Ethena Labs, the creators of USDe, have taken a significant step in scaling USDe’s supply by incorporating Bitcoin (BTC) as backing into their synthetic dollar-pegged offering. The decision to include BTC as a backing asset was strategically important as it aimed to leverage BTC’s superior liquidity and scalability for delta hedging, ultimately providing a more
Crypto
The cryptocurrency market recently experienced a significant correction, with Bitcoin (BTC) being one of the most impacted digital assets. BTC’s price has dropped by approximately 6% over the past week, currently trading around $65,400 according to CoinGecko’s data. One possible reason for BTC’s increased volatility and decline could be attributed to long-term holders cashing out
Recently, industry analytics provider Glassnode reported that long-term holders have begun distributing BTC and selling to new investors at higher prices. This movement represents an injection of new capital into the asset class, ultimately driving the realized cap to new heights. Realized cap is a measure of cumulative USD liquidity ‘stored’ in the asset class.
The Bitcoin mining industry experienced an unprecedented boom in March, raking in over $2 billion to secure the leading cryptocurrency network. Data from Blockchain.com reveals that miners collectively averaged a staggering $65.23 million per day over the course of the month. This figure surpassed the previous two months’ 30-day averages of $48.31 million in February
The recent report by blockchain security firm PeckShield for March 2024 has highlighted a worrying trend in the cryptocurrency industry. Despite an overall improvement in investor sentiment, the report indicates that there has been a significant increase in crypto hacks, resulting in losses amounting to approximately $187.29 million. One of the most shocking incidents mentioned
Recently, the government of Argentina has taken a significant step towards regulating the cryptocurrency sector within the country. This move has stirred up mixed reactions within the crypto community, as it goes against the expectations set by the nation’s new leader, Javier Milei, who is known for his small-government libertarian views. The creation of a
Bitwise Asset Management, a prominent provider of cryptocurrency index funds, has recently suggested that the U.S. Securities and Exchange Commission (SEC) delay the approval of a spot Ethereum Exchange-Traded Fund (ETF) until December. This move comes amid the soaring success of the Bitwise Bitcoin ETF (BITB), which has garnered over $2 billion in assets under
Shiba Inu (SHIB) has witnessed a remarkable surge in token burns during the month of March, resulting in the removal of billions of tokens from circulation. The data indicates that over 15.5 billion assets were destroyed, with a significant spike occurring on March 8 when nearly 14 billion SHIB tokens were sent to a null
In recent times, there has been a noticeable increase in crypto crimes globally, spurred on by the booming market. One of the most vulnerable groups being targeted by fraudsters are elderly individuals, who are often convinced through various means to exchange their funds for cryptocurrencies with the promise of substantial investment gains. This alarming trend
In the wake of the October 7th attacks on Israel, the US Treasury’s Office of Foreign Assets Control (OFAC) and the UK’s Office of Foreign Sanctions Implementation (OFSI) have intensified their efforts to crack down on entities associated with terrorism financing through cryptocurrency. This crackdown has led to the imposition of fresh sanctions on two