• Cardano and COTI are partnering to develop DJED, a new age stablecoin that will be deployed on the mainnet for investors.
• DJED uses overcollateralization as a technique of providing stability to its currency.
• Overcollateralization of DJED stands at 400-800%, which is higher than other fiat currencies used in stablecoins.
DJED – A New-Age Stablecoin
Cardano and COTI have been collaborating for the past year towards the development of DJED, an innovative stablecoin. Once the mainnet syncing is complete (a 14-day process), it would be available to investors to purchase using ADA or SHEN tokens.
The Volatility Problem In The Crypto Space
Stablecoins seek to solve the volatility issue plaguing crypto ever since its inception by pegging an asset to an inherently stable one like USD. Terra Luna crash caused many investors to steer clear off these assets as it was pegged to Luna, making USDT unstable just like LUNA.
How Does DJED Work?
DJED utilizes overcollateralization as a technique of providing stability to its currency. It has an over-collateralization ratio of 400-800%. This means that for every DJED, the team will have collateralized assets worth more than what is needed for stabilizing it from market volatility.
Cardano’s Recovery After The FTX Crash
Cardano has shown immense recovery after FTX crash pushed ADA below $0.30 mark, demonstrating its dedication towards promoting innovative projects such as this one.
DJED could be one of the most innovative and secure stablecoins in the market if all goes according to plan with its launch on 1st February 2023 on Cardano’s mainnet.
• Axie Infinity price is currently trading at the $12.53 level and is likely to step above $15.
• Axie Infinity is trading above the 9-day and 21-day moving averages and is supported by resistance levels of $18, $20, and $22.
• If the bulls continue to increase the bullish movement, the digital asset might cross above the channel and touch the resistance levels.
Axie Infinity is currently in the limelight as the digital asset continues to experience a strong recovery from the daily opening price of $12.53. At the time of writing, Axie Infinity is changing hands at $12.55, trading around the upper boundary of the channel. The Axie Infinity price is supported by the 9-day and 21-day moving averages, indicating that the bulls are in control of the market.
The bulls have been able to push the Axie Infinity price above the daily high at the $13.94 resistance level. With the current bullish momentum, the digital asset is likely to cross above the channel and touch the resistance levels of $18, $20, and $22. In other words, any strong selling pressure below the 9-day moving average may drag the price toward the lower boundary of the channel if the bears step back into the market.
Axie Infinity is currently the 41st largest cryptocurrency by market capitalization, with a total market cap of $1.27 billion and a circulating supply of 100.1 million AXS tokens. The digital asset has a total supply of 270 million AXS tokens and is becoming increasingly popular within the crypto space.
Investors should watch out for any developments in Axie Infinity as it may have a positive effect on the price. A successful breakout above the $15 resistance level could trigger further gains in the coming days. Similarly, if the bears manage to break the support levels of $8, $6, and $4, the price could experience a sharp decline. Therefore, investors should closely monitor the market in order to stay ahead of the game.
• Dogecoin (DOGE) has experienced a surge in price following the recent market rally, leading many to speculate that it could rise above the $1 mark.
• On the technical front, DOGE is doing quite well, trading above all its major moving average indicators and showing a positive MACD.
• The Dogecoin Foundation is investing heavily in developers to help strengthen the asset’s future prospects.
Dogecoin (DOGE) has been on a wild ride in the past few weeks, with its price surging along with the broader crypto market. After reaching a low of $0.0061 in mid-December, the meme coin skyrocketed to a peak of $0.086 on January 10th, representing an increase of over 1300%. The rally has seen Dogecoin become one of the top performers of the entire crypto market, and investors are now more excited than ever about the prospect of the asset surpassing the $1 mark.
On the technical front, Dogecoin is doing quite well. The asset trades above all its major moving average (MA) indicators, from the 10-day MA of $0.08366 to the 200-day MA of $0.08378. This is a sign of strong bullish momentum, which could help push the asset even higher in the near future. Additionally, the asset’s moving average convergence divergence (MACD) indicator is in the positive zone, showing that Dogecoin is flashing a buy signal. However, investors should be aware of its relative strength index (RSI), which currently stands at 59.21, indicating that the asset may be approaching the overbought region.
