Day: April 18, 2023

Zipmex files for two-month extension to moratorium

Zipmex says it filed for the court extension as it seeks to find a solution that suits its customers and an investor.
The moratorium was put in place following Zipmex’s bankruptcy filing in July last year.
The cryptocurrency exchange says it is negotiating with new investors even as it engages the current one.

Zipmex, a cryptocurrency exchange that filed for bankruptcy amid last year’s crypto market contagion, has provided an update to its investment deal.

Per an announcement published today, Zipmex says it is seeking an extension to the moratorium currently in place amid its bankruptcy proceedings. 

The exchange revealed that it had filed for a two-month extension from the Singapore bankruptcy court after an investor delayed payments agreed upon as part of the exchange’s restructuring.

Zipmex Asia seeks 2-month moratorium extension

After missing the March tranche of payments and impacting Zipmex’s Z Wallet operations, the said investor asked for the investment agreement – the Scheme of Arrangement – to be modified. The investor reportedly also sought the crypto exchange to modify the investment amount.

As of today, the investor claims that the SSA has lapsed and that it is no longer bound to abide by the terms of the SSA. The investor has also demanded a return on its working capital loan,” Zipmex wrote.

According to the update, Zipmex is now in talks with the investor as it looks to find a solution that would suit all parties. Knowing that the delay impacts customer withdrawals and the planned reopening of Z Wallet, the company has also begun negotiating with new investors.

This is why the Zipmex team is looking to have the moratorium extended for two months to allow it to find the best possible solution for its customers.

As CoinJournal reported, the Southeast Asia exchange halted withdrawals in July before filing for bankruptcy protection. At the time, Zipmex revealed $5 million and $48 million exposure to collapsed Celsius Network and Babel Finance respectively.

The post Zipmex files for two-month extension to moratorium appeared first on CoinJournal.

Ultima ecosystem – fast, reliable, and multifunctional payment instruments

The Ultima ecosystem is a comprehensive cryptocurrency infrastructure comprising various modern products and services.
Besides offering a new cryptocurrency it will also offer other products including a decentralized exchange.
It will also have a travel Club to allow users to book flights, hotels, cruises, and car rentals.

With the rise of decentralized services, customers can now pay for goods and services with cryptocurrencies, which are not only more convenient but also more secure and reliable. Ultima is a comprehensive cryptocurrency infrastructure that provides fast and reliable payment instruments that are tailored specifically for decentralized services.

The Ultima ecosystem has a thriving community of 2,000,000 users from 120 countries worldwide. It is designed to cater to a broad range of users, with a special emphasis on users from developing countries who are often excluded from modern technologies and the benefits that come with them. Ultima aims to provide access to these technologies to help users improve their standard of living.

Ultima ecosystem products and features

Ultima is preparing to launch a number of decentralized services and products that includes UltimEx Exchange, Ultima Store, Ultima Card, Ultima Travel Club, Charity Crowdfunding, StartUp Crowdfunding, and UltimaDeal.

UltimEx Exchange is a cryptocurrency exchange with great liquidity, Ultima Store is a global marketplace for buying and selling goods and services, and Ultima Card is a crypto debit card that supports multiple cryptocurrencies and fiat currencies.

The Ultima Travel Club is a travel service that allows users to book flights, hotels, cruises, car rentals, and other activities using Ultima tokens, with access to millions of discounted options worldwide.

The Ultima token

The Ultima token is based on a flexible and easily scalable Smart Blockchain, providing the means for users to engage in all of the above services. Unlike many other cryptocurrencies, Ultima is designed as a payment tool that is specifically tailored for use in decentralized services of the Ultima ecosystem. This makes Ultima a reliable, secure, fast, and multifunctional cryptocurrency that is ideally suited to meet the needs of users in developing countries.

Cryptocurrencies like the Ultima token provide people in developing countries with a secure, fast, and cost-effective means of engaging with the global economy. With traditional banking services often inaccessible to people in many parts of the world, cryptocurrencies offer a viable alternative that can be accessed using nothing more than a smartphone.

