Author: Andrei Ionescu
The total market capitalization of stablecoins, excluding algorithmic varieties, has reached a new all-time high, according to data from DefiLlama. Over the weekend, the stablecoin market cap expanded by 0.8%, climbing to over $168.1 billion. This surpasses the previous peak of approximately $167 billion set in March 2022. After hitting a low of around $122 billion in October 2022, the stablecoin market began a steady recovery, and the upward trend has accelerated since the start of 2024. The renewed growth in stablecoin market cap suggests a significant influx of capital into the crypto market, potentially driven by institutional investors. Rachael…
Thailand’s police and electricity authorities announced the shutdown of an illegal bitcoin mining operation in central Thailand after a series of unexplained power outages plagued a local community for several weeks. The raid, conducted on Sunday, took place in Ratchaburi province, west of Bangkok, according to a report from AFP. The operation involved officials from the Provincial Electricity Authority (PEA) and local police, who targeted a house suspected of running the illicit mining operation. Jamnong Chanwong, the chief district security officer, revealed that the power disruptions began in mid-July, likely coinciding with the mine reaching full operational capacity. Authorities noted…
The odds of U.S. Vice President Kamala Harris winning the 2024 presidential election have surged, bringing her neck and neck with former President Donald Trump on the decentralized prediction platform Polymarket. Both candidates now stand at a 50% chance of winning, according to recent data from the platform. Over the weekend, Harris’ odds rose from around 46% last Thursday, pushing her back into a tie with Trump. This comes after a volatile period where Harris briefly led Trump two weeks ago before losing ground. The market, which has seen over $732 million in bets, continues to fluctuate as election dynamics…
Binance will list Eurite (EURI) and open trading for two new spot pairs—EUR/EURI and EURI/USDT—on August 28, 2024, at 10:00 (UTC). To mark the launch, Binance will introduce a zero trading fee promotion for the newly listed pairs. Eurite (EURI) Listing Details: Zero Fee Promotion: Eligible users will enjoy zero trading fees on EUR/EURI and EURI/USDT spot and margin trading pairs during the promotion period. The zero-fee offer begins on August 28, 2024, at 10:00 (UTC) and will continue until further notice. About Eurite (EURI): Eurite (EURI) is one of the first EURO stablecoins regulated under the Markets in Crypto-Assets…
Crypto lending platform MakerDAO, the protocol behind the DAI stablecoin, has announced plans to introduce an optional conversion of MKR tokens to a newly-issued governance token, NewGovToken (NGT). The conversion aims to increase governance participation within the platform. Under the new system, MKR holders can exchange one MKR token for 24,000 NGT tokens. The initiative is designed to make governance more accessible, as users will hold a larger quantity of NGT tokens, potentially encouraging greater participation in governance votes. Currently, MKR is trading at $2,084, with a total supply of 977,631. The high nominal value and limited supply of MKR…
According to a recent research report by JPMorgan, the value of the remaining 1.3 million bitcoins yet to be mined is approximately $74 billion at current market prices. The Wall Street bank also revised its price targets for several major bitcoin mining companies, reflecting updated second-quarter earnings and changes in both bitcoin’s price and the network’s hashrate. The bank cut its price target for CleanSpark (CLSK) from $12.50 to $10.50 while maintaining a neutral rating on the stock. Similarly, Iren (IREN) saw its price target reduced from $11 to $9.50, although it remains rated as overweight. Marathon Digital (MARA), which…
OKX has announced the upcoming delisting of several spot trading pairs, including FITFI/USDT, GARI/USDT, XPR/USDT, AKITA/USDT, TAMA/USDT, and WNCG/USDT. The move comes as part of the exchange’s ongoing effort to maintain a high-quality trading environment by regularly reviewing the performance of listed pairs in accordance with its Token Delisting/Hiding Guideline and user feedback. The delisting is scheduled to take place between 8:00 am and 8:30 am UTC on August 30, 2024. OKX has advised users to cancel any orders associated with these trading pairs before the delisting time. Any remaining open orders will be automatically canceled by the system, with…
The decentralized finance (DeFi) sector is gearing up for a resurgence, with the total value locked (TVL) across the crypto ecosystem potentially reaching new all-time highs in the first half of 2025, according to a report by Steno Research published on Friday. Despite current TVL levels remaining below their 2021 peak, analysts expect a significant revival driven by several key factors. The report highlights the influence of U.S. interest rates on the DeFi market, which remains largely dollar-centric. “Interest rates are the most critical factor influencing the appeal of DeFi, as they determine whether investors are more inclined to seek…
U.S. spot bitcoin exchange-traded funds (ETFs) recorded $64.91 million in net inflows on Thursday, marking six consecutive days of positive flows. The steady inflows underscore continued investor interest in bitcoin despite market fluctuations. Among the ETFs, BlackRock’s IBIT, the largest spot bitcoin ETF by assets, led the charge with $75.49 million in net inflows, according to data from SoSoValue. Fidelity’s FBTC ETF also saw significant activity, bringing in $9.23 million, followed by Ark and 21Shares’ ARKB with $7.83 million. Other notable inflows included WisdomTree’s BTCW at $4.8 million, Grayscale’s BTC ETF at $4 million, and VanEck’s HODL ETF with $3.41…
Colombia’s Superintendence of Industry and Commerce (SIC) has formally notified Worldcoin and its parent company, Tools for Humanity, of alleged violations of the country’s personal data protection laws. The decentralized identity project is currently collecting biometric data from individuals using its Orb device in 25 locations across Colombia. In a statement released Tuesday, the SIC outlined the details of its investigation, marking the first formal notice of potential infractions. The notification is a preliminary step and does not yet constitute a formal accusation. “The purpose of the proceedings is to determine whether the investigated companies have infringed the Colombian personal…