The Block Research: Metaverse market sinks, as platform sales are down 96% in 2022
Monthly sales on metaverse platforms have fallen 96% in 2022, The Block’s new report revealed. The Sandbox reclaimed its market dominance among metaverse platforms, while Decentraland finished the year with the most valued metaverse land parcels.
According to The Block Research’s 2023 Digital Asset Outlook report, Metaverse platforms brought in $49.2 million in monthly trading…
https://cryptoinsight.ae/the-block-research-metaverse-market-sinks-as-platform-sales-are-down-96-in-2022/
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Monthly sales on metaverse platforms have fallen 96% in 2022, The Block’s new report revealed. The Sandbox reclaimed its market dominance among metaverse platforms, while Decentraland finished the year with the most valued metaverse land parcels.
According to The Block Research’s 2023 Digital Asset Outlook report, Metaverse platforms brought in $49.2 million in monthly trading…
https://cryptoinsight.ae/the-block-research-metaverse-market-sinks-as-platform-sales-are-down-96-in-2022/
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"The Voice of Conscience" shamed Ethereum
Something very unusual has happened. It was as if a voice came from the past that criticized one of the most popular cryptocurrencies for departing from the basic principles that Satoshi Nakamoto put into the foundation of blockchain-based money many years ago.
There is a very popular peer-to-peer cryptocurrency trading platform in Africa, Paxful. And now, rather unexpectedly, its founder and CEO Ray Youssef announced that Ethereum (ETH), the second most capitalized cryptocurrency in the world, is being removed from the site. And the reason for the removal turned out to be ideological: as Youssef stated, after switching to the Proof-of-Stake consensus algorithm, ETH is controlled by a few people and has essentially become a digital analogue of fiat money.
"Proof-of-Work is the innovation that makes Bitcoin the only honest money, while Proof-of-Stake has made ETH essentially a digital form of fiat, - the Paxful founder wrote. - We have finally removed Ethereum from our trading floor. 11.6 million people will be safe. Integrity trumps revenue. Who's next?"
Responding to questions from users on Twitter, Youssef said that Paxful will continue to offer Tether (USDT) and USD Coin (USDC) stablecoins trading, but he's not too enthusiastic about it. Neither is he excited about any of the other projects on the Ethereum blockchain.
Ray Youssef rejects the very path of Ethereum's evolution. In his opinion, everything goes to the fact that if things go on like that, soon users will need to get permission even for the simplest transactions. And that permission will be given by a small group of very rich people who control the ecosystem. There is a complete disregard for the principles laid down by the creators of digital money.
However, among the reasons for rejecting the largest altcoin, the founder of Paxful also mentioned the problem of the prevalence of fraud among the numerous tokens created on the Ethereum blockchain.
It is hard to say what made the head of a successful commercial cryptocurrency project to cut a very profitable line of business out of his business with one decision. It looks illogical, but you have to understand: the perception in the "third world" is different from the perception of businessmen in developed countries. The principles associated with equality of opportunity and democracy are perceived very differently in poor countries, and not always the purely momentary benefit is in the first place.
However, there is another version: Ray Youssef believes that the SEC American regulator will outlaw Ethereum in the United States very soon. Or seriously restrict it. There is reason for such suspicions: the SEC management does indeed often refer to Ethereum as chief among the digital assets that should actually be regulated under the equities law.
Website | Twitter | LinkedIn | Telegram
Something very unusual has happened. It was as if a voice came from the past that criticized one of the most popular cryptocurrencies for departing from the basic principles that Satoshi Nakamoto put into the foundation of blockchain-based money many years ago.
There is a very popular peer-to-peer cryptocurrency trading platform in Africa, Paxful. And now, rather unexpectedly, its founder and CEO Ray Youssef announced that Ethereum (ETH), the second most capitalized cryptocurrency in the world, is being removed from the site. And the reason for the removal turned out to be ideological: as Youssef stated, after switching to the Proof-of-Stake consensus algorithm, ETH is controlled by a few people and has essentially become a digital analogue of fiat money.
"Proof-of-Work is the innovation that makes Bitcoin the only honest money, while Proof-of-Stake has made ETH essentially a digital form of fiat, - the Paxful founder wrote. - We have finally removed Ethereum from our trading floor. 11.6 million people will be safe. Integrity trumps revenue. Who's next?"
