A dispute between FTX U.S. and Bahamas authorities has worsened amidst a hearing set to occur later this…
ANC Pharmacy is enabling bitcoin payments via Binance Pay at more than 1,000 locations across Ukraine.
Sam Bankman-Fried, the disgraced crypto mogul who is accused of misleading investors and stealing billions of dollars in customer deposits from his now-defunct FTX exchange, is likely to enter a plea to the criminal claims against him today. In addition, SBF has requested that the identity of two individuals who will assist him in posting The post Why Sam Bankman-Fried Wants To Keep These People A Secret? appeared first on CoinGape.
In 2022, nation state Bitcoin adoption accelerated, setting the stage for even more progress this year.
Binance Coin (BNB) is arguably the only leading cryptocurrency that managed to weather the bear markets in 2022.…
Glip, one of the industry's leading Web3 game discovery applications, has onboarded more than 100,000 users and 1 million wallets created since October 2022. The application, which makes improvements for the increasing demand for Web3 games, has also reached more than 50,000 confirmed earners.
A look at the top performers over the past 24 hours reveals a trend that could trigger a boom among certain altcoins in 2023. We’re talking about Lido Finance (LDO), which has risen 7% in the past 24 hours and 17% over the past seven days, making it the 37th largest cryptocurrency by market cap. Lido Finance is a decentralized liquid staking application that allows users to generate additional yield for staking their assets. The application currently offers support for five cryptocurrencies: Ethereum (ETH), Polygon (MATIC), Solana (SOL), Kusama (KSM), and Polkadot (DOT). Of particular interest, however, is the first-mentioned altcoin, Ethereum. As Thor Hartvigsen, blockchain and defi researcher, explained, Liquid Staking Derivatives (LSD) altcoins could see a boom in 2023 as the second largest cryptocurrency by market cap implements the Shanghai upgrade. Of all major layer-1 blockchains, Ethereum has the lowest staking ratio of only 14%. In contrast, 90% of all BNB, 72% of all ADA, 68% of all SOL, and 62% of all AVAX are staked. The huge gap is likely related to the fact that ETH cannot yet be de-staked. However, the Shanghai hard fork planned for March will change that. Related Reading: These Altcoins Will Be Hit The Hardest If DCG And Grayscale Fall While the analyst expects a major unstaking initially, the upgrade could trigger massive growth for liquid staking solutions in the long run. And Lido Finance (LDO) is currently the undisputed leader in the liquid staking of ETH, providing further rocket fuel for the LDO token. Altcoins Poised To Skyrocket Based On The Narrative However, not only the LDO but rather small LSD altcoins could benefit from the new narrative. As anonymous analyst “Karl” says, numerous LSD solutions are poised to wobble at the throne of Lido Finance. Currently, LDO’s market share is about 65.62%, followed by Rocket Pool (3.10%), StakeWise (0.9%), Ankr (0.81%), Frax Finance (0.67%), and Stafi (0.25%). As the analyst assesses, the market caps of the altcoins Stakewise (SWISE) and Stafi (FIS) are still below $20 million, despite the fact that they control significant market share. “[T]heir tokenomics aren’t the best though, as there is still a considerable portion of the supply to be unlocked as team/investors’ allocation and liquidity mining rewards,” the analyst added. A look at the market share/market cap ratio also shows that both SWISE and FIS tokens are close behind the market leader, poised for future gains. Also remarkable is Frax Finance, which recently entered the LSD landscape of altcoins and has already managed to capture a significant market share. Hartvigsen stated that in less than 2 months, Frax has managed to attract more than 45,000 ETH (about $55 million TVL). According to the analyst, there are “no signs of slowing down” as APRs are consistently at 9-10%, far outperforming any competitor. Frax Finance accomplishes this by giving users frxETH when they are either liquidity pooled on Curve (frxETH/ETH) or staked on Frax Finance (sfrxETH). Related Reading: Craziest Bitcoin Price Predictions For 2023, 1,400% Rally Possible? “Only sfrxETH receives the ETH staking yield. This results in a higher APR as not all of the staked ETH is receiving the rewards as they are in the curve pool instead,” the analyst explained. But Rocket Pool is also a prime candidate to grow from the new narrative