If you are looking for the latest news on cryptocurrency, you’ve come to the right place. Here you’ll find information about Bitcoin, Dogecoin, and USD Coin (USDC), along with updates on Circle’s acquisition of Cybavo and many more topics. With these news articles, you can also keep up with the latest news on other top cryptocurrencies. The following are some of the top issues the leading crypto news sources cover.
Bitcoin
While many investors are unsure about the future of cryptocurrency, the emergence of blockchain technology and bitcoin as a primary currency has gained mainstream acceptance. Wall Street investment banks are using cryptocurrency as part of their business plans. The mobile payment company Square is also jumping on the cryptocurrency bandwagon. Elon Musk has also joined the cryptocurrency bandwagon. While the crypto market has recently been volatile, several noteworthy developments are occurring within the industry. JPMorgan Chase is evaluating blockchain as a cheaper way to settle transactions, while Silvergate bank is changing course to focus on the digital currency industry.
China’s decision to ban cryptocurrency exchanges in 2017 has hurt the crypto market. However, the government did not prohibit individual ownership. The Federal Reserve also cut liquidity for the crypto market in 2021. Meanwhile, several other cryptocurrencies have dived as investors shied away from risky assets. Meanwhile, the collapse of cryptocurrency exchange Coinbase has led to massive layoffs. In addition, the United States has reduced its monetary policy. These developments have dragged down the price of many cryptos, including bitcoin.
The domino effect has caused other crypto establishments to collapse. A few months ago, the crypto market was valued at $3tn. Now, it is worth less than $1tn. The fall of Bitcoin has the characteristics of the “Robinhood economy” – named after a famous American stock trading app. But it’s still early to say how the market will react to this situation. In the coming days, the market will likely recover and see broader cryptocurrency adoption.
Dogecoin
If you’re looking for crypto market news, you’ve likely noticed that Dogecoin has gained quite a bit of momentum in the past few weeks. The cryptocurrency’s price has risen significantly, and the community has been actively poking fun at the popularity of Bitcoin and other cryptocurrencies. In addition to being a popular choice for online donations, Dogecoin is gaining support from famous people, including Mark Cuban, Snoop Dogg, and even Kiss bassist Gene Simmons. And in early 2021, the cryptocurrency gained cult status on the Reddit message board WallStreetBets, which has banned discussion about crypto. This led to the price crash of the Robinhood crypto trading app.
Another piece of crypto market news for Dogecoin investors is the introduction of a decentralized exchange where users can purchase and sell the currency without going through the traditional KYC procedures. The coin is listed on the THORchain, a decentralized liquidity protocol. With the addition of the decentralized exchange, users can now easily swap DOGE for BTC or other tokens. This partnership will also open up opportunities for yield farming, with DOGE holders no longer required to go through KYC checks.
Another notable piece of recent crypto market news for Dogecoin is its price rise. The cryptocurrency rose more than eight hundred percent between Jan. 10 and Jan. 14, 2021. The price then fell by almost half and now sits at just under $0.74 per coin. In a month, this currency’s price rose by nearly seventy percent, reaching a market cap of more than $70bn.
USD Coin (USDC)
USD Coin is a cryptocurrency that enables instant global payments. It has been praised for bringing stability to the crypto space and could even open new doors for decentralized finance and gaming. The technology is the brainchild of Circle, a peer-to-peer payments company, and Coinbase, a cryptocurrency exchange. Coinbase and Circle are two of the founding members of the Centre consortium, which manages the USDC.
This stablecoin is an open-source smart contract pegged to the US dollar. Its weekly reserves breakdown shows that it is worth $54bn, with 13 billion in cash, while 41 billion are held in short-term US treasuries. Among the reserve fund institutions are BlackRock and the Bank of New York Mellon. The coin is built on an open-source fiat stablecoin framework and is natively supported on several blockchain networks.
In recent times, USDC exchange reserves have increased, suggesting that investors are moving into stablecoin as the price of Bitcoin drops. A current CryptoQuant analyst noted signs that Bitcoin investors are selling Bitcoin to buy USDC. The “all exchanges reserve” measure of the amount of USDC in wallets of all exchanges shows that several investors are moving from other cryptos to USDC.
Circle To Acquire Cybavo
Circling is a firm that has been developing its installments offering since 2018. The company has been bridging the conventional money framework with Web3 applications and expects to create an open platform for monetary administrations. As demand for crypto grows, it hopes to offer additional services based on the cryptocurrency. However, Circle hasn’t disclosed the details of the arrangement with Cointelegraph. The company has declined to comment on the deal.
The acquisition of Cybavo comes at a busy week for Circle. Concord Acquisition Corp. acquired the crypto technology company for a total valuation of $4.5 billion. While the deal was initially announced last year, the timing of the acquisition has been pushed back to Dec. 10. The value will make Circle a publicly-traded company. However, Circle is cautioning users to conduct their research and do their due diligence before investing.
In acquiring CYBAVO, Circle hopes to advance the adoption of Web3 applications and USDC. The company will incorporate the technology of CYBAVO into its core product offerings. Ultimately, this move will accelerate the transition from Web2 to Web3 applications and enhance user experiences. Circle also plans to continue investing in CYBAVO’s products and services and build and operate its versions. The two companies will also work together as a third point of support for their customers.
Read More: How Do You Evaluate a Cryptocurrency Market Price?
MoneyGram’s USDC Transfer Channel
In a recent announcement, MoneyGram announced a new partnership with Stellar. This company is a competitor of Ripple, which developed the XRP cryptocurrency. The partnership aims to offer a seamless transfer of fiat currency to crypto and back. This partnership is excellent news for the crypto community and is a welcome step toward more mainstream adoption. But will it be enough to drive growth?
In a recent announcement, MoneyGram, a global remittance and payments company, announced the launch of a USDC payment channel powered by Stellar Blockchain. The new service will enable MoneyGram users to send and receive USDC payments from anywhere in the world and withdraw the payments as cash. MoneyGram is launching the service in crucial remittance markets, including the United States, Kenya, and the Philippines. It plans to make the global cash-out functionality available to the public in June, with zero fees for the first year.
The launch of MoneyGram’s USDC transfer channel follows news that the money-transfer service is backing digital assets as the future of remittance. By partnering with the Stellar Development Foundation, the company plans to provide cross-border payments for users with a digital wallet powered by Stellar. Users of the new product could transfer any cryptocurrency to the stablecoin USDC and cash out the funds through MoneyGram.
Silvergate’s Move To Focus on Crypto
With its recent acquisition of Diem, Silvergate stands to gain a lot from the crypto market. By becoming the sole issuer of stablecoins, the company is paving the way for other banks to do the same. Since bitcoin’s rise to prominence on Wall Street in the beginning of this year, the interest from large institutions to trade on the crypto market has gotten increasingly severe.
Among these risks is the lack of regulated exchanges. As of Q3 2018, there were fewer than 100 crypto exchanges operating globally. But Silvergate, through its wholly-owned subsidiary, Silvergate Capital Corp., accepted more than $586 million in cryptocurrency deposits. A significant number of crypto deposits for a bank has been largely untouched by banks in the past. However, keeping pace with the growing cryptocurrency market may not be enough.
While Silvergate Capital shares climbed nearly 18% in February, the company fell in the following week. Although no specific news was issued during the last week of February, institutional investors increased their positions in Silvergate following the earlier good news. Further, Silvergate’s move to focus on the crypto market may have been enough to boost its valuation. However, investors should not wait until the company releases more information before buying.
