Značka: Tesla

Fading power? Weak DOGE spike after Elon Musk makes McDonald's offer

Erratic billionaire and Tesla CEO Elon Musk has offered to eat a kids meal from McDonald’s live on television if the fast food giant adds Dogecoin (DOGE) as an official payment method.“I will eat a Happy Meal on TV if McDonald’s accepts Dogecoin” said the SpaceX CEO in a tweet on Tuesday morning. In the minutes following Musk’s tweet, the price of DOGE immediately jumped 7% from $0.135 to $0.145 where it remains at the time of writingPrevious tweets from Musk have seen markets move far more substantially, with a recent announcement about using it for Tesla merchandise payments causing DOGE to surge over 25%. The current downturn may have something to do with it, but the smaller spike suggests Musk’s power to move markets is beginning to fade. I will eat a happy meal on tv if @McDonalds accepts Dogecoin— Elon Musk (@elonmusk) January 25, 2022Around ten hours later, McDonald’s responded by stating, “Only if Tesla accepts Grimacecoin” making reference to a fake coin depicting a fuzzy purple McDonaldland mascot from the ‘80s called “Grimace”. Crypto opportunists were quick to respond, with Grimace Coin (Grimace) already minted on Binance Smart Chain. (Disclaimer: buying a memecoin created in the last few hours is not widely considered to be a wise financial move).As always, mainstream media outlets have been quick to cover the billionaire’s erratic online behavior, with the Wall Street Journal and The Independent further amplifying Musk’s crypto tweets.The billionaire is jumping on the bandwagon of McDonald’s crypto memes that have grown in popularity on Twitter recently. The fast food giant has become intrinsically linked to crypto markets during times of crisis, as influencers and investors post memes about needing to get a job at the fast food chain following th significant losses on crypto markets. Salvadoran President Nayib Bukele — whose government recently bought the BTC dip, snapping up an extra 410 Bitcoin at $36,000 each— joined the trend on Jan. 23rd, uploading a poorly edited photo of him sporting a McDonald’s-branded hat and nametag. #NewProfilePic pic.twitter.com/YVDlBoA2Cq— Nayib Bukele (@nayibbukele) January 22, 2022

While crypto memes seem light-hearted, Musk has frequently used his enormous 71.5 million following on Twitter to cause upheaval in the crypto markets. Earlier this month, Musk announced that Dogecoin could be officially be used as payment for merch on the Tesla website, causing wild swings in its price, and his announcement about suspending Bitcoin’s use for Tesla payments in mid-2021 caused markets to tank.Musk’s erratic Twitter behavior has been the subject of intense criticism in the past, with the  CEO of Binance, Changpeng Zhao (CZ) declaring: “Tweets that hurt other people’s finances are not funny, and irresponsible.”Despite Tesla famously owning more than 42,000 Bitcoin at an average cost of $31,700 per coin, Musk seems more comfortable pumping Dogecoin, recently declaring to Time Magazine:”Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions.”The billionaire went even further, stressing that Bitcoin’s cost per transaction is high while its transactional volume is low compared to DOGE. As a result, Musk argued that Bitcoin would be better used as a store-of-value asset, and that DOGE is superior for spending and transactions. Related: McDonald’s jumps on Bitcoin memewagon, Crypto Twitter responds

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Bitcoin payments decline as other cryptocurrencies grow

BitPay Inc., one of the world’s most well-known crypto payment processors, has seen a shift in the type of digital assets used for purchases over the last year, according to a Bloomberg report.According to Bitpay, Bitcoin’s (BTC) usage at businesses that use its payment system fell last year to about 65% of processed transactions, down from 92% in 2020. Along with this change, Ether (ETH) represented 15% of all transactions, whereas other currencies like Litecoin (LTC) and Dash (DASH) have increased their portion.Businesses have started using stablecoins more frequently for cross-border payments since November when crypto values had been depreciating. Consumers have also begun to use stablecoins because their value is constant, resulting in less risk in the notoriously volatile cryptocurrency market, as per the report.The growing popularity of stablecoins has partly contributed to the use of alternative coins for payments. Dogecoin (DOGE), for example, became famous last year as the result of its followers, such as Tesla CEO Elon Musk, who on Friday announced that Dogecoin may be used to buy Tesla-related products.Related: Retailers to drive crypto payments adoption: SurveyThe trend suggests that individuals are holding Bitcoin rather than spending it. Bitcoin’s prices increased by 60% in 2021, regardless of the fourth quarter’s volatility. According to Bitpay, the majority of last year’s crypto transactions were in luxury items like jewelry, watches and automobiles.Whales have never held more bitcoin pic.twitter.com/a9jxAV3Mxp— zerohedge (@zerohedge) January 16, 2022Transaction volumes for high-end items increased 31% in 2021 from 9% in 2020, according to Stephen Pair, Bitpay’s CEO. Payment volume rose by 57% across the board in 2021.