The Ultima ecosystem is designed to make it easy for people in developing countries to access cryptocurrency and start using it to improve their well-being. It provides an opportunity to generate tokens through farming, a process by which users can mint new Ultima tokens and spend them paying for services and goods in various Ultima-based services.

It’s easy to start farming directly on Ultima’s official website. Just buy an Ultima Farming License and Ultima Farming Unit and start receiving newly generated Ultima tokens.

This gives people in developing countries a way to improve their economic situation by participating in the cryptocurrency market, without requiring them to spend significant resources or has specialized knowledge.

Conclusion

In conclusion, Ultima is a reliable, secure, fast, and multifunctional payment tool that can be easily accessed using just a smartphone. 

By enabling people from all over the world to easily use cryptocurrency, Ultima is helping to improve the lives of people in developing countries and creating new opportunities for economic growth and prosperity.

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Cardano’s DeFi TVL rose 172% in Q1 amid significant ecosystem growth: Messari

Cardano TVL increased 172% QoQ, from $50.8 million in Q4, 2022 to $138.3 million in Q1.
Indigo and Djed stablecoins catalysed overall growth in Cardano’s TVL, with 72% and 27% volume spike respectively.
ADA price also rose in Q1, rising by 54% amid a broader bull rally for cryptocurrencies.

Cardano, currently the seventh-largest crypto network by market cap, had a significantly positive first three months of the year.

Insights for the Cardano ecosystem for Q1 that crypto market research platform Messari shared on Tuesday shows that the proof-of-stake blockchain network recorded significant increases in both financial and ecosystem metrics over the quarter.

In particular, Messari says in its State of Cardano Q1 2023 report that the ADA network’s market cap and total value locked (TVL) in DeFi saw substantial bumps. The growth came as Cardano saw increased adoption for new stablecoins amid notable technical developments around network scalability and VM compatibility.

Among the key developments was the deployment of multiple layer-2 solutions on the Cardano mainnet. Also notable was the increase in sidechains that continue to bolster cross-chain compatibility.

It is notable however that Cardano saw decreases in new addresses (by 71.5%) and in average daily transactions (by 10.6%) QoQ. Daily NFT transactions on the network also fell in Q1, declining by 27% as daily unique buyers shrunk by 23%

Cardano’s DeFi TVL grew 172% in Q1, 2023

An ecosystem overview of Cardano shows DeFi TVL increased 172% quarter on quarter, jumping from $50.8 million in Q4 2022 to $138.3 million at the end of Q1, 2023. DeFiLlama data shows Cardano’s DeFi TVL has increased 39% in the past month to $171.28 million, with stables accounting for over $12 million.

According to Messari, the increase in Q1 was primarily driven by broader growth across established ecosystem protocols like MinSwap, and greater adoption for newer protocols and stablecoins. This included TVL growth for ADA-backed stablecoin protocol Djed, synthetic assets and stablecoins issuer Indigo and Cardano-based borrowing and lending protocol Liqwid Finance.

Stablecoin volume on Cardano grew 261% QoQ, faster than overall TVL

As noted above, stablecoin volume on Cardano exploded in Q1 and grew at a faster rate than the network’s overall TVL. Although there are three stablecoins live on Cardano – Sharelake’s RUSD, Indigo’s IUSD and Djed’s DJED – the largest amount of volume was from just two.

Indeed, Indigo’s IUSD and Djed’s DJED helped push overall stablecoin value in the Cardano ecosystem up by 261%, from $2.8 milllion in Q4 to $10 million at the end of Q1. This was as a result of IUSD volume growing 72% in the quarter, while DJED saw a 27% increase. RUSD’s volume dominance was less than 1%.

Increased interest in the newer protocols saw the dominance of leading DEXs such as Minswap, SundaeSwap and WingRiders decrease over Q1, Sheehan noted in the report.

