The volatility of the cryptocurrency space was on full display again on Monday as several altcoins experienced gigantic price rebounds following the market crash of the past week or so. Two altcoins, in particular, doubled in value in just over 12 hours leading into Monday morning as Polygon (MATIC) and Maker (MKR) recorded over 100%
On Thursday, the price of Ether (ETH) surged from $2,443 to almost $3,000 — a 13.55% climb, according to Coinbase data. The strong intraday upside move appeared a day after ETH’s 27.61% price crash. It thus raised hopes that the second-largest cryptocurrency by market capitalization would eventually recover in the days ahead. But the prices
The cryptocurrency sector has undergone a seismic shift in recent years as retail investors and publicly listed companies make their way into the space. Globally, estimates suggest that the number of crypto users surged by about 190% between 2018 and 2020. Record-breaking inflows into the market have also taken the number of active addresses on
In just over five years since it launched, Ethereum introduced the world to smart contracts, decentralized finance, yield farming and non-fungible tokens, and has long stood just behind Bitcoin as the second-largest blockchain project by market capitalization. Dogecoin (DOGE) is a meme cryptocurrency which has provided no innovation, has no real raison d’etre, and is only popular
Institutional inflows into Cardano (ADA) investment products rose sharply last week even as interest in Bitcoin (BTC) and Ether (ETH) waned, highlighting the growth of proof-of-stake assets amid the latest wave of environmental FUD in the markets. Institutional investment managers bought $10 million worth of ADA products for the week ending on Monday, according to
In the midst of the hectic crypto market, the gas fees in the decentralized finance (DeFi) sector have skyrocketed, once again highlighting the value of layer-two scaling solutions. Cointelegraph Consulting teamed up with Covalent to discover the numbers behind Polygon, the network that is onboarding an increasing number of decentralized applications, from SushiSwap to bZx.
The dichotomy between centralization and decentralization in human history seems to be opposing forces gradually overcoming or being overcome by each other. And while one replaces the other, people are justifying both, finding philosophical or theoretical reasons for the existence of both of them. Centralization In the middle of the 17th century, British philosopher Thomas
Seychelles-based cryptocurrency exchange Huobi has reportedly suspended futures and leveraged trading for new customers in some countries, raising questions about the regulatory scrutiny facing digital assets. As reported by Bloomberg, Huobi is limiting these services in a handful of jurisdictions but didn’t specify which countries would be affected. There was also no word on why
Bitcoin’s (BTC) general downtrend continued on Monday morning despite the coin showing a strong 17% rebound overnight. As the coin continues to nurse wounds from its recent 43% price drop from an all-time high, more turbulence could yet be in store for Bitcoin and the broader cryptocurrency market. Several large Bitcoin miners opted to cease
Russian lawmakers are reportedly weighing a partial reversal of the country’s ban on cryptocurrency payments. Pavel Krasheninnikov, chairman of the Russian Duma’s Committee on State Building and Legislation, announced that the government is considering amending civil law to allow crypto payments as a “contractual medium.” According to Interfax on Monday, Krasheninnikov noted that cryptocurrencies like
Last week’s market-wide price crash caused central banks around the world to issue warnings about the risks of investing in cryptocurrencies. The Central Bank of Kuwait was no exception, and on Saturday, it issued a statement to warn the public about volatility in cryptocurrency markets. The Central Bank of Kuwait stated that crypto assets are
Uganda’s Financial Intelligence Authority wants the government to come up with clear-cut crypto regulations. According to a report by Ugandan media outlet Daily Monitor on Monday, the FIA has asked the country’s finance ministry to develop a legal framework for cryptocurrency regulations in Uganda. Sydney Asubo, executive director of the FIA, made the call during
The Fed’s governor has argued that The United States must be at the forefront of developing a central bank-issued digital currency, or CBDC, to bolster the role of the U.S. dollar as a global reserve currency. In a May 24 announcement, Federal Reserve Governor Lael Brainard asserted that leading CBDC projects could have a “significant
As the debate surrounding crypto regulations heats up, tax professionals are taking a more cautious approach to deal with Bitcoin (BTC) and other earnings. The United States-based tax preparation service company H&R Block is looking for more precise regulations before handling their customers’ crypto holdings. Answering tax-related questions on CNBC, H&R Block CEO Jeff Jones
Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches a course on “Blockchain, Crypto and
The Bank of Indonesia is one of the latest global central banks to announce state digital currency plans amid a major spike in the country’s digital payments. Governor Perry Warjiyo said Tuesday that Indonesia’s central bank is planning to launch a digital rupiah currency as a legal payment instrument in Indonesia, Reuters reports. The official