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The Hong Kong Monetary Authority reported a 0.6% increase in total deposits in July 2024, with notable changes in various deposit categories. (Read More)
The Hong Kong Monetary Authority reports stable total deposits and a slight increase in Hong Kong dollar deposits for June 2024. (Read More)
The Hong Kong Monetary Authority reported a 1.1% increase in total deposits for May 2024, with notable rises in both Hong Kong dollar and foreign currency deposits. (Read More)
Four stablecoins have reduced their supplies this month, while the stablecoin token TrueUSD (TUSD) has seen its supply jump 110% higher over the last 30 days. TUSD resides natively on four different blockchains. The number of Ethereum-based TUSD rose 27%, while the number of Tron-based TUSD stablecoins increased by 218%. TUSD Supply Swells, Tron-Issued Stablecoins [...]
The post Stablecoin Supply Shift: TUSD Jumps 110% While Others Experience Reductions appeared first on Crypto Breaking News.
Despite Bitcoin’s difficulty reaching an all-time high at 46.84 trillion, participants in bitcoin mining have kept the hashrate running stronger than ever before. According to statistics, on March 23, 2023, the hashrate reached a high of 400 exahash per second (EH/s). The 400 exahash equates to 0.4 zettahash or four hundred quintillion hashes per second. [...]
The post Bitcoin Hashrate Reaches 400 Exahash per Second, Researcher Says Network Could Reach Zettahash Era by 2025 appeared first on Crypto Breaking News.
According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market. In the last two weeks since March 11, 7.06 billion USDC and 351.57 million BUSD have been redeemed. [...]
The post Stablecoin Market Sees Fluctuations With Some Coins Gaining and Others Reducing Supply appeared first on Crypto Breaking News.
The UK cryptocurrency market is not only one of the largest in the world, but also the fastest growing. According to data presented by Statista, it is expected to be worth $1.89 billion in 2023, rebounding more than 125% from cyclical lows that the broad digital asset industry recorded last year.
US Remains Crypto Leader, but the UK Grows Faster
Current forecasts project that revenue generated by the US cryptocurrency market will reach $17.36 billion in 2023, making it the largest in the world. In 2023, the industry saw its first-ever decline in revenue, including in the United States, sliding from $12.93 billion in 2021 to $8.63 billion reported in 2022.
However, the end of the cryptocurrency winter, a prolonged decline in the valuations of major digital assets, has meant that miners, investors, and crypto entrepreneurs can again look forward to sizable gains in 2023.
The UK is in second place after the United States, as mentioned in the introduction, with a projected revenue of $1.89 billion and the highest year-on-year (YoY) growth rate among the five largest cryptocurrency economies. Third place goes to Germany with a YoY growth rate of 72% and projected revenue of $1.61 billion, followed by Canada in fourth place (projected revenue of $1.42 billion, which is up 107.5% YoY), and Japan in fifth place (projected revenue of $1.37 billion, which is up 108.7% YoY).
The global cryptocurrency industry's total revenue was $18.52 billion in 2022, after a sharp decline from the record $31.91 billion in 2021. However, the crypto sector is projected to earn nearly $38 billion in 2023 and profit around $65 billion in 2027.
The Dominance of Crypto Is Growing
According to Statista, in 2022, the dominant cryptocurrency exchange globally was Binance, which accounted for 28% of the total market share (12% belonged to Huobi, 9% to Coinbase, and 7% to Kucoin). A number of smaller platforms from different parts of the world held an 18% share.
This information was confirmed by an independent report presented by CryptoCompare in February 2023 on spot market share. According to the data, Binance's dominance was even more significant at 61.8%. The controversy and problems surrounding the BUSD stablecoin have hardly affected the results realized by the trading platforms.
The number of cryptocurrency users has also grown rapidly over the past few years. In 2020, there were 74 million users, 2021, 300 million, 2022, 430 million. And, in 2023, the value is projected to reach 673 million and exceed the one billion milestone in 2027.