ADA price rose 54% in Q1 amid growth in other financial metrics

In terms of price action, data shows Cardano’s native coin had its value up by 54% in Q1, with ADA price mirroring the broader market uptrend in Q1, 2023. As of 18 April 2023, Cardano price was at $0.44, up more than 30% in the past month and over 77% higher year-to-date.

Meanwhile, Cardano’s treasury balance grew by 100 million ADA to 1.21 billion. Growth value in terms of ADA and USD was 9.1% and 66% QoQ respectively. The treasury balance in USD terms rose from $278 million to $460 million.

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Bitget and Core DAO launch $200 million ecosystem fund

Bitget’s strategic partnership with Core DAO targets projects on the Core network.
The collaboration includes a $200 milion fund also backed by MEXC.
Core recently integrated with blockchain messaging protocol LayerZero.

Bitget, a leading crypto derivatives trading platform and Core DAO, the organization that’s developing the Satoshi Plus ecosystem, have announced a strategic partnership to support the development of decentralised applications (dApps) on Core network’s Layer-1 blockchain.

Fund to support projects on Core network

According to a news release from Bitget, the collaboration with Core DAO involves an ecosystem fund worth $200 million. The fund is backed by other strategic partners, including global crypto exchange MEXC and will see early stage projects on Core receive support across product research and development, marketing, recruitment of talent and community-building programs.

Bitget will also list Core projects and open a new Core Trading Zone on the derivatives platform and its integrated BitKeep wallet. The platform will also support CORE staking and become a validator on Core.

Core DAO’s ecosystem fund will offer a grants strategy for projects where funds will be available when developers hit agreed-upon benchmarks. According to Bitget, the community will have to see tangible value before the projects get funding.

News of Core DAO’s partnership with Bitget is a big boost for Core, whose mainnet launch happened recently and saw a CORE tokens airdrop benefit roughly 2 million users. The growth trajectory for Core DAO also includes key integrations with LayerZero, a cross-chain messaging protocol. 

The network is also collaborating with Switchboard, a permissionless Oracle protocol.

In the market, Core (CORE) price rose after the news, trading to intraday highs of $1.70, while Bitget Token was down 1%. Meanwhile, the crypto market had climbed 2% to $1.34 trillion as Bitcoin bounced above $30k amid a price uptick for cryptocurrencies.

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Coinbase could relocate from the US if no regulatory clarity, says CEO

Key takeaways

Coinbase’s CEO has revealed that the crypto exchange could relocate if there is no regulatory clarity in the United States.

Brian Armstrong said the US has the potential to be an important market for crypto.

Coinbase was recently issued a Wells Notice by the United States SEC.

Coinbase could relocate its headquarters

Brian Armstrong, the CEO of Coinbase, has revealed that the cryptocurrency exchange would consider relocating its headquarters from the United States if the regulatory uncertainty continues.

He mentioned this while speaking at Fintech Week in London. According to Armstrong, the regulatory environment in the US remains unclear at the moment, and this is affecting the crypto ecosystem there. 

Former U.K. Chancellor George Osbourne asked whether he could see Coinbase leaving the U.S, and Armstrong said;

“Anything is on the table, including relocating or whatever is necessary. I think the U.S. has the potential to be an important market for crypto, but right now, we are not seeing the regulatory clarity that we need. I think in a number of years, if we don’t see that regulatory clarity emerges in the U.S., we may have to consider investing more elsewhere in the world.”

UK’s regulatory atmosphere is clearer

Armstrong praised the regulatory efforts in the United Kingdom, highlighting the fact that the Financial Conduct Authority (FCA) is the only regulatory agency tasked with handling securities and commodities.

However, in the United States, the Commodity Futures Trading Commission (CFTC) handles commodities, while the Securities and Exchange Commission (SEC) regulates securities. Armstrong added that;

“You don’t have this unfortunate thing happening where the CFTC and the SEC are having a turf battle. We actually have contradictory statements from the heads of the CFTC and the SEC coming out almost every few weeks – how’s a business going to operate in that environment? We just want a clear rulebook.”

