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DeFi TVL Soars 72% to $94 Billion This Year: Binance

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2 months ago

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The DeFi space has recorded inflows in the first six months of the year with total value locked (TVL) soaring to $94.1 billion, a 72.8% increase. This growth is seen in almost all sectors of the digital asset market as sentiments continue to soar. The crypto market has notched huge institutional inflows following the approval of spot Bitcoin ETFs. 

DeFi Activity Spikes 

Decentralized finance has seen increased volumes this year as the wider market recorded upticks. A recent market update by cryptocurrency exchange Binance shows rising TVL from $54.4 billion to $94.1 billion. This marks a 72% growth in the last six months.

“This growth has benefited almost all areas in DeFi, including mainstream and niche markets, promoting the emergence of various protocols and providing on-chain access channels for previously inaccessible financial primitives… The Web3 gaming sector had a strong first quarter, but in the second quarter, the market capitalization of game project tokens and other altcoin markets fell sharply.”

The wider market rallied to a $2.27 trillion market cap, a year-to-date (YTD) growth of 37%. In Q1 2024, the market cap was over $2.5 trillion soaring 60% from 2023 after renewed interest from investors. Per the report, the last six months have been an airdrop season in layer 2 chains. Particularly, incentivized programs raised the TVL to $43 billion marking a 90% growth. 

Stablecoins also saw a similar trajectory staying 14% shy of its 2022 peak before the collapse of Terra. However non-fungible tokens (NFTs) remain volatile as sales plunged.

Also Read: Mt Gox Set For Large Bitcoin Repayment Ahead of Ethereum ETF Launch 

Institutional Investors Ignite Growth 

The activities of centralized market players in the crypto market have increased prices and activity in crypto assets and DeFi respectively. The approval of spot Bitcoin ETFs by the United States SEC created a new investment window for traditional players to increase their exposure to Bitcoin. 

As a result of billions poured in and anticipated bullish upticks, BTC price hit an all-time high above $73,000 before recording a correction. At the moment, Bitcoin trades at $67,235, moving up 6.5% in the last seven days.

Also Read: Shytoshi Kusama Spotlights Shiba Inu’s TREAT Token Blunder 

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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Will These Satoshi-Era Dormant Wallets Impact Bitcoin Next Rally?

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1 hour ago

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September 20, 2024

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Data from crypto monitoring services reveals that five Satoshi-Era wallets, inactive since 2009, have transferred a total of 250 Bitcoin, valued at approximately $15.9 million. Each wallet had originally accumulated 50 BTC as block rewards, a common practice in the early days of Bitcoin when mining difficulty was significantly lower. The reactivation of these wallets has raised questions about their impact on current market dynamics.

2009 Bitcoin Wallets Active Again: Market Ripple or Surge?

Recent activity in long-dormant Bitcoin wallets has captured the attention of the cryptocurrency community. Whale Alert and other blockchain analysis tools have reported that a group of five wallets, each containing funds mined in the early days of Bitcoin, have become active after more than a decade of inactivity. 

These wallets, holding 250 BTC collectively, transferred these funds in a series of transactions within just an hour. Each wallet received 50 BTC as mining rewards per block back in 2009, showcasing the foundational days of Bitcoin’s blockchain technology.

Additionally, this month has seen multiple instances of dormant BTC wallets becoming active. Notably, one wallet containing 43 BTC, worth over $2.5 million at the time, activated after nearly 11 years. Last week, four additional wallets were activated, with one containing BTC valued at $10.5 million during the activation, highlighting a trend of reawakening among Satoshi-era assets.

The sudden movement of these BTC whales has prompted speculation about the owners’ identities and their reasons for activating now. This event coincides with a significant surge in BTC price, which briefly topped $64,000, its highest mark since late August. 

There is no direct evidence linking the activation of these wallets to the recent cryptocurrency price increase. However, past patterns suggest that movements from historic wallets can influence market perceptions and investor behavior due to the large amounts of BTC involved.

Chart analyst Ali has noted that Bitcoin is once again testing the 200-day SMA, a critical technical indicator often associated with determining long-term market trends. Ali notes that historical patterns show that failing to reclaim this level has previously led to significant corrections in Bitcoin price, as observed in 2020, 2018, and 2014. 

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Ali advises investors to monitor this technical threshold closely. A successful breach above the 200-day SMA might solidify a bullish outlook for Bitcoin. He however warns that a rejection at this level could signal trouble for BTC Price.

The activation of these Satoshi-era wallets might play a role in either boosting the bullish sentiment or triggering cautious pullbacks among investors.

