Connect with us

Market

Tether (USDT) Surpasses $50B Market Cap

Published

on

After being listed by Coinbase Pro, Tether (USDT) price has experienced sharp growth.

Tether (USDT), the oldest and leading stablecoin in the cryptocurrency market, has surpassed $50 billion market cap. Notably, there has been a significant demand for the dollar-pegged stablecoin, particularly Tether (USDT) as indicated by a sharp increase in daily traded volume.

According to metrics provided by CoinGecko, Tether (USDT) had a daily traded volume of approximately $131 billion. To put the figures into proper perspective, Bitcoin reported a daily traded volume of approximately $59.5 billion, and Ethereum at approximately $36 billion.

Tether (USDT) Market Outlook

There are several factors that have contributed to the success of the stablecoin market particularly the Tether (USDT). Notably, Coinbase Pro announced last week that it would immediately allow “inbound transfers” for USDT in its supported jurisdictions, except for the US state of New York. “Starting immediately, we will begin accepting inbound transfers of USDT to Coinbase Pro. Trading will begin on or after 6 p.m. Pacific Time (PT) Monday April 26, if liquidity conditions are met. Please note that Coinbase only supports ERC-20 USDT,” the company indicated.

After being listed by Coinbase, the only publicly traded crypto company, Tether (USDT) has experienced sharp growth thanks to the bull market. As more retail traders get involved with cryptocurrency trading, the need for stablecoins to take instant profits has increased. Furthermore, they are a form of cryptocurrency as they are backed by blockchain technology. However, Tether is built on the Ethereum blockchain.

Another factor that has contributed to the growth of Tether (USDT) is the fact that Bitfinex and Tether settled with the Office of the New York Attorney General in the landmark case against Tether.

Bitfinex and Tether agreed to pay a fine of $18.5 million to settle damages incurred. However, the ruling noted that Bitfinex and Tether should immediately stop servicing all customers in New York State. “Under the terms of the settlement, we admit no wrongdoing. The settlement amount we have agreed to pay to the Attorney General’s Office should be viewed as a measure of our desire to put this matter behind us and focus on our business. We are pleased that our customers have shown loyalty and commitment to our businesses over the past two years, while this investigation was ongoing,” Tether noted during the ruling.

The stablecoin market has grown astronomically since the onset of the coronavirus pandemic. According to metrics provided by CoinGecko, the entire stablecoin market has a market capitalization of $83,047,307,619. Other notable stablecoins include USDC, BUSD, and DAI that have market capitalization of $13.5 billion, $7.1 billion, and $3.4 billion.

Altcoin News, Cryptocurrency news, News

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



Source link

Market

S&P 500, Dow Jones Closing Month in Gains as Nasdaq Composite Breaks Trend

Published

on

By

Benjamin Godfrey

The broad performance of the S&P 500 and the Dow Jones was backed by the boosted savings rate which came in at 14.9% last month, as well as the consumer spendings that etched upwards by 0.5% per the estimates.

Major US stock indices S&P 500, and the Dow Jones Industrial Average (INDEXDJX: .DJI) have closed the month of May on a positive note after slight gains to Friday’s trading session. While the former grew 0.077% to 4,204.11, the Dow Jones recorded a growth of 0.19%, adding 64.81 points to close at 34,529.45. The Nasdaq Composite (INDEXNASDAQ: .IXIC) also closed the session up with a 0.091% growth to 13,748.74.

For the month of May, the S&P 500 (INDEXSP: .INX) added 0.6%, a growth boosted by the break-in its two- weeks losing streak, after the past week’s growth of 1.2%. The Dow Jones also ended the week with positive growth, surging 0.9% to close the month positively by adding 1.9%. The Nasdaq Composite came off with different performance, closing 1.5% lower to record its worst performance in seven months.

Unusually, the positive performance of the stock indices was not driven by the FAANG stocks or major tech firms. Facebook Inc (NASDAQ: FB) recorded a 1.21% loss to close Friday’s session at $328.73 per share. Apple Inc (NASDAQ: AAPL) dropped 0.53% to $124.61 while e-commerce giant Amazon.com Inc (NASDAQ: AMZN) slipped by 0.22% to $3,223.07. Netflix Inc (NASDAQ: NFLX), and Google’s parent company Alphabet Inc (NASDAQ: GOOGL) also dropped 0.21% and 0.25% with shares cresting at $502.81, and $2,356.85 respectively.

Amid these poor performances, however, Salesforce.com Inc (NYSE: CRM) led the growth in the Dow Jones, after it reported better than expected first-quarter earnings. The stock grew 5.43% to $238.10.

S&P 500, Dow Jones Growth Boosted by Growing Savings Rate

The broad performance of the S&P 500 and the Dow Jones was backed by the boosted savings rate which came in at 14.9% last month, as well as the consumer spendings that etched upwards by 0.5% per the estimates.

