Bitcoin Industry

2023-03-17 22:00:05 ​China’s Fujian Province Has Processed $22bn Worth of Digital Yuan

Residents and firms based in China’s Fujian Province have reportedly processed almost $22 billion worth of digital yuan transactions to date – as the nation’s central bank digital currency (CBDC) continues to gather pace.

The province was added to the CBDC pilot zone last year. And it broke ground in October when it conducted the nation’s first digital yuan-powered land transfer deal.
Per Fujin News, official figures from the province show that citizens’ digital yuan commercial spending has hit the $14.5 million mark.

It also explained that it – and its partners – had handed out almost $9 million worth of digital yuan tokens in promotional events.
A combined total of 2,572 merchants and vendors in the province now accept digital yuan payments.

This number includes toll booths on the Fuxia (Fujian-Xiamen) Expressway – a major network of highways that passes through the province. Open / Comment

2023-03-17 15:00:17 The SWIM - Spread Wisdom.
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2023-03-14 21:30:00 ​Bitcoin price breaks $26K as US inflation comes in at 6%.

Bitcoin clears $26,000 as U.S. Consumer Price Index rises by 0.4% in February 2023.

The price of Bitcoin saw a sharp uptick over $26,000 as the United States Department of Labor released the latest Consumer Price Index (CPI) data for February 2023.

CPI rose 0.4% last month on a seasonally adjusted basis, with the department noting that the all-items index denoting inflation increased by 6% over the last year. The Labor Department notes that inflation saw its lowest 12-month increase since the period ending September 2021.

CNBC reported that conventional markets were volatile following the release, while cryptocurrency markets reacted positively. Bitcoin saw a surge in price alongside Ether, according to data from CoinMarketCap.

CPI measures the average change over time in consumer prices for a basket of goods and services. It’s calculated by the Bureau of Labor Statistics and is used as an indicator of inflation.

CPI reflects the spending patterns of consumers on items such as food, housing, transportation, clothing, medical care and recreation. It’s used to adjust wages, benefits and social security payments for inflation, measure economic performance and set monetary policy.

The U.S. Labor Department’s statement notes that the shelter index was the largest contributor to the monthly all-items increase, accounting for 70% of February 2023’s CPI increase. Indexes for food, recreation, household furnishings and operations also contributed.

The food index increased 0.4% last month, while the food at home index rose 0.3%. The energy index decreased by 0.6%, while natural gas and fuel oil indexes also declined in February. Open / Comment

2023-03-11 21:30:00 ​Circle’s USDC instability causes domino effect 🀟 on DAI, USDD stablecoins.

Following USDC’s depegging, three stablecoins — DAI, USDD and FRAX — also depegged from the U.S. dollar.

The stablecoin ecosystem felt an immediate effect as USD Coin depegged from the U.S. dollar due to a subsequent sell-off after Silicon Valley Bank (SVB) did not process $3.3 billion of Circle’s $40 million transfer request. Given USDC’s collateral influence, major stablecoin ecosystems followed suit in depegging from the U.S. dollar.

Dai, a stablecoin issued by MakerDAO, lost 7.4% of its value due to USDC’s depegging. As of June 2022, $6.78 billion worth of DAI supply was collateralized by $8.52 billion worth of cryptocurrencies, confirms data from Statista.

Out of the lot, USDC represented 51.87% of DAI’s collateral, worth $4.42 billion. Other prominent cryptocurrencies include Ether and Pax Dollar (USDP) at $0.66 billion and $0.61 billion, respectively.

As a result, DAI depegged from the dollar to momentarily touch $0.897. The stablecoin recovered to trade around the $0.92 mark at the time of writing, as shown below.

USD Digital (USDD), a stablecoin issued by Tron, and fractional-algorithmic stablecoin Frax (FRAX) shared a similar fate due to adverse market sentiments. USDD responded to the USDC sell-off with a nearly 7.5% drop to trade at $0.925, while FRAX dipped even further to $0.885.

Other popular cryptocurrencies, such as Tether and Binance USD, continue to maintain a 1:1 peg with the U.S. dollar.

The entire depegging ordeal started after Circle announced that $3.3 billion of its funds were not processed for withdrawal by SVB.

SVB was shut down by the California Department of Financial Protection and Innovation for undisclosed reasons. However, the California regulator appointed the Federal Deposit Insurance Corporation as the receiver to protect insured deposits. Open / Comment

2023-03-11 15:00:12 Complaining on "Crypto Winter"?
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2023-03-10 14:00:22 Why will these tokens skyrocket in 2023?

The end of the bear market, the growth of individual tokens, and the development of other products are all contributing to the promising outlook for some tokens.

Fortunately, you can relax as Yahoo Finance (link) has selected the top 5 cryptocurrencies to invest in this year for your profits to skyrocket:

Polygon
SingularityNET
QMALL
Optimism
Rocket Pool

Read the article http://bit.ly/3JtN0zC Open / Comment

2023-03-09 18:00:23 ​AirDAO Will Elect Community Members to its Ecosystem Fund Multisig

AirDAO is a layer one blockchain and web3 ecosystem with a long-term goal of the entire blockchain and ecosystem under the control of the community. AirDAO recently held a successful governance vote to upgrade the tokenomics for its $AMB token. Now, it is holding an election for community members to join the multi-signature wallet that will control the AirDAO Ecosystem Fund.