At press time, Bitcoin price is trading at $63,379.74, marking a 9.20% increase over the past seven days. The cryptocurrency’s trading volume has also surged, reaching $41.87 billion in the last 24 hours.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bank of Japan Keeps Interest Rates Unchanged, Bitcoin and Altcoin Rally Ahead?

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5 hours ago

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September 20, 2024

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In a major macro development, the Bank of Japan (BOJ) has decided to keep interest rates unchanged at 0.25%. The development sent the Nikkei index soaring by 2.10% and 700 points today itself. As the fears of the further unwinding of the Yen carry trade subside, Bitcoin and altcoins have also been showing strength with further upside.

Bank of Japan on Future Rate Hikes

In the latest policy update, the Japanese central bank has revised its assessment of consumption. Thus, it showed confidence in a solid economic recovery that would allow the central bank to raise interest rates again in the coming months.

“Private consumption has been on a moderate increasing trend despite the impact of price rises and other factors,” the BOJ said in a statement.

The markets are keeping a close watch on how Governor Kazuo Ueda plans to roll out future BOJ rate hikes amid global economic uncertainty. Moreover, the unprecedented rate hikes this year by the Bank of Japan have exacerbated the fears of Yen carry trade unwinding and the rising Japanese Yen. The Japanese central bank ended the negative interest rates earlier in March, shifting away from its decade-long stimulus program to boost inflation.

In the last month of August, the core consumer inflation hit 2.8% rising for the fourth consecutive month. If inflation remains on track to hit its 2% target, the BOJ will continue with its rate hike said Ueda. The recent Reuters report suggests that a majority of economists expect the BOJ to raise interest rates in December.

Courtesy: Reuters

Bitcoin and Altcoin Rally Ahead?

With the Bank of Japan holding interest rates steady, risk-ON assets like cryptocurrencies are enjoying the upside. The Bitcoin price surged by 3% moving further closer to $64,000. On the other hand, altcoins led by Ethereum have registered gains anywhere between 4-10%.

Bitcoin has been showing strength following the Fed rate cuts earlier this week, for the first time in nearly four years. Interestingly, per the data from Sanitment, this strong recovery has come without any high FOMO. This shows that the Bitcoin and altcoin market recovery is healthy and can continue going further.

Courtesy: Santiment

On the technical chart, the Ethereum price is also showing signs of recovery with the recent jump. Despite the Vitalik Buterin address moving ETH recently, the below chart shows a strong recovery with the potential to rally to $5,000.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Texas Court Dismisses Consensys Suit Against SEC on Procedural Basis

Published

11 hours ago

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September 20, 2024

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The United States District Court for the Northern District of Texas dismissed Consensys Software Inc.‘s case against the Securities and Exchange Commission. This was after a long legal battle to determine the status of Ethereum and other similar software products.

Texas Court Ends Consensys Suit Against SEC

The U.S. District Court in Fort Worth has thrown out the allegations made by Consensys against the Securities and Exchange Commission in a recent legal move. The court, presided over by Judge Reed O’Connor, ruled on procedural grounds. The judge determined the claims concerning Ethereum classification and the regulatory approach to MetaMask were not ripe for judicial review. This decision effectively puts an end to the current litigation initiated by Consensys in April of this year.

The dismissal focused particularly on the lack of final agency action from the SEC, which the court noted was a requisite for a substantial legal challenge. This procedural dismissal indicates that despite the issues raised, the court decided not to proceed with evaluating the merits of the case.

Initially, Consensys challenged the SEC’s classification of Ethereum and its derivatives as securities. The complaint highlighted concerns over the SEC’s focus on MetaMask, a software service provided by Consensys that facilitates crypto transactions and staking. 

Despite an earlier notification in June about the SEC dropping its investigation into Ethereum, the broader implications of this regulatory scrutiny remained a contentious issue.

Subsequent to the initial lawsuit, the SEC initiated a separate enforcement action in June, accusing Consensys of operating its MetaMask swaps service without proper registration. 

In addition, according to Judge O’Connor, this case lacked the necessary finality from the Securities and Exchange Commission side to be considered ready for court adjudication.

Reactions and Future Regulatory Steps

The court’s decision to dismiss on procedural grounds does not conclude the legal issues surrounding the regulation of Ethereum and other blockchain technologies. 

More so, Consensys has expressed its intention to continue advocating for blockchain developers and to challenge the SEC’s actions in other jurisdictions, indicating that the struggle over crypto regulation in the U.S. is far from over. The case’s dismissal in Texas does not preclude the blockchain company from pursuing other legal avenues to address their grievances.

In addition, most recently, a US Bankruptcy judge Brendan Shannon approved Terraform Labs plan to liquidate its assets following an ongoing SEC lawsuit.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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