This economic metric appears enough for investors as the overall inflation indicated, the personal consumption expenditures index came in at 3.1% for April, a figure that is higher than the projected 2.9%.

“This report puts the Fed in a really good place, inflation is up, but real yields are still low. This is basically the transitory sweet spot,” said Jamie Cox, managing partner at Harris Financial Group.

Other stocks that received increased retail investor activities include Reddit favorite, GameStop Corp (NYSE: GME) which ended the day with a loss of 12.64% after recording impressive growth in the intraday session. GameStop shared are exchanging hands at $222.70 in the After Hours session.

In all, the US stock market is proving to be recovering gradually from the woes of the COVID-19 pandemic. The vaccination program is yielding fruits as economic activities are returning back to the pre-pandemic levels.

next Business News, Indices, Market News, News, Stocks

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



Source link

Continue Reading

Market

Farming Season Heats Up With SteakBank on BSC

Published

on

By

Kseniia Klichova

With yield farms in full swing, traders are jumping from one high yielding farm to the next in what looks to be shaping up for a defi summer.

For those who want to “stack multiple juicy yields,” SteakBank is backed by big players like Factorial Ventures, Signum Capital, MW Partners, LayerX Capital, Ruby Capital, etc. and has opened its Genesis Farming Period for staking BNB from April 29 to May 13.

The success of the Genesis Farming Period is just another indicator of the massive inroads BNB is making in its foray into defi. Not only is Binance Smart Chain capturing a large amount of newer entries in the defi market but the crypto OGs are buying into the blockchain.

Less Fees, More Opportunities

With less slippage in gas comes more opportunities to try new things. Users with both small and large capital who dabble in defi tend to be more audacious in trying the hottest new protocols, even if it means aping into the chain synonymous with Binance boss Changpeng Zhao.

SteakBank is promising tantalizing rewards: 50,000,000 SBF tokens are being disbursed. 20% will be airdropped to users staking BNB on the platform and 80% of tokens will be airdropped to those who delegate to add liquidity to the LBNB-BNB pool. As of now, SteakBank will only be functioning on Binance Smart Chain in order to mitigate gas costs but will later expand to other chains.

Introducing SBF

$SBF will be the SteakBank governance token. Users who hold SBF will be able to submit and vote on proposals, burn SBF tokens to accelerate the unstaking process, and increase value through supply depletion. SteakBank is touting an automated dynamic staking strategy that ensures users their highest staking reward without having to constantly check, giving them time to take a breath between processes. Early users are calling it the Lido of BNB, Lido being the platform that allows for easy staking of ETH, essentially the risk-off platform for earning interest on their assets.

Hours after the Genesis Farming Launch there were 26,000+ BNB staked and a total value locked of 22+ million USD.

With over $20 million locked into the genesis staking period at the time of publishing, it’s not a matter of if, but when the yields get too juicy to resist. Consider the main issues with BNB staking pools that currently reside on Binance Smart Chain:

  • Delegating to stake your BNB means it will become locked for 7 days.
  • Traditionally in BNB pools, the validators then have power to change yields every 24 hours.

SteakBank fixes this:

  • The SteakBank protocol automatically directs your BNB to the highest yielding validators.
  • Users can also unstake earlier than 7 day, and net it off with people who stake on the same day. This provides more liquidity for our users. Besides, if users are on the queue, and want to quicken up the process, they can also burn SBF to prioritise their unstaking.

Once we have a certain amount of BNB staked, it is also possible for SteakBank to be another individual validator for BSC. It remains to be seen how Changpeng Zhao will choose to scale Binance Smart Chain if he does decide to relinquish control of some validators and extend the network across many protocols, but we strongly believe in the push for decentralization and embracing of newer and more validators.

Give Way to Greater Yield

The early numbers are eye-boggling for a non-leveraged pool so far with the BNB/LBNB pool validator APR at 27% and trending upwards. This doesn’t include staking LBNB in the BNB/LBNB which will give you an additional allocation of free $SBF, the SteakBank governance token.
Binance Smart Chain is definitely not lacking in new projects, which have been springing up at a rate of knots. The quality has been patchy, however, compared to other EVM-compatible networks including Ethereum itself. SteakBank is upping the ante, and is on course to support a long, hot summer of defi yields on BSC.

next Market News, News

Kseniia is the Chief Content Officer of Coinspeaker, holding this position since 2018. Now she is very passionate about cryptocurrencies and everything connected with it, so she tries to ensure that all the content presented on Coinspeaker reaches the reader in an understandable and attractive way. Kseniia is always open to suggestions and comments, so feel free to contact her for any questions regarding her duties.





Source link

Continue Reading

Market

Three Golden Eggs of CoinMarketCap: NBU, BAR and AMPL

Published

on

By

Alternative tokens should not only offer a solution to either the blockchain industry limitations or real-world problems but also have a loyal audience.