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Dogecoin leaps 25% after Musk announces DOGE payments for Tesla merch

Dogecoin (DOGE) prices rose substantially on Jan. 14 as Elon Musk announced that Tesla would start accepting it as payment for merchandise. Tesla merch buyable with Dogecoin— Elon Musk (@elonmusk) January 14, 2022After the announcement, DOGE price jumped nearly 13%, hitting a 30-day high of $0.2150. Its upside move came as a part of a larger intraday rally that already was taking place before Musk’s Dogecoin tweet went viral. The DOGE price went up by over 25% on Jan. 14 before correcting lower to $0.1986 on profit-taking.DOGE/USD hourly price chart. Source: TradingViewBetter than BitcoinTesla’s integration of a DOGE payment option on its online shopping portal came almost a month after Musk shared his willingness to accept the cryptocurrency as payment on a test basis.At the center stage of Musk’s love for DOGE was its “better-than-Bitcoin” features, primarily as a payment option due to its lower electricity consumption. In excerpts from Musk’s statements to Time Magazine, he explained that:”Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions.”The billionaire entrepreneur further stressed that Bitcoin’s cost per transaction is high while its transactional volume is low compared to DOGE. As a result, Bitcoin could be well off being a store-of-value asset. On the other hand, DOGE could keep on encouraging people to spend.What’s next for DOGE?The latest round of buying in the Dogecoin market somewhat subsided as DOGE tested a multi-month resistance trendline for a topside breakout.In detail, DOGE price rally was rammed into a descending trendline resistance that had been capping its upside attempts since May 2021. On Jan. 14, the trendline again became instrumental in sending DOGE from its intraday top of $0.2150 to $0.1958, as shown in the chart below.DOGE/USD daily price chart. Source: TradingViewMeanwhile, the Dogecoin’s 200-day exponential moving average (200-day EMA; the orange wave) also played a key role in limiting its gains on Jan. 14. Together, the resistance confluence hinted that DOGE price may pull back from its ongoing uptrend in the coming sessions. Related: Dogecoin creator slams Mozilla for pausing crypto donationsShould this happen, the token will look poised to test its 50-day EMA (the velvet wave) as support, with the possibility to extend its correction towards $0.1367 due to its recent history as support.DOGE/USD daily price chart. Source: TradingViewConversely, a decisive breakout above the descending trendline resistance and the 200-day EMA could have traders eye $0.30 as their next upside target in the Dogecoin market. The area surrounding the $0.30-level had earlier served as resistance.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Tesla launches Dogecoin payments for merch but there is a catch

Tesla CEO Elon Musk announced that Tesla now accepts Dogecoin (DOGE) as payment for the company’s merchandise. DOGE-eligible products in the Tesla store can be purchased by sending DOGE to Tesla’s Dogecoin wallet. While it’s accepting DOGE, the firm also clarified that they are not taking any other crypto. The company states that it cannot detect other assets but DOGE on its website. The business tells customers that “non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser.”Additionally, items purchased with DOGE “cannot be returned, exchanged or canceled.” Tesla considers all sales made through DOGE as final that cannot be exchanged for cash. Tesla merch buyable with Dogecoin— Elon Musk (@elonmusk) January 14, 2022Dogecoin creator Billy Markus instantly replied to the announcement, rallying the Dogecoin community. “Alright Dogecoin community, you know what to do,” Markus tweeted.The community is quick to respond. Some tweeted that they already purchased items using DOGE. Only minutes after the announcement, Twitter user Dogecoin_GER already posted a screenshot of his order online saying “Tesla Tequila on the way to Germany!”Related: Dogecoin creator slams Mozilla for pausing crypto donationsA month ago, Tesla confirmed that they will start accepting DOGE for merch. The announcement resulted in a 25% price increase for the meme coin at the time. Today, just a few hours after implementing DOGE payments, the asset’s price shows an 18.63% gain. Back in December, the billionaire expressed his thoughts about DOGE comparing it to Bitcoin. According to Musk, “even though it was created as a silly joke, Dogecoin is better suited for transactions.” He stated that DOGE is slightly inflationary, and this encourages people to spend it rather than using it as a store of value. Meanwhile, Tesla may not be the only company to start implementing crypto payments this year. A survey conducted by Visa shows that small and mid-sized firms are also set to adopt crypto payments in 2022. 