Responding to questions from users on Twitter, Youssef said that Paxful will continue to offer Tether (USDT) and USD Coin (USDC) stablecoins trading, but he's not too enthusiastic about it. Neither is he excited about any of the other projects on the Ethereum blockchain.
Ray Youssef rejects the very path of Ethereum's evolution. In his opinion, everything goes to the fact that if things go on like that, soon users will need to get permission even for the simplest transactions. And that permission will be given by a small group of very rich people who control the ecosystem. There is a complete disregard for the principles laid down by the creators of digital money.
However, among the reasons for rejecting the largest altcoin, the founder of Paxful also mentioned the problem of the prevalence of fraud among the numerous tokens created on the Ethereum blockchain.
It is hard to say what made the head of a successful commercial cryptocurrency project to cut a very profitable line of business out of his business with one decision. It looks illogical, but you have to understand: the perception in the "third world" is different from the perception of businessmen in developed countries. The principles associated with equality of opportunity and democracy are perceived very differently in poor countries, and not always the purely momentary benefit is in the first place.
However, there is another version: Ray Youssef believes that the SEC American regulator will outlaw Ethereum in the United States very soon. Or seriously restrict it. There is reason for such suspicions: the SEC management does indeed often refer to Ethereum as chief among the digital assets that should actually be regulated under the equities law.
Website | Twitter | LinkedIn | Telegram
👨💻 According to the analytics app LunarCrush: The cryptocurrency investor activity index remains high. Investors are still enthusiastic about crypto despite the crash in the markets.
📊 The market usually bottoms when investor enthusiasm falls, which is not the case right now.
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📊 The market usually bottoms when investor enthusiasm falls, which is not the case right now.
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Summary of the day: December 22
😟 Former FTX and Alameda Research executives have agreed to federal fraud charges. Caroline Ellison pleaded guilty to 7 counts, and Gary Wang agreed to 4 counts. The maximum sentences for them could be 110 and 50 years in prison, respectively.
🛅 SEC has defined an FTT token as a security. This is indicated in the complaint the regulator filed against Alameda's Caroline Allison and FTX's Gary Wang. The SEC added that FTX team members were allocated a large number of exchange tokens.
🏟 Cryptocurrency exchange Huobi announced a partnership with Visa, in which the parties will issue a bank card to pay for purchases in cryptocurrencies. At the initial stage, the new card will be available only in the European market.
⤵️ A sad summary of the past year: 10 coins from the Top 100 cryptocurrencies that lost more than 98% of their price. It looks like a list of the most promising projects of early 2022.
🇨🇳 The Zhejiang Provincial Government announced that it intends to make the region one of the largest centers for the creation of meta-universes in China. To this end, the authorities are going to allocate a budget of $28.7 billion.
👨💻 According to the analytics app LunarCrush: The cryptocurrency investor activity index remains high. Investors are still enthusiastic about crypto despite the crash in the markets. The market usually bottoms when investor enthusiasm falls, which is not the case right now.
📈 According to CoinMetrics, since the beginning of the year, payments in stablecoins will amount to about $8 trillion by the end of the year. For comparison, the largest payment network Visa processes about $12 trillion annually.
📟 The number of addresses with a balance of 10 BTC or more reached 154,941, a new historic high. Previously, the number of such owners decreased from October 2021 to March 2022, which roughly corresponded to the record values of the price of BTC.
Website | Twitter | LinkedIn | Telegram
😟 Former FTX and Alameda Research executives have agreed to federal fraud charges. Caroline Ellison pleaded guilty to 7 counts, and Gary Wang agreed to 4 counts. The maximum sentences for them could be 110 and 50 years in prison, respectively.
🛅 SEC has defined an FTT token as a security. This is indicated in the complaint the regulator filed against Alameda's Caroline Allison and FTX's Gary Wang. The SEC added that FTX team members were allocated a large number of exchange tokens.
🏟 Cryptocurrency exchange Huobi announced a partnership with Visa, in which the parties will issue a bank card to pay for purchases in cryptocurrencies. At the initial stage, the new card will be available only in the European market.
⤵️ A sad summary of the past year: 10 coins from the Top 100 cryptocurrencies that lost more than 98% of their price. It looks like a list of the most promising projects of early 2022.
🇨🇳 The Zhejiang Provincial Government announced that it intends to make the region one of the largest centers for the creation of meta-universes in China. To this end, the authorities are going to allocate a budget of $28.7 billion.