Enabling the community to elect representatives to join the multi-sig embodies AirDAO’s commitment to putting the community at the heart of the ecosystem. The election also ensures the community can influence how AirDAO ecosystem funds are allocated. The AirDAO Ecosystem Fund will be a pool of 850 million AMB to incentivize development in the AirDAO ecosystem. The community-owned DAO will decide when and how to use the funds.

AirDAO Ambassador program members have shortlisted several potential election candidates. During the election, the community will vote for the candidates they consider responsible and dedicated enough to AirDAO to participate in the multi-sig. The vote will be held using AirDAO’s Snapshot. The voting period opens at 3 PM UTC on Friday, March 10th, and ends on Monday, March 13th, at 3 PM UTC. AirDAO will hold AMA sessions in the run-up to the vote to further educate the community on this significant progression toward our fully decentralized future.

DYOR Website | Telegram | Twitter Open / Comment

2023-03-08 20:30:00 ​ Federal Reserve Chairman Powell Speaks Out: We Don't Want to Stifle Crypto

Federal Reserve Chairman Jerome Powell has made it clear that the central bank doesn't want to prevent crypto innovation but warned that the industry is still replete with fraud and risks.

During his appearance before the Senate Banking Committee on Capitol Hill, Powell discussed the cryptocurrency space and noted that the U.S. central bank had been involved in this area to a significant extent. He also acknowledged that blockchain technology has practical applications in the real world.

"We have to be open to the idea that – somewhere in there – there is technology that can be featured in productive innovation that makes people's lives better ," he told members of the committee, adding:

“We don’t want regulation to stifle innovation in a way that just favors incumbents and that kind of thing. But, like everyone else, we’re watching what’s been happening in the crypto space and what we see is quite a lot of turmoil, we see fraud, we see a lack of transparency, we see run risk.”

He also once again warned that banks and other financial institutions need to be cautious in how they interact with crypto. “We see in crypto activity lots of things that suggest that regulated financial institutions should be quite cautious in doing things in the crypto space," he said. Open / Comment

2023-03-08 16:00:22 ​Decentralized Futures - Traders' Salvation in 2023

After the collapse of FTX and many investment funds, most users questioned the reliability of centralized exchanges. CEX exchanges hold user funds and also require KYC verification with personal information about users.

On the other hand, centralized exchanges have the main tool of traders - futures, which help traders to maximize profits from each transaction.

So what to choose here? Safety or leverage?

There is an opportunity to choose both options. The Decentralized Dexilon exchange allows traders to trade derivatives so that can users keep their funds solely in their wallets.

The main features and benefit of Dexilon:
- No KYC required
- Ability to trade futures with 10x leverage
- Deflationary DXLN token
- Custom blockchain processes 1000 transactions per second (TPS), which allows users to open positions instantly on DEX
- Every user keeps his funds in his wallet
- Minor 0.05-0.015% trading fee compared to other decentralized exchanges
- CEX-like user-friendly and handy terminal

At the moment Dexilon is in the testnet stage and will be available on the mainnet very soon. March is a month of updates.

At the current stage of the project, Dexilon appreciates and rewards new users and community members. There is an ongoing contest in social networks, so you can take part:

- Telegram EN chat

Other official links can be found on our website and in the Telegram EN chat Open / Comment

2023-03-05 20:00:07 ​​Binance recommends P2P as Ukraine suspends hryvnia use on crypto exchanges.

Following the temporary suspension from Ukraine’s central bank , crypto exchanges like Binance and Kuna made official announcements informing investors about the inconvenience.

Ukraine temporarily suspended the use of its national currency, the hryvnia, via banking cards for fiat deposits and withdrawals on crypto exchanges. While the move immediately impacted how investors move funds to and from exchanges, Binance reminded users about how peer-to-peer (P2P) services come in handy when trading cryptocurrencies.

Following the temporary suspension from Ukraine’s central bank, crypto exchanges like Binance and Kuna made official announcements informing investors about the inconvenience. Michael Chobanian, the founder of local crypto exchange Kuna, acknowledged the service disruption. However, he said he would explain the nuances of the development later.

Chobanian further pointed out how such regulatory decisions have no impact on the Bitcoin ecosystem and added that:

“Regarding the hryvnia card and input/output to the exchange. Yes, it doesn’t work … We are looking for ways out of the situation, under the threat of stopping the entire Ukrainian crypto/card UAH market translation.”

Binance acknowledged the problem as regulators suspended the use of hryvnia on crypto exchanges. However, Binance had an alternative solution:

“We suggest using the P2P service so that you can continue to use Binance comfortably.”

The crypto exchange utilized the occasion to inform users that P2P services allow users to exchange crypto and fiat currencies directly with other users without needing a middle-person like banks.

Ukraine’s anti-crypto stance comes as a shock considering the country netted over $70 million in crypto donations since the start of the Russian-Ukrainian conflict.

“If we used the traditional financial system, it was going to take days. We were able to secure the purchase of vital items in no time at all via crypto, and what is amazing is that around 60% of suppliers were able to accept crypto, I didn’t expect this,” said Ukrainian deputy digital minister Alex Bornyakov on Feb. 24. Open / Comment