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Top 5 bullish Bitcoin stories of 2021

In terms of price action, cryptocurrencies like Bitcoin (BTC) and Ether (ETH) are ending 2021 with a whimper, confounding expectations for an end-of-year blow-off top scenario. A six-figure Bitcoin by December became a consensus trade among many analysts, investors and market observers who were expecting the flagship cryptocurrency to replicate its previous four-year cycle. Although Bitcoin is still a long way off from that coveted milestone, exponential markets require a longer-term view. When we zoom out, we see that Bitcoin continues to print higher highs and higher lows on the yearly chart. We also see significant uptake from both retail and institutional investors who now consider crypto to be a legitimate asset class. Bitcoin yearly lows:2012: $42013: $65 2014: $2002015: $185 2016: $3652017: $7802018: $3,2002019: $3,3502020: $3,8002021: $27,734Bitcoin HODLers are the floor. They are the revolutionaries that have preserved and grown Bitcoin.Do you still want to bet against them?— Dan Held (@danheld) March 15, 2021Despite the recent downward price action, 2021 was crypto’s big year. Amid all the positive developments we observed over the past 12 months, five stories, in particular, caught our eye as being the most bullish from a business and adoption perspective. Tesla adds Bitcoin to its balance sheetElon Musk’s Tesla Motors sent shockwaves across the crypto community in February when it revealed that it had allocated a sizable portion of its balance sheet to Bitcoin. The company’s final Form 10-K filing for its 2020 fiscal year showed a $1.5 billion allocation to BTC, which represented roughly 7.7% of its gross cash position at the time. In addition to buying Bitcoin, the company said it was accepting BTC payments for its vehicles, a move that gave crypto whales more reason to splurge on Tesla products. Tesla’s decision not only sent the Bitcoin price soaring but also signaled to other corporations that crypto is a strategic reserve asset. After winning the hearts of crypto loyalists, Musk would later reveal that his company was halting BTC payments over concerns about the cryptocurrency’s energy usage. He also said Tesla sold roughly 10% of its BTC holdings, but only to demonstrate the coin’s liquidity. Although these could be taken as negative developments — the crypto community sure thought so at the time — the billionaire also hinted that his company was closer to accepting Bitcoin payments again. Oh, and he says he never offloaded any of his personal BTC bags.No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.— Elon Musk (@elonmusk) April 26, 2021

