FTX collapse followed by an uptick in stablecoin inflows and DEX activity
Investors piled into stablecoins following FTX’s collapse, and an uptick in DEX activity suggests a rising interest in self-custody options. On-chain data from Glassnode show Bitcoin’s (BTC) movements hit a new record for the largest net decline in aggregate BTC balances on exchanges, reducing by 72,900 BTC in one week. A similar movement occurred in April 2020, November 2020 and June 2022, with the current outflow leaving around 2.25 million BTC on exchanges. Bitcoin exchange balances with net position change line. Source: GlassnodeExchange exodus for Ether, but not stablecoinsWhile Ether....
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Data shows the top stablecoin USDT has lost some dominance following the collapse of UST. While other coins like USDC and BUSD have observed rather sharp growth. USDT Has Shed Around $10 Billion Reserves After UST’s Collapse A stablecoin is a token whose value is pegged to another currency or commodity. The most popular such […]
Bitcoin inflows have dominated the market again after another week of institutional investments flowing into the asset. This has been a recurring theme for the past couple of weeks as reported by CoinShares. This week has proved to be no different as the digital asset once again made up for the majority of the volume […]
Following the Terra stablecoin collapse last May, the Terra blockchain ecosystem has another stablecoin concept in the works called “Solid.” The stablecoin Solid and its white paper were revealed by a decentralized finance (defi) project, Capapult Finance, and the idea has been dubbed a “soft-pegged stablecoin” built on Terra. Terra Blockchain Ecosystem to See a New Stablecoin Called Solid Roughly five months ago, the crypto community experienced some dark days when the stablecoin terrausd (UST), now called terraclassicusd (USTC), depegged from its $1 parity.....
The U.S. dollar accounts for nearly 100% of stablecoin value and a window of opportunity for policymakers has emerged with the collapse of UST.
The company behind the failed Terra (LUNA) ecosystem, now dubbed Terra Classic (LUNC), Terraform Labs (TFL) could be behind the collapse of its native algorithmic stablecoin UST. Per a report from CoinDesk Korea, investigators linked the company to the attack that led to UST losing its peg to the U.S. dollar. Related Reading | Bitcoin Will […]