium, Orca, and Phoenix, while Ethereum’s volume is largely driven by the Uniswap exchange.Despite these numbers, Ethereum is still the leading DeFi platform, with around 61% of the market and $67 billion in locked assets. In comparison,…
James Ding Aug 2, 2024 07:29 Marathon Digital’s Q2 2024 revenue increased 78% to $145.1 million, but the company reported a net loss of $199.7 million due to fair market value adjustments. Marathon Digital Holdings (NASDAQ: MARA) reported a significant increase in revenue for the second quarter of 2024 despite a significant financial loss. According to a press release from Marathon Digital, the company’s revenue increased 78% to $145.1 million from $81.8 million in the second quarter of 2023. Sales growth and financial performance The significant revenue growth was primarily driven by an increase…
It is no longer news that the altcoin season of this cycle has failed to materialize despite clear signs at some point. In the midst of this seemingly bullish cycle, recent data shows that there has been a shift that could have led to the extinction of expectations. One of the defining moments of the altcoin season was the approval of a spot Ethereum ETF. Now that it has happened, altcoins have remained silent. Will that continue? Altcoin season continues to show why it won’t come soon enough. Altcoins appear to have resumed their uptrend a while ago. However, the…
Bitcoin (BTC) has fallen more than 4% in the last 24 hours to drop below $60,000. However, a retest of $74,000 is possible in the coming weeks, at least considering the Wyckoff reaccumulation pattern is maturing and the increased likelihood of three rate cuts by the end of 2024.Bitcoin Testing Core Spring SupportThe Wyckoff Reaccumulation Pattern is a technical setup that identifies a consolidation and accumulation phase following a long-term uptrend.In this pattern, the price usually goes through nine important stages: Reserve Supply (PSY), Buy Peak (BC), Automatic Reaction (AR), Second Test (ST), Spring, Test, Last Support (LPS) and finally…
Abe was profitable at a time when Bitcoin and other large coins were struggling to stay afloat. On-chain indicators are bullish, but next week could see price declines and increased volatility. Aave (AAVE) has performed very well over the past week. While Bitcoin (BTC) has plunged 11.25% since its high on Monday, July 29, the AAVE price has surged 11% from its high on Monday. In a week dominated by bearish news, Bitcoin’s resilience and exceptional relative strength are good news for AAVE holders. Here’s what traders and investors should watch out for: Aave had a solid strong performance in…
Cryptocurrency markets ended on a volatile note on Thursday, with most of the top coins trading in the red zone. Bitcoin found some relief at its peak after rising 0.25% over the past 24 hours. However, the rest of the top coins, except for BNB and ADA, ended the day with significant value losses. Conversely, a few meme coins gained speed during the week. With most markets entering a downturn, traders are waiting for some stability before investing. Here is our daily cryptocurrency update, providing information on the latest market developments. Bitcoin The world’s largest cryptocurrency is struggling to find…
Iris Coleman 08:07 Aug 2, 2024 Injective (INJ) has launched an upgrade to its Altaris mainnet, promising improved scalability, new developer tools, and an improved economic structure. The blockchain landscape is about to undergo a significant transformation as Injective (INJ) unveils its Altaris mainnet upgrade. This upgrade promises to redefine Injective’s capabilities, enhancing scalability, developer tools, and economic framework.backgroundThe Altaris upgrade was initiated following overwhelming community support for Injective Improvement Proposal 420 (IIP-420), which saw one of the highest governance participation rates in Injective history, with over $1 billion worth of INJ staked in…
The price of XRP (XRP) has erased all the gains made over the past two weeks. The decline is due to several factors, including the delay in the Ripple vs. SEC lawsuit and reduced expectations of a September rate cut.XRP/USD daily price chart. Source: TradingViewSEC postpones closed-door meetingA closed-door meeting between U.S. Securities and Exchange Commission (SEC) commissioners on August 1st caught the attention of cryptocurrency traders, with many speculating that the commissioners would discuss Ripple and solutions during the meeting. But the meeting was unexpectedly canceled, with Ripple and the SEC remaining silent and not providing a specific explanation…
Rhinestone is dedicated to turning smart accounts into an open platform for innovation. They aim to create a secure and interoperable ecosystem of modules, facilitate permissionless smart account innovation, and enable developers to build powerful on-chain products with a seamless UX. The module registry is the foundational layer of Rhinestone’s technology stack. Its primary function is to store on-chain security claims made by independent auditors, thereby enforcing standards and security assurances for users and developers. Linestone has contracted with Ackee Blockchain to conduct a security review of the Linestone Module Registry for a total of 7 days from April 10,…