Armstrong’s comments barely a month after Coinbase received a Wells Notice from the SEC. The Wells Notice warned Coinbase of looming regulatory action for listing unregistered securities on its platform. 

The CEO commented that Coinbase is not entirely surprised by the SEC’s actions. 

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Gala token jumps as focus shifts to the upcoming V2 airdrop

Gala token jumped sharply on Tuesday after the developers announced a plan of a new airdrop. The token jumped to a high of $0.048, the highest level since March 19th. It has soared by more than 216% from the lowest level in January this year.

Gala airdrop upcoming

The main reason why GALA price jumped sharply is that the developers announced plans to launch an airdrop of the second version of the token. This airdrop will happen on a 1:1 basis to holders of the current version of the GALA token.

In a blog post, the developers explained the reason for this airdrop. They said that the token will be part of its upgrade of the broader ecosystem as it adopts to the Gala smart contracts on Ethereum. Some of the features of the new token are that it will be secure and more user-friendly. It will also introduce a burn mechanism. 

By introducing burning, the developers hope to reduce the overall volume of the tokens and create more value for holders. As part of this transition, the developers cautioned GALA holders that they must remove their tokens from liquidity pools or smart contracts before May 15th. The statement said:

“We envision a bright future for $GALA and the projects that will be built upon it. This new era for our GALA paves the way for a prosperous and thriving ecosystem that benefits all participants.”

Gala Games is one of the leading players in the blockchain industry. It is a gaming, metaverse, and non-fungible token (NFT) platform. Its primary service is that it enables developers to build and deploy games, which users can play in the ecosystem.

Gala Games is also working to launch its own smart chain, known as GalaChain, which will be more secure, faster, and cheaper.

Gala price prediction

The daily chart shows that the GALA token has been in a strong bullish trend in the past few days. It has jumped above the 25-day and 50-day moving averages. It also retested the key resistance point at $0.048, the highest point on March 18.

Therefore, there is a likelihood that the token will continue rising as buyers target the next key resistance point at $0.062, the highest point on January 27. A drop below the support at $0.043 will invalidate the bullish view.

How to buy GALA token

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


Buy GALA with Bitstamp today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.

OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.

On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.


Buy GALA with OKX today


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Radix price skyrockets 40% as XRD breaks above psychological level

Radix price was up 40% in 24 hours and 118% over the past week as trading volume jumped 155%.
Gains for XRD come as the layer-1 blockchain announced the date of an upcoming major upgrade.
XRD has broken into the top 50 cryptocurrencies by market cap with $1.16 billion as Bitcoin price looks to retake the $30k level.

The price of Radix (XRD) is up 40% in the past 24 hours after massive buying pressure pushed it past the psychological $0.10 mark early Tuesday. Radix is outperforming the top coins across the daily, weekly and monthly charts even as Bitcoin price looks to reclaim $30,000 and Ethereum moves above $2,100.

XRD tokens have seen a 155% jump in daily trading volume in the last 24 hours, a scenario that comes from the recent spike in market activity for the cryptocurrency. The price gains have seen XRD break into the top 50 cryptocurrencies by market ranking. 

CoinGecko data shows Radix currently ranks 48th on the list, with $1.16 billion in market cap.

Radix up after Babylon upgrade date announcement

As the cryptocurrency market teeters on the verge of a new bull market, it’s no doubt Radix has seen renewed bullish momentum. However, most of the buying pressure for XRD is down to the hype around its upcoming developments.

Radix is a layer-1 blockchain network built to offer truly decentralised and scalable DeFi access. In the past few days, the XRD price has surged after news of its upcoming smart contracts integration. The network will also soon add full atomic composability, with support for sharding.

Babylon upgrade date confirmed: July 31st 2023.

The upgrade from Olympia to Babylon will pave the way for global Web3 & DeFi to finally exit the “tech demo” stage with a mainstream-capable user and developer experience.