The Dogecoin Foundation is also doing its part to help strengthen the asset’s future prospects. The foundation recently announced that it is investing heavily in developers, with the goal of expanding the asset’s utility and usage. This will not only help secure the asset’s future, but could also help propel the meme coin to the much-coveted $1 mark.
Overall, Dogecoin is on a positive trajectory, with its price surging along with the crypto market. The asset’s technical indicators are looking healthy, while its fundamentals are being bolstered by the Dogecoin Foundation’s commitment to developers. Whether or not the asset can reach the $1 mark remains to be seen, but with the current momentum, it appears that the meme coin is well on its way.
• Metropolitan Commercial Bank has pulled out of the cryptocurrency space due to recent developments in the market.
• The move comes amid an intense bear market that has rocked the crypto industry over the past year.
• The bank has predicted that there will be a minimal financial impact on its exit from the cryptocurrency space.
The Metropolitan Commercial Bank has recently decided to part ways with the cryptocurrency space. This comes as a result of a review by the bank’s Board of Directors and the management, due to the recent developments in the crypto sector, the changing regulatory framework over banks engaging in crypto services, and a strategic business case analysis of MCB’s further involvement in the sector.
The crypto industry has been hit hard in the past year as a result of a bear market that has seen the value of cryptocurrencies plummet. This has led to increasing regulatory scrutiny as regulators look to prevent a similar situation as seen with FTX, a crypto firm that collapsed in 2022. Furthermore, this has led to banks being more cautious when it comes to offering crypto services, leading to the Metropolitan Commercial Bank’s decision to pull out.
The bank has predicted that there will be minimal financial impact on its exit from the cryptocurrency space. This is due to the fact that the bank only had four clients in the crypto space, who accounted for a small portion of the firm’s revenue.
In the wake of this news, the cryptocurrency space has seen a decline in its value. This could be due to the increasing regulatory scrutiny, as well as investors‘ concerns about the future of the cryptocurrency market. Additionally, many investors are now hesitant to invest in the sector due to the recent losses incurred by some crypto firms.
Overall, the Metropolitan Commercial Bank’s decision to pull out of the cryptocurrency space shows how volatile the sector can be. Despite the current bear market, the crypto space still has potential for growth in the future. However, investors need to be aware of the risks associated with investing in this sector, and should always do their own research before investing.
• The Financial Markets Authority (AMF) in France has demanded that all non-registered crypto firms should secure licenses.
• The move comes as the financial authority joins the country’s central bank and senate in anticipating new European Union (EU) laws.
• The AMF chair Marie-Anne Barbat Layani has suggested a 2022 agenda proposed by the French Senate, which would mandate all cryptocurrency-related companies to ensure that the regulators recognize and approve their dealings before the new Markets In Crypto-Assets (MiCA) regulation by the EU begins October 1, 2023.
The Financial Markets Authority (AMF) in France has recently declared that all non-registered crypto firms should secure licenses in order to continue operating in the country. This requirement was proposed by the French Senate in their 2022 agenda, and the AMF is now joining the country’s central bank and senate in supporting the agenda.
The chair of the AMF, Marie-Anne Barbat Layani, stated in a press conference that the AMF is supporting the agenda in order to expedite the transition to a structure where all crypto firms see licensing as an obligation. This is in anticipation of the upcoming Markets In Crypto-Assets (MiCA) regulation by the European Union, which is set to begin October 1, 2023.
The AMF is urging crypto firms to ensure that the regulators recognize and approve their dealings before the new MiCA regulation comes into effect. The AMF has also declared that all crypto firms should possess the required licenses in order to continue operating in France.
The new licensing regulations are intended to help protect consumers from potential scams and other financial threats that may arise from the lack of regulation in the cryptocurrency sector. Furthermore, the new licensing regulations are meant to help the industry become more transparent and accountable for its practices.
The AMF is currently working with the French Senate to ensure that the new licensing regulations are adopted in a timely manner. It is also working to ensure that all parties involved are aware of the regulations and their implications.