👨💻 According to the analytics app LunarCrush: The cryptocurrency investor activity index remains high. Investors are still enthusiastic about crypto despite the crash in the markets. The market usually bottoms when investor enthusiasm falls, which is not the case right now.
📈 According to CoinMetrics, since the beginning of the year, payments in stablecoins will amount to about $8 trillion by the end of the year. For comparison, the largest payment network Visa processes about $12 trillion annually.
📟 The number of addresses with a balance of 10 BTC or more reached 154,941, a new historic high. Previously, the number of such owners decreased from October 2021 to March 2022, which roughly corresponded to the record values of the price of BTC.
Website | Twitter | LinkedIn | Telegram
Hello there!
Day started from:
The global cryptocurrency market cap today is $846 Billion, a 0.3% change in the last 24 hours
Bitcoin ~ $16,817.90 (0.0%)
Ethereum ~ $1,220.49 (0.8%)
Solana ~ $11.89 (-1.5%)
Polkadot ~ $4.51 (1.3%)
Flow ~ $0.761316 (-0.5%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
Day started from:
The global cryptocurrency market cap today is $846 Billion, a 0.3% change in the last 24 hours
Bitcoin ~ $16,817.90 (0.0%)
Ethereum ~ $1,220.49 (0.8%)
Solana ~ $11.89 (-1.5%)
Polkadot ~ $4.51 (1.3%)
Flow ~ $0.761316 (-0.5%)
Follow and subscribe - @GulfCryptoInsight
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Stablecoin on-chain settlement may surpass Visa next year
Amid a massive downturn in the crypto market, stablecoin usage and adoption are still increasing. Stablecoin settlement reached $8 trillion in 2022, rivaling Visa with $12 trillion.
According to CoinMetrics, the total value settled by them in 2021 was just over $6 trillion. In 2022, the value settled could top $8 trillion.
Peter Johnson, co-head…
https://cryptoinsight.ae/stablecoin-on-chain-settlement-may-surpass-visa-next-year/
Website | Twitter | LinkedIn | Telegram
Amid a massive downturn in the crypto market, stablecoin usage and adoption are still increasing. Stablecoin settlement reached $8 trillion in 2022, rivaling Visa with $12 trillion.
According to CoinMetrics, the total value settled by them in 2021 was just over $6 trillion. In 2022, the value settled could top $8 trillion.
Peter Johnson, co-head…
https://cryptoinsight.ae/stablecoin-on-chain-settlement-may-surpass-visa-next-year/
Website | Twitter | LinkedIn | Telegram
Will 2023 be the "Year of Stablecoin"?
CoinMetrics estimates that acceptance of stablecoins will skyrocket in 2022. They estimate that in 2021, total transactions in stablecoins totaled just over $6 trillion, and by the end of 2022, settlements in these assets could reach $9 trillion.
Brevan Howard Digital co-CEO Peter Johnson compared stablecoin transactions to leading credit card payments. "The current run-rate is approaching ~$9 trillion per year. This is significantly higher than Mastercard (~$2.2 trillion), Amex (~$1 trillion) and Discover (<$200 billion). In 2023, stablecoin payment volumes will surpass Visa, the largest payment network, which processes about $12 trillion a year," he believes. He also clarified that these volumes of stablecoins in the network do not include trading on centralized exchanges, which also account for a significant share.
Stablecoins currently represent about 16.5% of the capitalization of all cryptocurrencies, which is about $140 billion. The largest of these remains Tether USDT with a market supply of $66.3 billion worth of coins, followed by USDC Circle ($44.3 billion).
If we remember what shocks the cryptocurrency market experienced during 2022, we can assume that in 2023, stablecoins will be the subject of a kind of unofficial agreement between the cryptocurrency community and financial authorities of different countries. The essence of this compromise is that the authorities postpone legalization of "classic" cryptocurrencies indefinitely, but agree on the necessity and usefulness of stablecoins. They do not prevent their distribution and use, but they put it in a rather clearly delineated legislative framework. And necessarily - with a link to the existing and regulated banking system.
Most likely, this will be the case - in the United States, for example, the authorities have long complained that the development of stablecoins takes place in a situation where there is no regulatory framework. The way out of this situation has already been outlined. Republican Senator Pat Toomey introduced a bill to regulate stablecoins to his colleagues before he retired. If the senators support it, the law could come into force as early as 2023. The law would be revolutionary: It would allow fully official use of digital currencies with fiat backing as a means of payment.
