Has Bitcoin Benefited From the Banking Crisis? Not in the Way Its Fans Hoped. - cyptoranking.com

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2024-03-29

Popular crypto exchanges(2023 Update) 2024-03-29
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Despite its touted benefits, blockchain hosting still has glaring shortcomings that may hamper its widespread adoption in the immediate future. As many as six ether futures ETFs went live in the U.S. last week, opening doors for traders looking to take exposure to the second-largest cryptocurrency without owning it. Has Bitcoin Benefited From the Banking Crisis? Not in the Way Its Fans Hoped.The liquid staking token landscape is highly competitive and currently dominated by a handful of large players, such as Lido, Rocket Pool, and Frax. There is currently some 27.35 million ETH staked cumulatively worth $44 billion. It kicked off with the “Web3 x Fashion” event, a brainchild of the European Web3 Organization, BananaCorp, and AKQA. Esteemed luxury fashion houses such as Prada, Dolce & Gabbana, Balenciaga, Moschino, Armani, Loro Piana, Valentino, Bally, Ray-Ban, and others participated, alongside prominent Web3 firms including Ledger, Tokenproof, Bored Ape Yacht Club creator Yuga Labs, and World of Women.

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Since its inception in 2012, the CryptoNight algorithm has undergone significant changes, upgrades and slight modifications to accommodate the different cryptocurrency projects until the ultimate version created by Monero, CryptoNight-R, was introduced. Future of ENS How much Bitcoin is traded daily?Source: A video screenshot, Youtube/Entrepreneur MEBinance CEO Changpeng Zhao believes decentralized finance (DeFi) can outshine centralized finance (CeFi) during the upcoming bull run. On September 1, the crypto boss hosted a live X Spaces event, during which he expressed his belief that DeFi has the potential to surpass CeFi in terms of trading volumes. “I think the more decentralized the industry becomes, the better,” Zhao said, suggesting that it may not be long before DeFi overtakes CeFi trading volumes, as it currently stands at around 5% to 10% of CeFi volumes. “DeFi is the future; the volume is somewhere between 5% to 10% of CeFi volumes, which is not small right [...] the next bull run may very well make DeFi bigger than CeFi.“The prediction aligns with recent developments in the cryptocurrency market. Following legal actions by the United States Securities and Exchange Commission (SEC) against major centralized exchanges Coinbase and Binance, the trading volume of the top three decentralized exchanges (DEXs) increased by 444% in 48 hours. The current 24-hour trading volume on DEXs stands at $722,776,226.Zhao also commented on the recent dismissal of a class-action lawsuit against decentralized protocol Uniswap. He described it as a positive and logical decision, emphasizing the importance of regulatory clarity. As reported, on August 30, the judge presiding over the case said he found no grounds to proceed with the lawsuit against Uniswap. The verdict arrived after an extended legal process leading back to April 2021 that scrutinized the specifics of Uniswap's operations and their alignment with financial regulations.Developers Cannot be Held Reliable for Misuse of DeFi ProjectsDuring the X Spaces session, a user mentioned a judge's decision stating that developers cannot be held liable for the misuse of DeFi platforms. Zhao echoed this sentiment, stating that the protection of developers is a positive development for the industry. He emphasized that writing code is a form of free speech and should be protected.“Developers writing code, that code is free speech. So the development is really good,” CZ stated.Recent data indicates a shift in investment patterns, with venture capitalists reallocating funds from CeFi projects to invest in the growing DeFi sector. A March report from CoinGecko highlighted that digital asset investment firms invested $2.7 billion in DeFi projects in 2022, marking a 190% increase compared to 2021.In contrast, investments in CeFi projects decreased by 73% to $4.3 billion during the same period. The report suggests that DeFi is emerging as the new high-growth area in the crypto industry, while CeFi may have reached a saturation point.Meanwhile, Binance has recently told users to convert their Binance USD (BUSD) tokens to other stablecoins before February 2024.The exchange encouraged users to trade or convert their BUSD balances for First Digital USD (FDUSD) — a stablecoin launched in June by the Hong Kong-based trust company First Digital Group which had its debut listing on Binance.It is worth noting that the market cap of BUSD has taken a hard hit following the regulatory clampdown. Since the start of the year, BUSD's market cap has plummeted by over 80%, dropping from $16.13 billion on February 9 to its current value of $3.1 billion.Uniswap Class Action Dismissed in Landmark Ruling for DeFi Kennedy had been teasing his decision for several days. The super-PAC (political action committee) supporting him, American Values 2024, released polling results on Oct. 2 that, it claimed, showed he would be the strongest independent candidate in the modern history of U.S. elections, with the support of 19% of the electorate. That is compared to 38% support for U.S. President Joe Biden and former president Donald Trump.

How Bitcoin Works How Axie Infinity (AXS) Has Changed the GameFi Landscape Attorney General James Continues Crackdown on Unregistered...How did we get here? The next day, Wang and Bankman-Friend transferred another tranche of $500 million to wallets supplied by crypto custodian BitGo. These steps ultimately helped the firm save over $1 billion that could have otherwise been lost.

The first? Liquidity. CryptoNight is important for three crucial reasons: It provides stronger privacy with untraceable transactions, its ASIC resistance feature, and scalability. Most cryptocurrencies, including Bitcoin (BTC), are all but private, as someone’s transactions and balance can be easily traced on the open-source blockchain through a public address. What crypto to invest in 2023?— Uphold (@UpholdInc) October 9, 2023 Related: Bitfarms increases mining pace, generates 411 BTC in September


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