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Terra USDT has surpassed Binance USD to become the third-largest stablecoin.UST’s total market value increased by 15% in...
04/18/2022

Terra USDT has surpassed Binance USD to become the third-largest stablecoin.
UST’s total market value increased by 15% in the last 30 days.
Despite the market value, UST trade is lower compared to Binance’s stablecoin.
Terra USD (UST), the algorithmic stablecoin on the Terra (LUNA) blockchain, has surpassed Binance USD (BUSD) to become the market’s third-largest stablecoin.

According to CoinGecko, the market value of Terra’s stablecoin UST reached $17.5 billion on April 18, surpassing BUSD’s $17.4 billion, becoming the third-largest stablecoin after USDT and USDC. But UST’s trading volume is very low, only 1/5 of BUSD.
— Wu Blockchain () April 18, 2022

UST is a USD-based stablecoin that was introduced in September 2020. The minting process needs a user to burn a reserve asset such as LUNA in order to mint an equivalent amount of UST.

According to Coingecko, UST’s total market value has increased by 15% in the last 30 days to hit around $17.5 billion. UST is now the third most valuable stablecoin in terms of market value, having beaten BUSD’s $17.46 billion market value.

The asset trails only Tether (USDT), an industry titan, at $82.8 billion, and USD Coin at $50 billion, although the difference is enormous at this time.

UST has been on a rampant surge since mid-November, with the market capitalization growing exponentially since then.

Despite outperforming BUSD in terms of market value, UST is trading at a far lower volume, with Binance‘s stablecoin witnessing $2.26 billion in trading activity over the last 24 hours compared to UST’s $431.79 million.

Terra recently made news, owing in part to Do Kwon, the project’s co-founder, who recently pledged that the initiative would amass an astounding $10 billion in Bitcoin (BTC) to back its UST reserves.

Similar Terraform Labs provides $880 million to the Luna Foundation Guard. Bullish statements, like the rest of the crypto market, aren’t helping LUNA’s price rise.

The token’s price has dropped 12.4% in the last 30 days to $77.31, and it has also dropped 34.4 percent from its all-time high of $119.18 on April 5.

Privacy-focused cryptocurrency Monero (XMR) rallied by nearly 9.5% in the past week compared with the crypto market’s de...
04/11/2022

Privacy-focused cryptocurrency Monero (XMR) rallied by nearly 9.5% in the past week compared with the crypto market’s decline of 8.5% in the same period. The XMR/United States dollar pair has broken above a strong multi-month resistance trendline, hinting at more upside ahead.

XMR’s price was down by a modest 0.87% on April 10 from its two-month-high of $245 established a day before. However, the cryptocurrency still outperformed its top rivals including Bitcoin (BTC) and Ether (ETH) on a weekly timeframe.

XMR market cap since February. Source: CoinMarketCap
XMR/USD weekly price chart featuring 'bull flag' breakout. Source: TradingView
XMR/USD daily price chart featuring cup-and-handle pattern. Source: Don Yakka/TradingView

Ark Invest has dumped all of its holdings of PayPal (NASDAQ:PYPL) and is taking a long-term bullish stance on Cash App’s...
04/11/2022

Ark Invest has dumped all of its holdings of PayPal (NASDAQ:PYPL) and is taking a long-term bullish stance on Cash App’s payment system.
The founder of Ark Invest, Cathie Wood, explained the reasoning behind the firm’s decision to dump its PayPal holdings at the recent Bitcoin 2022 Conference in Miami.
Wood continued that her firm’s strong belief in Cash App stems from what she perceives to be the organically-driven growth in users.
Cathie Wood, founder of cryptocurrency investment company Ark Invest, has dumped all of the firm’s holdings of PayPal and has expressed longer term confidence in the growth of Cash App’s payment system, which is integrated with the Bitcoin Lightning Network.

Wood explained the reason behind the firm’s decision to dump its PayPal holdings at the recent Bitcoin 2022 Conference in Miami, which ended on April 9.

Wood said in an interview with CNBC on April 8 that the decision to drop PayPal for Cash App was because of the latter’s comprehensive approach towards integrating with digital assets. She said that even though Venmo has also started to accommodate Bitcoin (BTC), it is still following after Cash App.

Wood said: “We tend to put our bets with who we believe will be the winners… As we consolidated our portfolios during a risk-off period, we chose Block over PayPal.”

Wood continued that her firm’s strong belief in Cash App stems from what she perceives to be the organically-driven growth in users. This is different to Cash App’s competitor, Venmo, who adopts “more of a top-down approach.”

In general, Wood feels that the cryptocurrency market’s growth has been driven mainly by retail investors up until this point, stating: “I don’t think most institutional investors are positioned the way they ultimately will be. Retail has really led the charge here.”

Following Ark Invest taking a bullish stance on Cash App, its Bitcoin product lead, Miles Suter, announced on April 7 that American users would be able to automatically invest a portion of their paychecks into Bitcoin.

Kraken – one of the largest United States-based cryptocurrency exchanges – closes its headquarters in San Francisco.Krak...
04/11/2022

Kraken – one of the largest United States-based cryptocurrency exchanges – closes its headquarters in San Francisco.
Kraken’s CEO retweeted an announcement stating that the exchange will close its headquarters located in the center of San Francisco, at 548 Market Street.
The statement by the exchange’s CEO also alleges that “San Francisco is not safe”, with crime “dramatically underreported.”
Kraken, which is one of the largest United States-based cryptocurrency exchanges, closes its headquarters in San Francisco.

Jesse Powell, Kraken’s CEO, retweeted an announcement stating that the exchange will close its headquarters located in the center of San Francisco, at 548 Market Street. The statement is a copy of a tweet originally made by San Francisco-based political commentator, Richie Greenberg.

Powell stated:

We shut down Kraken’s global headquarters on Market Street in San Francisco after numerous employees were attacked, harassed, and robbed on their way to and from the office.
The statement by the exchange’s CEO also alleges that “San Francisco is not safe”, with crime “dramatically underreported.”

Kraken is not the only U.S.-based cryptocurrency exchange that will shut down its global headquarters in San Francisco as Coinbase (NASDAQ:COIN) will also close its San Francisco headquarters in 2022. However, Coinbase has not mentioned crime or homelessness as a reason for the closing down of its San Francisco-based headquarters.

The Twitter (NYSE:TWTR) community was quick to deliver commentary on the news that Kraken’s headquarters will be leaving San Francisco and shared some dark anecdotes of working in the city.

The living situation in San Francisco has reached the point that there are now mobile applications that track human waste around San Francisco. These apps help citizens navigate the city without risking stepping on human waste.

The Twitter and Reddit community also shed light on the soaring rental prices in San Francisco causing a rise in homelessness. The average rent now in San Francisco is $3,000 per month, and it has been reported by the San Francisco Chronicle that there are approximately 18,000 people experiencing homelessness in the city

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