Toomey serves on the Senate Banking Committee. He recently said that stablecoins are a technological breakthrough that would modernize the state's financial infrastructure. If the bill is passed and enacted, U.S. steblecoin issuers would be able to obtain a federal license from the Office of the Comptroller of the Currency (OCC) and issue tokens backed by U.S. currency.
In addition, each stablecoin issuer will be required to provide information on the availability of the necessary reserves and their liquidity within a time frame set by the authorities. The audit will be carried out by authorized companies. But - crucially - stablecoins will not be subject to securities laws. (Hello, SEC!).
If all of the above happens, it is likely that the U.S. legislation on stablecoins will become a "model" for other developed countries. And it cannot even be ruled out that some CBDC projects will be postponed in favor of the use of state-regulated stablecoins.
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CoinMetrics estimates that acceptance of stablecoins will skyrocket in 2022. They estimate that in 2021, total transactions in stablecoins totaled just over $6 trillion, and by the end of 2022, settlements in these assets could reach $9 trillion.
Brevan Howard Digital co-CEO Peter Johnson compared stablecoin transactions to leading credit card payments. "The current run-rate is approaching ~$9 trillion per year. This is significantly higher than Mastercard (~$2.2 trillion), Amex (~$1 trillion) and Discover (<$200 billion). In 2023, stablecoin payment volumes will surpass Visa, the largest payment network, which processes about $12 trillion a year," he believes. He also clarified that these volumes of stablecoins in the network do not include trading on centralized exchanges, which also account for a significant share.
Stablecoins currently represent about 16.5% of the capitalization of all cryptocurrencies, which is about $140 billion. The largest of these remains Tether USDT with a market supply of $66.3 billion worth of coins, followed by USDC Circle ($44.3 billion).
If we remember what shocks the cryptocurrency market experienced during 2022, we can assume that in 2023, stablecoins will be the subject of a kind of unofficial agreement between the cryptocurrency community and financial authorities of different countries. The essence of this compromise is that the authorities postpone legalization of "classic" cryptocurrencies indefinitely, but agree on the necessity and usefulness of stablecoins. They do not prevent their distribution and use, but they put it in a rather clearly delineated legislative framework. And necessarily - with a link to the existing and regulated banking system.
Most likely, this will be the case - in the United States, for example, the authorities have long complained that the development of stablecoins takes place in a situation where there is no regulatory framework. The way out of this situation has already been outlined. Republican Senator Pat Toomey introduced a bill to regulate stablecoins to his colleagues before he retired. If the senators support it, the law could come into force as early as 2023. The law would be revolutionary: It would allow fully official use of digital currencies with fiat backing as a means of payment.
Toomey serves on the Senate Banking Committee. He recently said that stablecoins are a technological breakthrough that would modernize the state's financial infrastructure. If the bill is passed and enacted, U.S. steblecoin issuers would be able to obtain a federal license from the Office of the Comptroller of the Currency (OCC) and issue tokens backed by U.S. currency.
In addition, each stablecoin issuer will be required to provide information on the availability of the necessary reserves and their liquidity within a time frame set by the authorities. The audit will be carried out by authorized companies. But - crucially - stablecoins will not be subject to securities laws. (Hello, SEC!).
If all of the above happens, it is likely that the U.S. legislation on stablecoins will become a "model" for other developed countries. And it cannot even be ruled out that some CBDC projects will be postponed in favor of the use of state-regulated stablecoins.
Website | Twitter | LinkedIn | Telegram
🥇 Ethereum is still leading the NFT market with a huge gap. According to CryptoSlam, NFT trading volume for 30 days on Ethereum was more than $400 million.
🥈 In second place is NFT activity on the Solana network: there the trading volume for 30 days exceeded $50 million.
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🥈 In second place is NFT activity on the Solana network: there the trading volume for 30 days exceeded $50 million.
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🇷🇺 Anatoly Aksakov, chairman of the Committee on Financial Market of the Russian Parliament, said that the legal basis for the use of cryptocurrencies for foreign trade will be created in January.
🚚 Cryptocurrency can be used to pay for goods imported through parallel imports.
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🚚 Cryptocurrency can be used to pay for goods imported through parallel imports.
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💰 It has been reported online that Binance is in talks with potential investors, including Warren Buffett's Berkshire Hathaway, which should provide support and credibility to the exchange. On the other hand, Warren Buffett and Charles Munger are longtime opponents of crypto.
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Website | Twitter | LinkedIn | Telegram