El Salvador declares Bitcoin legal tenderThe tiny Central American nation of El Salvador made crypto history in June when it became the first country to declare Bitcoin legal tender. Despite fierce opposition from the likes of the World Bank and International Monetary Fund, El Salvador believes its Bitcoin gambit could help transform its economy by streamlining remittances, promoting financial digitization, and providing consumers with a new vehicle for transactions and savings. El Salvador has issued its own state-backed Bitcoin wallet, dubbed Chivo, and installed hundreds of crypto ATMs across the country to make it easier for locals to begin transacting with BTC. [embedded content]Since implementing the Bitcoin Law, El Salvador has been keenly buying the dips on all BTC major price corrections. After its most recent purchase, on Dec. 21, the country now holds 1,220 BTC on its books worth roughly $60 million at today’s prices.El Salvador’s decision to adopt Bitcoin could have significant ramifications on a region that’s struggling with hyperinflation, fiscal pressures, and economic uncertainty. Although several other Latin American countries are reportedly considering adopting Bitcoin, no other government has followed in El Salvador’s lead yet. Related: Bank of America outlines 4 potential benefits of El Salvador’s Bitcoin strategyCrypto becomes a multi-trillion-dollar asset classWhile cryptocurrencies are known for their volatility, a longer term view shows a steadily increasing market valuation. In 2021, the cryptocurrency market capitalization set multiple milestones, including crossing the $1 trillion value mark for the first time in early January. It took the crypto market roughly four months to double to $2 trillion before briefly surpassing $3 trillion in early November, according to Coingecko data. It took the crypto market roughly four months to double to $2 trillion before briefly surpassing $3 trillion in early November, according to Coingecko data. In 2021, crypto emerged as a multi-trillion-dollar asset class that’s too big to ignore. Source: CoinGeckoCrypto’s emergence as a multi-trillion-dollar asset class means more institutional investors are planning their entry into the market. Existing crypto-focused investment managers have also seen demand for their products surge, with net asset flows into digital asset products exceeding $9.3 billion for 2021, according to CoinShares data. Financial institutions and other corporations are also transacting in crypto at a higher rate, with Europe emerging as the largest crypto economy and Asia also witnessing significant growth, according to blockchain analytics firm Chainalysis.Related: Are institutional investors the key silent partners of crypto?Bitcoin ETFs approvedThe 2017 bull market culminated with the launch of Bitcoin futures contracts by CBOE and CME, which gave institutional investors new ways to gain exposure to the digital asset. Four years later, investors are now able to buy and hold Bitcoin through various exchange-traded funds, or ETFs.In the first quarter, Canada saw the debut of two funds — the Purpose Bitcoin ETF and the Evolve Bitcoin ETF — that provide direct physical exposure to the digital asset. The debuts were a resounding success, with the Purpose Bitcoin fund accumulating over $1.3 billion in assets in less than two months. Fast forward to the end of the year, Fidelity Canada launched a spot Bitcoin ETF that’s expected to bring more investors to the digital asset market. SEMI-SHOCK: Fidelity launching a spot bitcoin ETF in Canada this week. Didn’t know about this. Will easily be the biggest asset manager to date with a bitcoin ETF. pic.twitter.com/H2XJRBY3O6— Eric Balchunas (@EricBalchunas) November 30, 2021

Regulators in the United States have been much less progressive in their approach to digital assets. While the Securities and Exchange Commission refused to greenlight a spot Bitcoin ETF in 2021, regulators did approve two futures-linked Bitcoin products that many in the industry took as an important milestone. The ProShares Bitcoin Strategy ETF became the first U.S.-approved BTC fund in October. Shortly thereafter, the Valkyrie Bitcoin Strategy ETF hit the market. Then, in November, VanEck launched its own Bitcoin Strategy ETF in the United States.[embedded content]Related: Why now? SEC took eight years to authorize a Bitcoin ETF in the USVenture capital arrivesPerhaps the most bullish indicator of all for crypto in 2021 was the tidal wave of venture capital flooding the market. Dozens of crypto unicorns were crowned this year as startup valuations soared above $1 billion.Amber Group, Bitso, Blockchain.com Blockstream, BlockFi, CoinList, CoinSwitch Kuber, ConsenSys, Figure Technologies, Fireblocks, OpenSea, 2TM, and others all joined this exclusive list thanks to highly successful private funding rounds. In the first ten months of 2021, venture capital had funded crypto- and blockchain-focused startups to the tune of $17 billion, more than three times the 2020 amount, according to data from PitchDeck.Related: Unicorns in crypto: A growing herd of billion-dollar crypto companiesThe arrival of venture capital means smart money has identified crypto and blockchain as major growth themes. Of course, if you’re Jack Dorsey, that’s not necessarily a good thing: https://t.co/YaEO5tLlWl— jack⚡️ (@jack) December 21, 2021

Nevertheless, VCs splurging on blockchain startups, regardless of where we are in the market cycle, is a sign that the industry is maturing. It’s also a gentle reminder to all those who survived ICO mania that their initial hunch to invest in crypto was probably correct. After all, you beat Silicon Valley to the punch.

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The 5 weirdest crypto stories of 2021