Overall, the AMF is taking a proactive approach to ensure that the cryptocurrency industry is properly regulated before the MiCA regulation arrives. This will help to create a safer and more secure environment for consumers and businesses alike.
• Chiliz (CHZ) is a sports-oriented cryptocurrency that was popularized during the world cup last year.
• January 6th was an overall bullish day for a majority of the top cryptocurrencies, and Chiliz (CHZ) was one of the biggest crypto gainers today.
• The utility of CHZ is now helping it to increase in terms of price, and it is currently trading in the $0.109 range.
Cryptocurrency is a rapidly growing industry and with the transition into the new year, investors are becoming increasingly bullish on some of the top tokens in the space. January 6th was an overall bullish day for a majority of the top cryptocurrencies, and one of the biggest crypto gainers today was Chiliz (CHZ).
Chiliz is a sports-oriented token which powers the socios.com platform, allowing investors to connect with their favourite sports clubs and players better, by creating stronger relationships. The concept of Chiliz saw great popularity during the World Cup last year, and the utility of the token is now helping it to increase in terms of price again.
At the time of writing, the price of Chiliz (CHZ) is trading in the $0.109 range and is seeing an increase in its overall popularity as more investors are stocking up on the token. It is expected that the token will continue to gain traction in the coming months and its price will continue to increase.
Overall, it is clear that the cryptocurrency industry is experiencing a bullish trend and that tokens like Chiliz (CHZ) are likely to benefit from this. With its strong utility and popularity, it is expected that the token will continue to increase in value in the near future.
• Genesis Global Trading’s CEO Derar Islim has sent a letter to clients asking for more time to resolve the company’s financial crisis.
• This comes after a Twitter altercation between Barry Silbert, the CEO of Genesis‘ parent company Digital Currency Group and Cameron Winklevoss, the co-founder of Gemini, over the situation at Genesis.
• Winklevoss gave Silbert a January 8 deadline to resolve the issue.
The troubled crypto lender and market maker Genesis Global Trading has been facing a financial crisis since the fall of FTX in November. This has led to the halt of withdrawals from the lender, leaving many clients in a difficult situation. In an effort to address this issue, interim CEO Derar Islim has sent a letter to clients asking for more time to resolve the financial crisis.
The letter comes days after a Twitter altercation between Barry Silbert, the CEO of Genesis‘ parent company Digital Currency Group and Cameron Winklevoss, the co-founder of Gemini. Winklevoss criticized Silbert’s handling of the situation, noting that the frozen withdrawals had affected users of their Gemini Earn product. Consequently, Gemini is now facing a lawsuit concerning the halted product.
In the letter sent to clients, Islim expressed his commitment to resolving the issue as quickly as possible. He noted that it was a complex process and would require additional time. Winklevoss had previously stated that Genesis owed the exchange’s Earn product users a total of $900 million. He also gave Silbert an ultimatum of January 8 to resolve the situation. However, despite multiple proposals from Gemini, Genesis failed to acknowledge any of them.
The financial crisis has put a damper on the crypto market, as Genesis is one of the largest crypto lenders in the industry. The situation has attracted the attention of investors, regulators and other stakeholders in the industry. As of now, the future of the lender remains uncertain as the crisis is yet to be resolved.
• According to a report by technology platform Digiconomist, Bitcoin mining consumed more electricity than the entire country of Sweden in 2022.
• Data shows that 93 million transactions on the Bitcoin network last year averaged 1,738 Kilo Watt Hours (KWH) of electricity per transaction, equivalent to powering a U.S. household for two months.
• Bitcoin mining in 2021 emitted up to 969 kilograms of CO2 per transaction, the same as the carbon footprint of a one-way flight from New York to Sydney.
According to a recent report from technology platform Digiconomist, the world’s Bitcoin mining activities consumed a staggering amount of electricity in 2022. In total, the power consumption totaled 161 Terra Watt Hours (TWh), which is more than the entire nation of Sweden consumed in a single year.