Read more: https://t.co/XSRWWoLobE

— Radix – Radically Different DeFi (@radixdlt) April 11, 2023

The highly anticipated network growth will be part of the Babylon upgrade, whose launch date was recently confirmed for 31st July 2023. According to Radix, the upgrade is expected to pave the way for mainstream adoption of Web3 and DeFi on Radix. Currently, the features are only available in “tech demo,”

Radix price outlook

The positive sentiment has benefitted Radix bulls. Having struggled to break past resistance around $0.08 last week, XRD/USD exploded to an intraday high above $0.12 on early Tuesday.

With a 24-hour trading volume of over $16.9 million and price gain of over 118% in the past 7 days, Radix appears all set for a major swing in coming days. The bullish perspective has the daily RSI and MACD strengthening.  

Chart showing Radix (XRD) price. Source: TradingView 

Although there’s been a brief lull in buying that had XRD price retreat towards $0.11, the immediate outlook suggests a pump to March 2022 highs of $0.16 could be the next step.

The long-term Radix price prediction has the XRD token trading higher in the next bull market and beyond. However , for the immediate outlook, the area around $0.074 and $0.061 provides the primary demand zone.

The post Radix price skyrockets 40% as XRD breaks above psychological level appeared first on CoinJournal.

Vechain price rising after the launch Of VORJ

VORJ is Vechain’s ‘Web3-as-a-Service’ Platform.
Vechain aims to build solutions that solve obstacles impeding the mass adoption of blockchain technology.
At press time, the VET token was trading at $0.02636, up 4.13%.

The price of Vechain (VET) has jumped by more than 4% hours after VeChain announced the launch Of VORJ, its ‘Web3-as-a-Service’ Platform — Blockchain Made Easy.

Since its launch, Vechain has been focusing on building solutions that solve the obstacles that hinder the adoption of blockchain technology. VORJ is one of the important solutions that Vechain has launched.

The VORJ platform

The VORJ platform almost entirely summarizes the blockchain development process thus opening up Web3 building to the masses without having to be a technical guru. It is a no-code Web3-as-a-service platform that allows anyone to create, deploy, and interact with smart contracts on the VeChainThor blockchain.

Users will not need to understand solidity to start deploying digital assets on the VechainThor blockchain.

VORJ combines familiar Web2 user experience with the ability to create Web digital assets in a few clicks. Users don’t need to even manage crypto assets to pay for the transaction fees. Fees on VORJ are taken care of by VORJ itself; which is quite a huge step in eliminating a key barrier to Web3 entry.

EVM compatibility

VeChainThor blockchain is an Ethereum Virtual Machine (EVM) compatible blockchain making VORJ offer secure and battle-tested OpenZeppelin smart contracts, which is considered the industry standard.

Furthermore, VORJ offers the creation of fungible ERC-20 contracts or non-fungible tokens (NFT) ERC-721 contracts on the VORJ frontend while the VORJ Application Programmable Interface (API) offers users a wider selection of token standards.

In addition, VORJ seamlessly integrates with existing VechainThor projects.

The post Vechain price rising after the launch Of VORJ appeared first on CoinJournal.

Tether’s market share expands to 61%, a two-year high as crypto centralisation grows: a Report

Key Takeaways

Tether opened the year at a market cap of $66.2 billion, but has grown 22% to $81 billion
CircleUSD has moved the opposite way, losing 21% of its market cap
Tether’s share of the stablecoin space is up to 61.5%, its highest mark in two years
Collapse of TerraUSD in May 2022 and shutdown of BinanceUSD in February have increased concentration in the stablecoin market
CircleUSD is struggling amid regulatory concerns in US and fallout from banking chaos, when it had 8.25% of its reserves in Silicon Valley Bank
Growth in market share for Tether should only increase, but concerns persist over reserves underlying the stablecoin
Centralisation of wealth is a massive stress point for entire crypto industry, whose grasp on the concept of decentralisation continues to slip

Last October, I published a deep dive into the stablecoin wars.  Things have changed a lot since then. 

