The native token of the Augur decentralized prediction market which is based on the Ethereum blockchain protocol has risen by more than 35% in only three hours. The token is apparently continuing to increase in both price and volume – at a rapid rate.
According to some analysts, the rise of Augur’s token is because of its post-mainnet launch value. However, the surge seems drastic to many analysts, who said that a rise from 70 BTC to 1,090 BTC usually does not occur without striking events that could lead the value of the token to rise.
Other tokens followed the bullish run. Some of them were Decentraland (MANA) as well as Salt (SALT) which both recorded solid gains in the 13% region, backed by the increase in the daily trading volumes on major exchanges such as UPBit and Binance.
Still, there is one concerning thing about most of these surges.
Apparently, the volume of Bitcoin has dropped by 36% in only 7 days – dropping from $5.5 billion to $3.5 billion. A drop that is more than $2 billion in only a week may be a sign of a short-term downfall.
Ether (ETH) and Tether (USDT) also dropped by a similar margin. When it comes to the reason of the overall drop, many point to the tendency of the crypto investors to hedge the value of their portfolio to the one of the US dollar.
Justin Sun Proves Crypto Is Not A Scam By Hiring A Former SEC Official
“We’re ready to fully embrace regulation here. We’ve just hired our first head of compliance, who previously worked for the SEC for almost eight years.”TRON’s founder wants to make sure that TRON is fully regulated in the United States but also Korea and Japan. He made a point that Blockchain is a like a new operating system and that the worlds need to embrace it and be more optimistic towards regulation. He continued saying:
‘’The SEC, I think also sees the blockchain as good opportunity for innovation in the United States. I’m hoping that this year the SEC will license and regulate coin-based exchanges. This year will be the year of full regulation.’’One of the ways that Sun can make blockchain mainstream is by launching the BitTorrent Token on the Binance Launchapd. BitTorrent is a file sharing protocol that serves 100 million users in more than 130 countries. Sun acquired BitTorrent for $126 million last year. However, former chief strategy officer Simon Morris of BitTorrent said that there is no possible way for the TRON blockchain to be able to handle the transactions conducted on BitTorrent’s network but at the end, he ended up being dismissed as an incompetent employee.
UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."
Do Crypto Executives Still Have Positive Thoughts After The 80% BTC Drop?
UAE And Saudi Arabia Are Working On A New Cryptocurrency
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- Justin Sun Proves Crypto Is Not A Scam By Hiring A Former SEC Official
- UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa
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