Day: May 26, 2021

Analyst says DeFi and stablecoins held up well as crypto markets imploded

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The decentralized finance (DeFi) sector faced its first real challenge during last week’s market sell-off that saw more than $1 trillion wiped from the global cryptocurrency market cap as traders feverishly ran for the safety of stablecoins amid tumbling prices.  Despite rapidly declining token prices, the nascent DeFi sector held its own as decentralized exchanges experienced a record $11.7 billion in trading volume on May 19. Uniswap (UNI) led with $5.7 billion in volume, followed by SushiSwap (SUSHI) which saw $2.8 billion in 24-hour trading volume. Daily DEX volume. Source:…

Altcoins soar while Bitcoin and Ethereum price stall near key levels

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On May 26 the the bullish momentum that had propelled Bitcoin and altcoins into a relief rally was somewhat subdued as traders remain unsure of what may happen next.  After an early morning attempt by Bitcoin bulls to drive (BTC) price above $40,000 was met with stiff resistance, the digital asset lost momentum and slumped back to the $38,000 support level. BTC/USDT 4-hour chart. Source: TradingView Despite the continued struggle, a few positive signs like a decline in BTC exchange deposits and an uptrend in addresses accumulating Bitcoin suggest that bears have stopped…

PayPal users will be able to withdraw crypto to external wallets

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PayPal’s embrace of cryptocurrencies appears to be growing after the payments provider revealed that it will allow users to withdraw their digital assets to third-party wallets.  The news, which was reported by Reuters Wednesday afternoon, comes just seven months after PayPal first enabled crypto purchases on its platform. At the time, the decision was heralded as a major milestone in mainstream recognition of digital assets. The Wednesday announcement means PayPal users will be able to send their cryptocurrencies to other wallets instead of just holding it on PayPal or selling…

Brave Is Expanding Support for Crypto DNS Providers

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Key Takeaways Brave has announced plans to expand its support for crypto domain names, adding TLDs from new providers. Currently, the browser supports ENS and Unstoppable Domains. Brave has not revealed which specific crypto DNS providers it is working with, but it says it is in active discussions. Share this article Brave, the popular cryptocurrency rewards browser, has announced that it is expanding its support for DNS providers. Brave Will Go Beyond ENS Brave currently supports top-level domains supplied by the Ethereum Name Service and Unstoppable Domains. Those projects provide…

Bitcoin bears dominate Friday’s $2.1B BTC options expiry with a $585M lead

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A total of 53,400 Bitcoin (BTC) options are set to expiry on Friday, May 28. At first sight, bulls appear to lead as the $2.1 billion open interest call (buy) to put (sell) options ratio stands at 1.32, favoring the neutral-to-bullish derivatives. However, after Bitcoin dropped 33% in May, the right to acquire BTC at $46,000 and above is essentially worthless since there are less than 38 hours left before expiry. Bitcoin price at Coinbase, USD. Source: TradingView On May 20, Cointelegraph reported that “May 28 will be no different…

TechX acquires crypto-to-fiat gateway Mobilum for $13.2M

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TechX Technologies Inc., a publicly traded company out of Vancouver, Canada, is in the process of acquiring a fiat-to-crypto gateway that it says will help strengthen synergies between traditional fiat currencies and emerging crypto assets.  Mobilium, the acquisition target, is a licensed fiat-to-crypto gateway for exchanges, wallets, liquidity providers and brokers. The company processes up to $250,000 CAD worth of transactions each day, which is equivalent to roughly $206,000 at current exchange rates. To acquire Mobilium, TechX is paying $16 million CAD, or $13.2 million. Peter Green, CEO of TechX,…

PayPal Is Enabling Bitcoin and Crypto Withdrawals

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Key Takeaways PayPal says that it will soon give users the ability to withdraw their cryptocurrency balance to an off-site wallet. VP of Global Business Development Jose Fernandez da Ponte revealed the news at Coindesk’s Consensus 2021 conference. Da Ponte also discussed stablecoins and CBDCs. Share this article PayPal has announced that its users will soon be able to withdraw their cryptocurrency holdings to off-site wallets. Crypto Withdrawals Are Coming Jose Fernandez da Ponte, VP of Global Business Development, revealed the news at CoinDesk’s Consensus 2021 conference. “We want to…

Stablecoins Surpass $100 Billion Market Cap

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Key Takeaways The global stablecoin supply is now worth $100 billion. USDT remains the most popular stablecoin with more than 60% of market share. Interest in stablecoins has led countries to consider issuing their own versions, central bank digital currencies (CBDC’s). Share this article Stablecoins have hit a $100 billion market cap. Stablecoin Supply Growth   Stablecoin supply has exploded in 2021. Stablecoins are a type of synthetic asset that track the price of another asset. They’re designed to have the same value as the asset they’re pegged to, and most…

Coinbase leads $6M funding for Indonesian crypto exchange

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Pintu, an Indonesia-based cryptocurrency exchange focusing on first-time crypto users, has raised $6 million to support its mission to drive industry adoption. The company announced Tuesday that it has completed a Series A funding round led by major global crypto investors including Pantera Capital, Coinbase Ventures, and Intudo Ventures, tech news agency Tech in Asia reports. Other inventors like Alameda Ventures, Blockchain Ventures, and Castle Island Ventures also participated in the round. Founded in 2020 by Jeth Soetoyo, Pintu is a major licensed cryptocurrency company in Indonesia, regulated by the…