Stablecoin: the coin promising to withstand crypto volatility

Published

1 year ago

May 31, 2021

“Like putting money in a bank account”: ‘Stablecoin’ may be the new crypto alternative for conservative investors

One of the biggest criticisms of cryptocurrency is its volatility. But now, digital asset firm Circle Internet Financial has pitched investors a more stable alternative called ‘Stablecoin.’

Experts anticipate the new coin will appeal to conservative investors. USDC, the company is behind “Stablecoin,” say the coin offers a as much as 7 percent profits annually.

“It is like putting money in a bank account”

John Griffin from the University of Texas told Bloomberg investing in Stablecoin is similar to putting money in a regular bank account.

“If the account is paying out a higher yield than bank account yields, it is not merely invested in some risk-free asset,” he added.

Crypto volatility

Stablecoin’s rising popularity comes after Bitcoin’s recent massive crash.

The world’s leading crypto traded at just over $33,000, falling a huge 13%.

Other cryptocurrencies including Ethereum and Dogecoin also suffered the slump.

This all followed Bitcoin climbing more than 8 percent following a tweet from Elon Musk.

Edward Moya from Oanda Corp says “Bitcoin has two problems – ESG and decreasing reliance on China, both of which could take some time.”

Crypto goes mainstream

As cryptocurrency starts to break into mainstream finance, many traditional players aren’t happy.

Denmark’s central bank governor recently attacked crypto’s legitimacy, suggesting it’s ‘little more than a fad.’

Lars Rohde said if technology giants start “invading the currency area” and the means of transaction, then “that could be very interesting and maybe also a real threat to the autonomy and independence of central banks.”

He’s the latest central banker to warn against the disappearance of cash and the dominance of digital payments.

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Russian Police investigate a crypto mining facility

Published

4 hours ago

June 27, 2022

Costa Haritos

Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients

It’s understood the miners handed devices to those who were running a mining hotel.

They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.

The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.

They were offered electricity prices that were below market value.

Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.

Crypto

Gucci goes big in metaverse with new Vault Art Space

Published

3 days ago

June 24, 2022

Brittany Coles

Forward thinkers who love fashion, this exhibit is for you

Luxury brand Gucci has opened a Vault Art Space as it continues to explore the art world and the metaverse

Gucci inaugurated the gallery in a partnership with NFT marketplace SuperRare

The debut exhibit is titled “The Next 100 Years of Gucci”

Keep your eye out for a special selection of NFT artworks, each a collectible fragment of Gucci’s heritage.

The artworks are showcased and auctioned off directly on Vault’s website in three drops between now and the end of July.

All sales will be in Ethereum.

Crypto

Ethereum to finally undergo shift to new energy model

Published

4 days ago

June 23, 2022

ticker NEWS

The popular cryptocurrency are ready to make the switch from one energy model to another

Ethereum is about to undergo its long awaited makeover, which will see the company shift from its energy intensive model.

The crypto has been working to shift from its proof-of-work method to a proof-of-stake model, which requires far less power than mining.

Crypto currencies have been criticised for their mining processes to generate new coins. But this new method will be eco-friendly and lead to faster transactions.

The transition has been repeatedly pushed back because of major flaws.

But developers reportedly say the latest test run was very smooth.

The price of Ethereum has lost nearly half its value this year and is trading at just over $1,800 USD.

Investors will continue to keep an eye out on what will come out of this upgrade.

Meanwhile, Bitcoin investors can enjoy a sigh of relief as the cryptocurrency bounces back after months of turbulence.