A few weeks after, in November, FTX collapsed, sending the entire crypto market bananas, capital flowing out of the space en masse. Then in February, the world’s third biggest stablecoin, BinanceUSD, was shut down by regulators (deep dive on that here). 

Finally, in March, the world’s second-biggest stablecoin, Circle USD, depegged to 88 cents amid the banking chaos, before its peg was restored after the US administration guaranteed bank deposits at the fallen Silicon Valley Bank. 

Against all odds, the stablecoin with perhaps the most controversial status, Tether, has been the one with the least drama. 

Hit “play timeline” on the below chart to see the movements of the entire stablecoin market over the last two years – and the growth of Tether. 

TerraUSD and BinanceUSD fall

The below is the previous chart plotted out in static form. We can immediately see a few massive developments. The first is in May 2022, the well-covered collapse of TerraUSD, the LUNA ecosystem going down in flames as its uncollateralised stablecoin model was found to be flawed. 

The second is the BUSD’s shutdown in February 2023, less pernicious to the market and a more gradual decline than UST (thankfully, say crypto investors). Its market cap is currently at $6.2 billion, down from $17.5 billion two months ago, an evaporation of two-thirds of the supply, the final third likely to follow before long. 

The below chart presents the situation clearer, as it displays the market caps of each stablecoin post-UST collapse. 

Circle drops off and Tether grows

The cases of BinanceUSD and DAI are obvious. The former will trickle to zero as a result of regulators outlawing the minting of new supply, the Binance-branded stablecoin gradually coming out of circulation. 

As for DAI, it has issues scaling because of its overcollaterisation model (requiring users to lock up extra capital due to the volatility of the underlying crypto) meaning that it is unlikely ever to make much noise under its current makeup. It is not surprising that it has lost a bit of capital, but not really done anything of note. 

The intrigue comes in analysing CircleUSD (USDC) and Tether. More specifically, how they have acted in the last four months. The duo have moved in completely opposite directions in 2023. USDC opened the year with a market cap of $44.1 billion. Today, the number is $31.6 billion, a fall of 21%. 

Tether, on the other hand, opened 2023 with a market cap of $66.2 billion and is now sitting at $81 billion, an uptick of 22%.

But why? 

Well, USDC is struggling for two glaring reasons. The first is that it had 8.25% of its reserves in Silicon Valley Bank. As the bank was collapsing, USDC depegged to 88 cents as the market panicked. While deposits were since guaranteed, the stablecoin has not recovered its market cap. 

The second is regulation. USDC is based in the US, where regulators have been moving in hard thus far this year. The shutdown of BinanceUSD showed this for all to see. Immediately, people feared that USDC could go the same way. 

Adding to this uncertainty are the ongoing developments around Coinbase, which is a partner of Circle. The exchange was recently issued with a Wells notice, which normally precedes legal action, around the potential violation of securities laws. 

Tether, on the other hand, is based in Europe, where regulations are far kinder – and less uncertain. The next chart shows how much it has benefitted from this – its market share growing perceptibly since the start of the year, up to 61.5%, the highest mark in two years. It opened the year with only a 48.1% share. 

USDC, meanwhile, has seen its market share fall from 32.1% to 24.1% year-to-date. BinanceUSD is down to 5.1% from 12.0% in the same timeframe. 

Of course, it would be remiss not to mention the glut across the space in general. The stablecoin market, like crypto as a whole, is very illiquid right now. I published a deep dive looking at this two weeks ago, as the stablecoin balance on exchanges has seen a 45% outflow in the last four months. There are now the least amount of stablecoins sitting on exchanges since October 2021. 

Looking at the total market cap of stablecoins, meanwhile, it has been decreasing consistently for a year now. 

Is Tether dominance a good thing?

Tether really is the outlier across the board, therefore. While the other coins have either gone to zero or lost substantial capital, Tether’s market cap is not far off what it was before the collapse of TerraUSD, the seminal moment that truly triggered the crypto bear market. 

In essence, Tether has scooped up many of the outflows from other stablecoins, especially in the last few months. And the bulk of what it has not picked up has left the stablecoin market entirely. 

