We have already covered the growth of Maker (MKR), the Ethereum-based token which dominates this month’s green trend and is with a 37% gain so far in February as the latest digital currency news show.
Ranked 16th right now, 1 MKR was valued at 4.6 ETH a couple of days ago which was the highest level since October 8th. MKR was last valued at 4.37 ETH and the pullback is associated with profit-taking following a jump to 129-day highs.
For those of you who don’t know, MakerDAO is a smart contract platform on the Ethereum blockchain which backs the value of DAI (DAI) which is its native stablecoin that is backed by Ether and is soft-pegged to 1 USD through a system of Collateralized Debt Positions (CDP). The loan payment system uses Ethereum’s ether (ETH) token as collateral, necessary for the governance of DAI throughout the Maker ecosystem.
Even though MKR is now down 5.39% from the peak, it is still with a rise over the month and just a sign that there is a bearish action out there.
Meanwhile, Maker tokens are created or destroyed based on certain price fluctuations of the DAI coin in order to keep it as close to $1 USD as possible.
Tech Giant Kakao May Introduce Millions Of People To Crypto
Cryptopia Exchange Resumes Its Trading On 40 Crypto Pairs
XLM Jumps By 11% After Banks Got Interested In IBM’s Stellar Blockchain Opportunity
Digitec Galaxus Group From Switzerland Officially Accepts Crypto Payments
“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
Join us on Facebook
- Dissident Revolutionary Group Use Crypto To Overthrow Kim Jong-Un In North Korea
- Crypto Benchmark Indices Launched On Bloomberg, Reuters And Nasdaq By CoinMarketCap
- Binance Enables Australian Users To Buy BTC At 1,300 Newsstands
- Ron Karpovich: Crypto Innovators Will Have To Use A Bank To Move Funds
- Binance: Australians Can Now Buy Bitcoin With Cash From 1,300+ High-Street Stores
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Block.one CEO: Bitcoin Will Replace Gold As The Leading Commodity
Bitcoin News4 days ago
BTC Lightning Network Surpasses 1,000 BTC Network Capacity On Its First Birthday
Bitcoin News5 days ago
Boston Legal System Damaged After BTC Ransomware Attack
Bitcoin News3 days ago
Analysis: Could Institutional Adoption Bring The Financial Elite To Destroy Bitcoin?
Altcoin News5 days ago
Cryptocurrencies Are Not Banned In Mexico: Bitcoin Exchange
Blockchain News5 days ago
Blockchain Representatives Raise Concerns About A Nevada Crypto Bill
Blockchain News2 days ago
Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
Blockchain News3 days ago
Australia Unveils National Blockchain Strategy Roadmap With A $71,200 Funding Boost