due to its relative size, recent popularity growth, and several differentiators, Hartvigsen added. Two Potential Spoilers For LDO However, in the near term, there could be two spoilers in particular for the price of the Lido Finance token, LDO. Both Nansen and Chain EDGE on-chain data shows that “smart money” has been selling LDO rather than buying it, Twitter user @AvaxGems pointed out. I guess not all of us are bullish on LSD coins. Both @nansen_ai and @ChainEDGE_io(by @OnChainWizard) showing "smart money" been selling $LDO rather than buying. — rektGEMS🔺 (@AvaxGems) January 3, 2023 A second factor for LDO could be Alameda. The ex-company of Sam Bankman-Fried sold 719,498 LDO on December 28, worth about $717,451, for 601 ETH, and currently still has 1.86 million LDO left, the equivalent of about $1.81 million. Featured image from Nasa / Unsplash, Charts from Messari, Twitter,
Amid the last two months’ downfall in the crypto market, the Dogecoin price followed a famous bearish pattern called the descending triangle. The technical chart has identified this pattern as the DOGE prices reject from a downsloping trendline(yellow color line) and, on the other hand, maintained fixed neckline support at $0.073-$0.07(off-white range). In theory, the The post Here’s Why The Dogecoin Price Is At Risk Of 20% Downfall appeared first on CoinGape.
Mike Kondoudis, licensed trademark attorney at the USPTO, on Tuesday revealed that someone has filed a trademark for “Bitcoin Bank America” with the U.S. Patent and Trademark Office. The trademark is for crypto exchange services in the U.S. A Bitcoin Bank America in the US? Mike Kondoudis, licensed trademark attorney at the USPTO, in a The post Has BOfA Filed For “Bitcoin Bank America” Trademark With USPTO? appeared first on CoinGape.
Michael Burry, an investor who was featured in the book and movie "The Big Short," has said that the US will have a recession and more inflation in 2023. He thinks that inflation is currently very high, but it will not remain so.  Inflation peaked. But it is not the last peak of this cycle. We are likely to see CPI lower, possibly negative in 2H 2023, and the US in recession by any definition. Fed will cut and government will stimulate. And we will have another inflation spike. It's not hard. — Cassandra B.C. (@michaeljburry) January 2, 2023 He believes that the Consumer Price Index (CPI), which measures how much prices have gone up, could be expected to go down a lot in the new year and might even go negative in the second half of 2023, causing a recession.  In June, inflation in the US was 9.1%, which is the highest it has been in 40 years. In November, it was still above 7%. These numbers are much higher than the 2% goal set by the Federal Reserve. Because of this, the Federal Reserve increased the base interest rate, which is the rate at which banks can borrow money, from almost 0% to over 4%, with a plan to make it go even higher in 2023.  Higher interest rates can help lower inflation by decreasing how much people buy, invest, and work, but they can also make it harder for businesses to make money and slow down the economy, which can lead to a recession and make investment prices go down.  Burry says that in 2023, inflation will go down and the economy will get weaker. He then expects the Federal Reserve to lower interest rates and the government to spend more money to try to make the economy grow, causing inflation to spike yet again. Opinion This seesaw process has always happened since central banks were given control over monetary policy. As the Federal Reserve continues to ramp up interest rates it would appear that it is doing so blindly, given that the increases will take many months before they are properly felt in the market. The problem will be that once inflation starts coming down significantly, it is likely that the economy will already be in a serious recession, and then the Fed will have to start trying to tip the scales in the other direction by unleashing yet another round of quantitative easing. The up and down seesaw in the economy is worsening as debt increases and fiat purchasing power decreases. This is why Bitcoin and cryptocurrencies were born. Over a long period Bitcoin might just become that inflation hedge, and out of the crypto sector might arrive a decentralised way of transacting that saves us all from the hell of central banks and their fiat currencies. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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