But is it a good thing that one coin, Tether, holds a 61% market share that only appears to be growing? 

Well, not really. And there are two reasons why. 

The first is that, ironically, this shows how centralised a lot of crypto is. Were anything to happen to Tether, the entire ecosystem would be thrown into absolute mayhem, with it quite possibly existential for the industry as a whole, such is the importance of Tether to the underlying pipelines of the space. 

This was always meant to be what crypto fought against, striving to build a more decentralised financial system. That has proved to be largely idealistic at this point. Even within the “decentralised” area of DeFi, the bulk of activity is through USDT, a stablecoin which can be directly shut down by regulators (as well as USDC). 

“Crypto was sold as a decentralised alternative to the legacy financial system. Looking at the stablecoin market, however, shows that the reality is very, very different. DeFi, and the crypto ecosystem as a whole, is only becoming more and more centralised – Tether has nothing but open space in front of it to continue to suck up market share. At the current pace of growth, we could see its market share at 75% this year” said Max Coupland, director of CoinJournal. 

The second issue with Tether’s growth is transparency, possibly the most overcovered – but so vitally important – story in crypto. Tether is no stranger to controversy around its reserves, with longtime doubt over whether it is 100% backed.

Recently, it has improved somewhat with the publication of reports, but has still paid fines in the past related to false disclosures, and its standards are far, far away from what you would expect, say, from a publicly listed company. But that is not the way crypto operates at the moment. Instead, opaque financials and verbal promises rule the roost. 

But that is the situation the crypto world currently faces. In truth, Tether probably is fine. But the mere fact that it has such a dominant market share is concerning, regardless of any doubt around the reserve situation. However, with BinancUSD slowly disappearing, TerraUSD long gone, and CircleUSD falling off, its market share is only going one way: up.

CircleUSD is certainly regulated closer and presents its financials more transparently. But with the banking issues scaring people, and the continued hostile crypto environment in the US, Tether is sprinting clear. 

I’m not sure that is a good thing. And even if it is, was cryptocurrency not promised as a more decentralised financial system? As time goes by, it appears increasingly apparent that such thinking was nothing more than a head-in-the-clouds dream.

If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research.

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Bitcoin price prediction: Analyst says BTC is poised for a retest of $28,800

Bitcoin price has dropped below $30,000 to currently trade near $29,480.
Crypto analyst Rekt Capital says BTC price could retest $28,800 and establish it as a major support area.
BTC price bounced above $31,000 last week, having struggled to break past the anticipated buffer zone.

Bitcoin is trading around $29,479, about 3% down in the past 24 hours and now just 4% up in the past seven days. After trading to highs above $3,100 and then retreating to current levels, the market might have to brace for a retest of $28,800.

That’s today’s Bitcoin price prediction as shared by crypto analyst Rekt Capital.  

Bitcoin price at key area, with possible dip to $28,800

Following a retracement to lows of $15,500 in the aftermath of the FTX debacle market rout, Bitcoin price saw a decent flip in 2023. An upswing off the post-death cross retracement of the bear market saw BTC recover more than 80%.

According to Rekt Capital, the rally to $30,000 area had BTC trending at an area that has previously acted as a stubborn resistance as well as support zone on the monthly chart. Bulls managed to breach the supply wall last week, but the $28,800 was equally resolute and despite a decent weekly close above the zone, a fresh dip to the level is likely.

Such a retest might be what buyers need to solidify it as a demand reload area. Rekt says a successful retest of the level could reenergize bulls for another upward move.

#BTC enjoys a solid Weekly Close above ~$28800 support (orange)

If this current dip is to get deeper, it would be entirely healthy for $BTC to retest ~28800

After all, that level was a multi-week resistance and now may have the chance to become support#Crypto #Bitcoin https://t.co/ZUMHMa7ukR pic.twitter.com/PCAzaIkAvV

— Rekt Capital (@rektcapital) April 17, 2023

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