In 2021, the market cap of cryptocurrencies skyrocketed 286% year over year, uplifting a $2.17 trillion industry into the stratosphere. But, with this vast creation of wealth comes the explosion of peculiar tales throughout the sector. From the suspicious death of multiple crypto-evangelists and crypto scams involving hacked Twitter accounts of heads of states to much-promoted celebrity NFT drops that bombed at the auction, 2021 was truly a wild year for the cryptocurrency cyberspace. Without further ado, let’s look at the top strangest stories that have captivated blockchain enthusiasts this year.No 1. The death of John McAfeeOn June 23, John McAfee, crypto-evangelist and namesake founder of antivirus software company McAfee, was found dead in a Spanish jail cell in an apparent suicide by hanging. The United States, one of the few countries that impose a taxation-by-citizenship regime — that is, Americans are taxed on their worldwide income each year regardless of their country of residence — had been seeking McAfee’s extradition for failing to file his income tax returns from 2014 to 2018 and allegedly not reporting income for his crypto projects. McAfee was arrested in Spain pending U.S. tax evasion charges. Back in 2018, McAfee was allegedly charging as much as $105,000 per Tweet to promote initial coin offerings (ICOs) on social media.In another Tweet two years prior, McAfee stated: “If I suicide myself, I didn’t. I was whacked,” leading to conspiracy theories that the businessman’s death may have resulted from an orchestrated attack. McAfee is remembered for his pioneering ventures in programming, early adoption of Bitcoin (BTC) and his eccentric personality. He famously said that he would “eat [his own] dick on national television” if the price of BTC did not reach $500,000 by 2020. In November, McAfee’s original software development company was acquired by private investors for $14 billion. McAfee is survived by his widow Janice McAfee and his children (of which McAfee claimed to have at least 47).Today would have been John’s 76th birthday. As we continue to wait for news from the courts I wanted to share some of my favourite memories of John. To honor John please share any photos you may have taken of or with him using #JohnMcAfeeDidNotKillHimself & #JusticeForJohnMcAfee. pic.twitter.com/5iEQCTi7zx— Janice McAfee (@theemrsmcafee) September 18, 2021No 2. India‘s prime minister appears to tweet out a BTC scamIndian prime minister Narendra Modi‘s Twitter account was hacked again in December, with scammers claiming that India had adopted BTC as national tender, and 500 BTC are available for immediate distribution to Indian nationals who sign up via a phishing link. The tweet was briefly viewable to the public and Modi‘s 73.4 million followers before it was taken down. The year prior, a cybercrime group known as “John Wick” hacked the prime minister‘s Twitter account and posted messages asking his followers to make crypto donations.Several hypotheses exist as to why Modi became a target of these Bitcoin scam hacks. One possible motive was revenge for the ongoing Bitcoin scandal in India‘s Karnataka state. According to Indian media outlets, Karnataka police and governmental officials allegedly received 12,900 BTC in bribes from hacker Srikrishna Ramesh, who was arrested for hacking three crypto exchanges and other websites in the previous years. When Karnataka chief minister Basavaraj Bommai asked about the issue in a meeting with Modi in November, the prime minister allegedly brushed off the issue. India currently faces a chaotic regulatory environment regarding the state of crypto affairs in the country.Narendra Modi’s deleted Bitcoin Tweet | Source: India Today / TwitterNo 3. ConstitutionDAO‘s “Uno Reverse”Back in November, a group of retail investors formed a decentralized autonomous organization, or DAO, intending to pool money to purchase the last privately-owned first-edition print copy of the United States Constitution at a public auction hosted by Sotheby‘s. Constitution DAO raised $49 million via Ether (ETH) donations from 17,437 participants. On the day of the auction, however, the piece of the constitution was outbid by Ken Griffin, CEO of Citadel, whose firm owned hedge funds that shorted Gamestop shares to the discontent of many retail investors promoting the stock.The ConstitutionDAO disbanded shortly afterward and issued refunds to its stakeholders. While it may be that the “proletariat” investors have nothing to lose but their chains, it‘s clear that the “bourgeois” won‘t allow them to be unshackled so easily.hi frens,we just sent out the final batch of refunds for those who contributed directly to juicebox after the auction. if you contributed post-auction and before our previously messaged cutoff date of 12/6, you should have received your refund by now.https://t.co/g7u2ENSoYE— ConstitutionDAO (, ) (@ConstitutionDAO) December 11, 2021

No 4. Elon, Tesla and BitcoinCryptocurrencies have been on a wild roller coaster ride this year, possibly in part to Tesla‘s CEO Elon Musk. Promoting digital meme currencies such as Dogecoin (DOGE) and aside, Musk‘s indecisive approach when it came to Tesla‘s Bitcoin adoption created and wiped out many fortunes.In March, Musk sent investors into a buying frenzy after announcing that Tesla would accept BTC as payment for consumers to purchase its electric cars. Two months later, the momentum reversed and turned into a full-on market rout after Musk dropped the plans, citing environmental concerns with network mining. Then in October, Tesla said it would reconsider adding BTC as a method of payment. Through all this, however, Musk became more popular as a helmsman, leading retail investors and crypto enthusiasts alike through the storms of capital markets. He was recently elected Person of the Year by Times Magazine.Tesla & Bitcoin pic.twitter.com/YSswJmVZhP— Elon Musk (@elonmusk) May 12, 2021