The market's continued growth is evidenced by the increase in the amount of money that goes into lobbying activities. According to the Money Mongers report, their value has increased by 922% over the past six years to $25 million. However, in this case, the leader was not Binance but the Coinbase exchange. It spent the most funds on lobbying in 2022, as much as $3.4 million.
It does not change the fact that the industry's rapid growth may be blocked by troubling moves from the US, where regulators and politicians are taking more legislative steps that could adversely affect the digital assets niche. Democrat Senator Elizabeth Warren has stated that she is "building an anti-crypto army." Meanwhile, the CFTC, has sued Binance, claiming that the derivatives offered by the exchange are illegal in the US.
This article was written by Damian Chmiel at www.financemagnates.com.
Over the past week, statistics show non-fungible token (NFT) sales totaled $193.08 million, down 5.44% from the previous week. Ethereum dominated NFT sales with more than $107 million or 55% of all sales, while Solana-centric NFT sales recorded $26.3 million or 13% of sales in the same period. NFT Market Shows Signs of Slowdown With [...]
The post NFT Sales Drop 5.4% to $193M, Ethereum Dominates with $107M in Sales: Weekly Recap appeared first on Crypto Breaking News.
Following the Arbitrum token airdrop, ARB has become a top 40 cryptocurrency as it currently holds the 37th largest market valuation out of more than 23,000 listed digital currencies. Currently, there is a circulating supply of 1,275,000,000 ARB, and the Arbitrum Foundation’s DAO Treasury holds 3.52 million or 35.27% of the airdropped supply. Over the [...]
The post Arbitrum’s Governance Token ARB Ranks Within Top 40 Market Capitalizations Following Airdrop appeared first on Crypto Breaking News.
The Bored Ape Yacht Club (BAYC), a prominent non-fungible token (NFT) collection, has been experiencing a decline in its dominance. In the past 90 days, the minimum value of BAYC NFTs has plummeted from 64 ETH to just above 37 ETH. Furthermore, the floor value of the Cryptopunks NFT collection has been higher than BAYC’s [...]
The post Bored Ape Yacht Club’s Market Reign Crumbles as Rivals Take Center Stage appeared first on Crypto Breaking News.
Digital Asset Service Providers like crypto exchanges around the world have partnered with popular payment providers like Visa Inc. (NYSE:V), Swipe, and MasterCard (NYSE: MA) to issue crypto credit cards and crypto debit cards to allow users to pay for services and products using their crypto holdings. Crypto credit cards function just like traditional credit …
<p>The post Crypto credit cards spending statistics 2023 first appeared on CCNC | Cryptocurrency Newscast.</p>
Singapore, the United States and Japan top the global chart in terms of sovereign debt per capita, according to research based on U.N. data. The burden of government debt for every American is 10 times heavier than that for a Chinese citizen, according to the study. U.S. Ranks Second in the World by Debt per [...]
The post Singapore, US With Highest Public Debt per Capita, China Most Indebted in BRICS: Study appeared first on Crypto Breaking News.
The U.S. Labor Department released the consumer price index (CPI) report on Tuesday. Although inflation increased in February year-over-year, the rise was expected, and the annual inflation rate for all items was 6%. The cooling inflation has eased some concerns, but fears of financial contagion have spread. Market strategists are further anticipating the U.S. central [...]
The post US Inflation Data Eases Concerns; Crypto Economy Jumps 11% Higher While Market Analysts Anticipate Fed’s Next Decision appeared first on Crypto Breaking News.
Twala's digital self-sovereign ID can be used to log in to different apps and websites.
The post Twala Introduces Blockchain-Based Digital Self-Sovereign ID appeared first on BitPinas.
In the past five years, four trillion Korean won worth of fraudulent crypto transactions have been caught in South Korea.
Though a majority are down on their NFT purchases, there are signs which point to a healthy and robust market in the long term.
Out of 172 institutional clients surveyed, leading global investment bank Goldman Sachs found out that 51% of them had crypto exposure. (Read More)
2021 was full of key moments that fuelled cryptocurrency growth, increasing global interest in various crypto assets.
Read Tuesday's breaking news in the daily digest!
A new survey has highlighted the increasing bullish stance of institutional investors in the ecosystem.
(Read More)
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