The Stellar Development Foundation (SDF) has published the end-of-year metrics for their ecosystem and the underlying network. Presented by Denelle Dixon, Executive Director, and CEO at the SDF, the metrics showed a significant increase across the board.
Related Reading | How Stellar Will Host Ukraine’s CBDC Pilot Test With Tascombank
In 2021, per the report by the SDF, the Stellar Network experienced a 32% rise in its number of total accounts with respect to 2020. The number of total accounts stands at 6 million.
On the other hand, the Stellar Network has processed over 1.8 billion total operations. This represents a 127% increased since 2020. The total assets available on this ledger have risen from 8,639 to 90,297 which represents a 945% increase over the same period.
The SDF claims the rise over these metrics suggests there is a growing interest in the Stellar Network. In that sense, they added the following while showing more data on “relevant assets”:
It’s not just about raw network growth. We track growth in relevant assets – assets tethered to real financial instruments – and relevant asset transactions. Since the start of 2021, we’ve seen 11% of relevant assets, and a 2.3x increase in daily transaction volume of these assets.
Source: SDF via Twitter
As a consequence, the Stellar ecosystem has expanded. The SDF records over 10 new anchors coming into the network during this year. This represents a 33% increase since 2020.
The anchor services for this network stand at 30, as shown in the image below. Most of these entities are spread across the globe with a significant percentage in North America, Latin America, and Africa.
Source: SDF via Twitter
2021 The Year Of Important Partnerships For Stellar
In 2021, the SDF saw the deployment of stablecoin USD Coin (USDC) on the Stellar Network. Managed by the Centre consortium, created by Coinbase and Circle, the USDC is one of the most important digital assets to transact in the crypto space.
This was one of Stellar most important partnerships this year, the ecosystem was leveraged by MoneyGram and other major companies. In addition, the SDF’s Enterprise Fund invested over $74 million in projects for companies, such as AirTM, Tala, and Wyre.
The community was a big part of this year’s progress for Stellar, as reported by the SDF. This organization worked with over 50 universities and thousands of students everywhere for hackathons and other activities.
The initiative Stellar Quest welcomed new developers for this ecosystem and generated over 2,700, per the report. In that, the Stellar Community Fund was also a great success which granted over $4 million in the XLM token to be used for developing DeFi, NFTs, and many more use cases on this network.
The SDF celebrated a “tremendous” 2021 and presented its strategic objectives for 2022. This includes increasing Stellar’s network capacity and innovation, increasing the level of participation, and “demanding and promoting diversity and inclusion”.
Related Reading | Stellar To Power VISA’s New Partnership, XLM Begins Breakout
As of press time, XLM trades at $0,28 with a 1.2% profit in the last 24-hours.
XLM moving sideways in the 4-hour chart. Source: XLMUSDT Tradingview
Will Ethereum Classic’s Bearish Trend Ever End?
Ethereum Classic (CRYPTO: ETC) is trading higher Monday, moving higher in a crypto market that is trading slightly higher as a whole.
Ethereum Classic has been in a strong downward trend for the last few months and has not yet shown signs it is making a reversal.
Ethereum Classic was up 2.45% at $25.53 at last check.
Ethereum Classic Daily Chart Analysis
Since the break below the $40 support line, Ethereum Classic has been steadily trending down. The strong downward trend can be shown by the …
Original Source: benzinga.com
Why Shopify CEO Tobi Lütke Is Joining the Coinbase Board
Coinbase Global Inc. (NASDAQ: COIN) recently added the CEO of one of the largest e-commerce brands to its board.
Coinbase CEO and co-founder Brian Armstrong said that Lütke is one of the first crypto adopters “through Shopify’s integration with Coinbase …
Source Here: benzinga.com
Bitcoin Bears to Resume Assault? Why BTC Could Crash to $33K
Bitcoin has been trading around its current levels for several days, leading to an apparent shift in sentiment across the crypto market. As BTC’s price trend to the upside after the U.S. Federal Reserve FOMC meeting, there seems to be an increase in optimistic on the crypto market.
Related Reading | TA: Bitcoin Faces Hurdle, Why BTC Could Resume Downtrend
In the short term, our Editorial Director Tony Spilotro has identified a TD Sequential buy signal on the 12-hour chart. As seen below, he highlighted a 13-buy setup with a trend to the downside which has been identified for some market participants as a bear flag.
Source: TonyTrades BTC via Telegram
On this timeframe, larger investors could be “baiting” retail into trading the bear flag. However, the TD Sequential suggest these investors could be entering a trap, as it suggests a short squeeze which could play out as soon as today’s daily close, according to Tony’s analysis.
Data from IntoTheBlock records major resistance level for Bitcoin bulls between $37,500 to $38,500. There are over 822.210 BTC which were purchased by 1.06 million addresses which could be seeking to take profit. A successful break above these levels could push BTC back to the $42,000 price mark.
Source: IntoTheBlock via Ali Martinez (Twitter).
Investment firm QCP Capital supports the short squeeze thesis due to the extend of the current bearish price action. The firm presented two key reasons on why Bitcoin and the crypto market could see a relief in February.
First, the U.S. FED has a “light agenda” for the coming month until 17 March. On this date, the financial institution could announce a decision on interest rates and a change in monetary policy. However, a 25 basis points (bps) seems to be priced in.
This could contribute with a relief in the crypto market, unless the FED decides to implement a more aggressive monetary policy. In any case, March could mark a turning point for Bitcoin and traditional markets, as investors will have their eyes on the FED.
The Long-Term Perspective For Bitcoin, More Downside Likely?
Historically, QCP Capital Noted, February has been a bullish month for Bitcoin which records over 10% in average profits since 2015, with exception of 2020. The bearish price action at the time could have been driven by the COVID-19 pandemic which eventually also contributed with that year’s rally.
However, the firm expects 2022 to be a tough year for the crypto market due to significant macro-economic factors, mainly the actions to be adopted by the U.S. FED. The time at which these changes will be implemented, remain the most important factor and will have an important impact for either bulls or bears. QCP said:
(…) while we think a short-term squeeze higher is likely, we are not overly optimistic for 2022. We remain of the view that crypto prices will remain under pressure and struggle to break the all-time highs this year (…). Any indication of QT (Quantitative Tightnening) starting earlier than expected would be taken very badly by the market.
Related Reading | Go With The FED, Why Bitcoin Could Benefit From Interest Rate Hikes In 2022
As of press time, Bitcoin trades at $37,800 with sideways movement in the past 24 hours.
BTC with some small profits in the daily chart. Source: BTCUSD Tradingview
Original Source: newsbtc.com
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