No 5. The unsold NFTs of Tupac ShakurFor 29 years, former hip-hop journalist Lawrence “Loupy D” Dotson held on to a series of photographs of famed-rapper Tupac Shakur. The photos were taken at the rapper‘s “2Pacalypse Now” debut album release party in 1992 and were announced for public auction in the form of nonfungible tokens, or NFTs, in November of this year. In an interview with Cointelegraph, Loupy D stated: “I also considered photo exhibits, museums, all kinds of ways. With NFTs, it’s not just about the asset itself but the story behind the asset. I knew I needed to get my story out there in the public eye.”The OpenSea auction had notable press coverage beforehand, including from RollingStone and Fortune.com. For a week, the auction continued. However, not a single piece was sold out of the 18 Tupac photo NFTs. In his disappointment, Loupy D took them off the platform and opened them up for private inquiries. But, to be fair, the photographer may have been asking too much, as each NFT piece had a minimum bid of 25 ETH ($100,000). Earlier this year, another artist asked 200 ETH ($1 million at the time) for a photo of Tupac Shakur taken 14 days before his death in a drive-by shooting. That NFT has not sold despite the price dropping down to 10 ETH. Simply asking too much or has Tupac‘s popularity faded? You be the judge. Well, the #tupac #nfts didn’t sell at auction on #opensea, but as they say, #tmc Click link in bio for more information. https://t.co/QvPaMbDawQ pic.twitter.com/p8mc2MRSlc— Loupy D (@loupyd) November 30, 2021

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3 reasons why DeFiChain (DFI) price has gained 60% in December

Decentralized finance (DeFi) offers one of the most widely applicable use-cases for distributed ledger technology and today it is one of the main avenues for the wider adoption of blockchain technology. Last week, as the wider crypto market corrected and Bitcoin (BTC) dropped by 22%, DeFiChain (DFI) bucked the trend and rallied 76% to establish a new high at $5.70 on Dec. 6 as its 24-hour trading volume surged from an average of $3.6 million to $24.3 million.DFI/USDT 4-hour chart. Source: TradingViewThree reasons for the price breakout for DFI include the launch of decentralized assets on the DFI mainnet, a surge in transactions and users on the network and an increase in the total value locked on the protocol. Traders pile into decentralized stocks and cryptocurrenciesThe biggest source of momentum for DFI in recent weeks has been the launch of decentralized assets on the DeFiChain network and staking options for holders.Users of the platform now have access to multiple pools that include large-cap cryptocurrencies like Bitcoin and Ether, as well as synthetic versions of popular stocks and indices, including pairs for Tesla (TSLA), Apple (APPL) and the S&P 500 (SPY). In addition to having exposure to these assets, stakers also benefit from the higher-than-average yields available on the platform.DeFiChain DEX pool pairs. Source: DeFi ScanOther d-asset options available to users include Gold (GLD), Silver (SLV), the ARK Innovation ETF (ARKK) and the iShares 20+ Year Treasury Bond ETF (TLT).Transaction volumes surgeAnother reason for the strong performance seen from DFI has been an increase in transactions on the network following the release of decentralized assets. Daily DeFiChain transaction count. Source: DeFiChain AnalyticsThe surge in network activity is largely the result of the new use cases made possible by the launch of decentralized assets, including the creation of assets, liquidity mining and arbitrage trading. The added features have also helped to attract new users to the DFiChain ecosystem, with the number of unique wallets holding DFI reaching a new record high of 42,555 on Dec. 8.Unique addresses holding DFI. Source: DeFiChain AnalyticsRelated: Nasdaq to provide price feeds for tokenized stock trades on DeFiChainTotal value locked hits a new all-time highDFI has also seen a steady increase in total value locked on the DeFiChain protocol, which is now at an all-time high of $1.83 billion according to data from Defi Llama. Total value locked on DeFiChain. Source: Defi LlamaThe spike in value locked coincides with the launch of decentralized assets on the network and it’s claer that users rushed to deposit funds to gain access to the high yield opportunities available to liquidity providers. Aside from the staking features offered on the DeFiChain DEX, larger DFI holders with at least 20,000 DFI also have the option of locking their DFI tokens up in order to run a masternode on the network and earn rewards in return for helping to verify transactions and secure the blockchain.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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