The report revealed that there were almost 93 million transactions on the Bitcoin network last year, with each one of them averaging 1,738 Kilo Watt Hours (KWH) of electrical energy. This amount of energy is enough to power an average household in the U.S. for two months. Although the number of transactions is a drop from what was recorded last year, Bitcoin’s share of global electricity consumption incidentally went up to 0.64%.
When it comes to the environmental impact of Bitcoin mining, the report stated that a single transaction in 2021 emitted up to 969 kilograms of CO2. This amount is equivalent to the carbon footprint per passenger of a one-way flight from New York to Sydney. Digiconomist further noted that the total CO2 emissions from Bitcoin mining in 2021 alone negated the entire global net savings from electric vehicles.
This report serves as a reminder of the need to shift away from energy-intensive methods of mining and towards more sustainable solutions. To achieve this, the Bitcoin mining industry must invest in renewable and clean energy sources, and find ways to reduce the amount of energy consumed per transaction.
Ultimately, while Bitcoin mining has the potential to bring tremendous benefits to the financial industry, it will only be possible if miners can find a way to reduce their energy consumption and make the process more efficient.
• Terra Luna Classic (LUNC) has seen a recent surge in price following a bullish announcement from Binance.
• Terra Classic (LUNC) was launched by Terraform Labs in 2019 as a proof-of-stake blockchain and is used to back Terra’s decentralized stablecoins.
• Binance is making changes to the burning of LUNC trading fees in order to contribute to the sustainability of the currency.
Terra Luna Classic (LUNC) has been on an upward trend recently, due to the bullish news coming from Binance. Binance, one of the world’s largest cryptocurrency exchanges, announced changes to the burning of Terra Luna Classic (LUNC) trading fees in order to contribute to the sustainability of the currency.
Terra Classic (LUNC) is a cryptocurrency that was launched by Terraform Labs in 2019. It is a proof-of-stake blockchain and is used to back Terra’s decentralized stablecoins. It is a token that has seen a dramatic drop due to the bear market crisis of 2022.
Binance is making changes to the burning of LUNC trading fees to continue to contribute to the sustainability of the currency. Binance’s official website states that, „Following the recent developments as laid out in Proposal 10983 and Proposal 11111, where LUNC burn is being re-minted as a development fund, Binance will be making changes to the burning of LUNC trading fees, to continue to contribute to the sustainability of the currency.“
It is difficult to predict the exact future of Terra Luna Classic, as there are many factors that can affect its price. However, the bullish news coming from Binance is a positive sign for LUNC and its investors.
As more news comes out on the future of Terra Luna Classic, it will be interesting to see how it will impact the price. Investors should keep an eye on the developments of Terra Luna and be sure to stay informed on the latest news and updates.
EAEU: No agreement on crypto regulation in sight
Member states of the Eurasian Economic Union have failed to support an initiative to unify crypto regulation.
Member states of the Eurasian Economic Union (EAEU) have struggled to find common Immediate Edge ground on cryptocurrency regulation, according to an official.
Iya Malkina, deputy chair of the Eurasian Economic Commission’s board, said EAEU member states would not support a recent initiative for a unified cryptocurrency regulatory framework within the union.
The EWG also recommended the development
In a press briefing on Wednesday, Malkina said the Eurasian Economic Commission had received several proposals to synchronise regulations in the blockchain and crypto industries. The EWG also recommended the development of a basic unified set of rules within the EAEU with a single glossary and principles. „However, this proposal did not receive support,“ Malkina added.
Malkina said that since December 2017, the EWG has been actively analysing the impact of cryptocurrencies on the macroeconomic stability of EAEU member states.
The EAEU is an economic union of states in Eastern Europe and Western and Central Asia. Its members include Belarus, Russia, Kazakhstan and Armenia. The union was established in 2014 to facilitate the free movement of goods and services and to enable common policies on a macroeconomic scale.
As we previously reported, the EAEU has been trying to find an approach to promote the regulation of cryptocurrencies. It published its first report on crypto regulation in 2019, after Russia’s finance ministry pushed for the EAEU to launch its own digital currency to circumvent US sanctions.