Rune Christensen, one of the founders of Maker, the decentralized autonomous organization behind the governance of stablecoin DAI, has spoken out against two competitors. He stated that UST, Terra’s dollar-pegged stablecoin, and MIM, another collateralized stablecoin, were “solid ponzis” and that the bear market would eventually lead their prices to zero.
American fintech giant PayPal Holdings has reportedly confirmed its intent to launch its own stablecoin named PayPal Coin. The development of an in-house stablecoin was first discovered in the source code of Paypal’s iPhone app by developer Steve Moser.
Bitcoin price descends below the $41,000-mark last week. The fall is reported to be its lowest level since Sept. 29, 2021, according to the reports by Coin Metrics. Hawkish’s comments from the Federal Reserve this week enkindled a reimbursement in global stock markets which surged into cryptocurrencies. Kazakhstan – 2nd largest bitcoin mining hub in the world, witnessed internet shutdown. This also weighed on crypto prices.
Several customers of the Hong Kong-based cryptocurrency exchange Coinsuper reportedly complained they could not withdraw funds from the platform. At least seven of them have contacted the police regarding the issue.
Crypto markets continue to show bearish momentum looking for new support. Metaverse crypto coins are struggling today, but some show significant price gains.
U.K. police have revealed how much cryptocurrency they have seized in the past five years in response to Freedom of Information requests. The London Metropolitan Police seized more bitcoins than other police boroughs.
From the global economy slowly starting to come back to life, only for it to shut down once again in the wake of Omicron rearing its ugly head in 2021, the year has had crypto investors all over the globe on the edge of their seats.
Stablecoins have emerged as a foundational part of the cryptocurrency ecosystem over the past couple of years due to their ability to provide crypto traders with an offramp during times of volatility and their widespread integration with decentralized finance (DeFi). These are necessary for the health of the ecosystem as a whole.