Over the last few years, Bitcoin has become a “Google” of the crypto industry. Not taking into account people that don’t have access to the internet, pretty much everyone has heard of both. And the reason for their popularity lies in the technology or service they have offered to the world. In the first case, we would be talking about peer-to-peer transactions that eliminate the need in any intermediary, whereas the second gave the world a path-breaking search engine, which leaves no information elusive.

Too Big to Grow? Let It Go!

The only problem is that the bigger the company or cryptocurrency, the harder is to achieve new highs unless penetrating new areas of interest. The question then arises, what should investors do. The answer is quite simple – search for new opportunities and diversify the portfolio.

Looking at the top cryptocurrencies, one could say that the prices are too high and the growth potential is close to reaching its limit. For example, Bitcoin began its correction after reaching $64,000, whereas Ethereum is on the path to break the all-time highs set earlier in the year. Great if it reaches the goal, but what next? Can it go to $3000? Theoretically, everything is possible but what if the reality goes the other way around as it always does? Risks are too high…

It’s Time to Look for Something New

In this context, the time has come to turn an eye on something new, something equally prominent as Bitcoin or Ethereum. Thus, alternative tokens should not only offer a solution to either the blockchain industry limitations or real-world problems but also have a loyal audience. To find “the golden eggs” that meet our criteria, we will need to go to CoinMarketCap, the world’s most-referenced price-tracking website for crypto assets, and check out some recently listed coins.

Nimbus Platform

The first project in our list would be without any doubt Nimbus – a DAO-governed ecosystem that offers users 15 earning strategies based on time-honored financial instruments, including classic IPO, Crowdfunding, P2P Lending, and Crypto Arbitrage-Trading. All of them are based on well-balanced yet diversified value generation strategies which mitigates risks for users. All you need to do to start gaining rewards of up to 100% APY is pick the preferred pool and provide liquidity. This way, you can earn a passive income instead of simply holding your crypto in your wallet and waiting for its market value to grow.

After a successful launch of its utility token NBU, which reached a market cap of $35mln within two days after the release, Nimbus listed its GNBU governance token on Uniswap – the biggest decentralized exchange. The coolest thing about GNBU is that it distributes the 10+ revenue streams of the Nimbus Platform between the GNBU holders. That’s taking the diversification to a whole new level! 

For those interested, here is one more cool update from the Nimbus team: recently they have announced increased reward levels for staking of the NBU. To be more precise, starting from 24th March 2021, and up until 24th May 2021, you can receive up to 40% APY on NBU staking at the Nimbus Platform.

Finally, it should be mentioned that in the long term, Nimbus is expected to transform into a one-stop-shop bridging investment products and DeFi – and offering even more revenue channels for users. But right now, anyone can become a part of the project while it’s still in the growth phase!

FC Barcelona Fan Token (BAR)

You may have never been to Barcelona but most probably, you know the football team led by Lionel Messi, also known as “Messia”. Despite the recent scandal with Super League, the Spanish team boasts one of the largest fan clubs in the world. From now on, you can use ‘Fan Tokens’ to participate in Club surveys.

According to the press release, in addition to offering the possibility of giving their opinion and voting on the different questions raised in the Club’s polls each season, fans will be able to obtain exclusive prizes when they take part in the polls. Thus, in exchange for their participation, they will earn points with which they will be able to get prizes related to digital experiences and activations, such as the possibility of participating in a meet & greet with the players or watching a game at the Camp Nou and enjoying a VIP experience in the stadium.

It is worth mentioning that this Wednesday Binance announced on its official Twitter account that it will list FC Barcelona Fan Tokens in its Innovation Zone. The tweet also added that users will be able to buy the tokens with BNB at a 30% discount. In the beginning, the exchange will offer trading pairs including BAR/BTC, BAR/BUSD, and BAR/USDT.

Ampleforth Governance Token (AMPL)

Long story short, the goal of Ampleforth is to incentivize a network of users to maintain a crypto asset with a value equal to the US dollar. You may think it is another stablecoin but you will be quite far from the truth. Ampleforth differs in its method of maintaining price stability. As well noted by Kraken, instead of relying on deposits or issuing and redeeming debt, the software programmatically adjusts the supply of its AMPL cryptocurrency every 24 hours in a process called “rebasing.”

Thus, we are talking about a simple monetary rule: If demand for AMPL tokens is high, and each AMPL token exceeds $1, the supply will increase. If demand is low, supply will decrease. The elasticity of the overall supply makes it much more sustainable and most importantly decentralized as the supply of AMPL is managed by the software and not humans.

Also, Ampleforth announced that any wallet that has ever “touched” AMPL will be eligible to collect its portion of the new FORTH tokens through the next year. Active participants in the protocol should expect a higher proportion. FORTH token holders will be able to propose and vote on changes to Ampleforth’s protocol.

Altcoin News, Blockchain News, Cryptocurrency news, News

Author: Helena Ross

Helena is a crypto, financial journalist based in London. She is a believer in decentralized finance and supporter of innovations.



Source link

Continue Reading

Trending