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JPMorgan unveiled its latest research report, depicting an unsettling trend in the digital currency landscape: the contracting stablecoin market. It argued that the continuous shrinkage in the stablecoin sector could stymie any notable recovery in cryptocurrency values.

The report, spearheaded by the lead analyst Nikolaos Panigirtzoglou, attributed this contraction to several vital factors. These included the United States intensified regulatory scrutiny of the crypto world, the disruption of banking networks supporting the crypto ecosystem, and the fallout from last years FTX debacle. All these factors have culminated in an ongoing squeeze on the stablecoin market.

Despite an optimistic kickoff in 2023, the ensuing month saw a significant slump in cryptocurrency prices. As a result, the industrys market cap experienced a sharp fall, dropping from $1.26 trillion on April 13 to $1.089 trillion.

The mounting regulatory pressures from the U.S. have notably impacted the USD Coin (USDC), reducing its stablecoin market share. This loss, however, has been Tethers (USDT) gain, according to the report.

Further contributing to Tethers ascendency was the U.S. Securities and Exchange Commissions (SEC) prohibition against its stablecoin competitor, Binance USD (BUSD).

Another noteworthy point in JPMorgans report was the attention drawn to the reserves of prominent stablecoins amidst the U.S. debt ceiling crisis. The report noted that the proportion of U.S. Treasury securities in these reserves has gradually grown.

This trend suggests an uphill battle for stablecoins to maintain their pegs if the U.S. were to experience a technical default.

Such a situation could destabilize the entire cryptocurrency ecosystem, given the pivotal role that stablecoins play. Their significance extends beyond just providing access to trading. Stablecoins are a cornerstone of decentralized finance (DeFi) and a collateral source. The report accentuated these points.

Tether has reportedly diversified its stablecoin reserves in response to the debt ceiling issue, aiming to fortify its position against potential future crises.

JPMorgan underscores the profound implications of the dwindling stablecoin market on the broader cryptocurrency ecosystem. The interplay between regulatory pressures, financial system upheavals, and market dynamics has instigated this ongoing contraction, posing a significant hurdle to the markets recovery.

As the stablecoin market and its key players like Tether and USDC navigate this convoluted landscape, their strategies and responses could potentially reshape the future of the crypto industry. Future developments in this space are indeed worth watching with a keen eye.

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.

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Stablecoin Contraction Is An Impediment to Cryptocurrency Market Recovery, JPMorgan Reports - Crypto Mode

Over the past 24 hours, Chainlink's LINK/USD price has fallen 4.42% to $6.44. This is opposite to its positive trend over the past week where it has experienced a 4.0% gain, moving from $6.3 to its current price.

The chart below compares the price movement and volatility for Chainlink over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has fallen 39.0% over the past week which is opposite, directionally, with the overall circulating supply of the coin, which has increased 0.31%. This brings the circulating supply to 517.10 million, which makes up an estimated 51.71% of its max supply of 1.00 billion. According to our data, the current market cap ranking for LINK is #21 at $3.33 billion.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.

2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Cryptocurrency Chainlink Falls More Than 4% In 24 hours - Benzinga

Bitcoin (BTC) and Ethereum (ETH) two of the most valued crypto coins managed to rise above the $26,000 and $18,00 marks, respectively, on early Saturday morning. Other popular altcoins including the likes of Ripple (XRP) and Solana (SOL) landed in the negative as overall prices saw minor losses across the board. SingularityNET (AGIX) emerged to be the biggest gainer, seeing a 24-hour jump of over 15.89 per cent. Render Token (RNDR), on the other hand, turned out to be the biggest loser.

At the time of writing, the global crypto market cap stood at $1.12 trillion, registering a 24-hour gain of 0.18 per cent.

Bitcoin price stood at $$26,873.83 seeing a 24-hour gain of 0.15 per cent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 23.21 lakhs.

ETH price stood at $1,812.57, marking a 24-hour gain of 0.69 per cent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.57 lakhs.

DOGE registered a 24-hour loss of 0.29 per cent as per CoinMarketCap data, currently priced at $0.07341. As per WazirX, Dogecoin price in India stood at Rs 6.3000.

Litecoin saw a 24-hour loss of 1.00 per cent. At the time of writing, it was trading at $91.36. LTC price in India stood at Rs 7,800.00.

XRP price stood at $0.4643, seeing a 24-hour loss of 0.59 per cent. As per WazirX, Ripple price stood at Rs 39.8602.

Solana price stood at $20.26, marking a 24-hour loss of 0.36 per cent. As per WazirX, SOL price in India stood at Rs 1,771.32.

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

SingularityNET (AGIX)

Price: $0.309524-hour gain: 15.89 per cent

Injective (INJ)

Price: $7.1024-hour gain: 8.62 per cent

Kava (KAVA)

Price: $1.0024-hour gain: 7.93 per cent

XDC Network (XDC)

Price: $0.0326624-hour gain: 3.41 per cent

BitDAO (BIT)

Price: $0.512724-hour gain: 2.29 per cent

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

Render Token (RNDR)

Price: $2.2824-hour loss: 3.90 per cent

Decentraland (MANA)

Price: $0.485824-hour loss: 2.77 per cent

Optimism (OP)

Price: $1.6624-hour loss: 2.34 per cent

Sui (SUI)

Price: $1.1224-hour loss: 1.61 per cent

Nexo (NEXO)

Price: $0.680824-hour loss: 1.56 per cent

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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Cryptocurrency Price Today: Bitcoin Sees Gains As SingularityNET Becomes Top Gainer - ABP Live

A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.

USBTC Signs Multi-Year Hosting Deals for Bitcoin Mining Expansion

United States Bitcoin Corp (USBTC) has inked extensive multi-year contracts to accommodate 150,000 bitcoin mining rigs, among notable companies such as Marathon Digital Holdings (MARA).

> These agreements reflect the evident recovery of the mining sector, which is striving to bounce back after a challenging 2022.

> The crypto slump last year led to a host of significant miners filing for bankruptcy, Compute North included, which originally managed the three USBTC locations.

> The trio of bitcoin mining facilities is strategically located in Kearny, Nebraska, and both Granbury and Upton County in Texas.

> The stakes in two of these sites - one each in Nebraska and Texas - previously held by Compute North, were bought by energy investment firm Generate Capital. Details here.

Lagrange Labs Raises $4M for Zero-Knowledge Blockchain Interoperability

Lagrange Labs, a zero-knowledge startup, has announced a pre-seed funding round of $4 million to boost its proprietary zero-knowledge proof system.

> The round, led by 1kx, included Maven11, Lattice Fund, CMT Digital, and Daedalus Angels, among others.

> The firm aims to solve the long-standing issue of blockchain interoperability, permitting developers to build decentralized applications (dApps) that can access multiple blockchains at once.

> "Modern DeFi applications require more sophisticated relationships between data on different blockchains, and were excited to see how our technology can unlock new multi-chain DeFi primitives," said Ismael Hishon-Rezaizadeh, Founder and CEO of Lagrange Labs.

> Zero-knowledge-proof technology is gaining traction as a viable solution to scalability issues in the Ethereum ecosystem. Continue here.

Binance Australia Halts Key Services Amid Regulatory Scrutiny: An In-depth Analysis

Binance Australia has announced a halt to certain Australian dollar deposit services due to an external payment provider's decision.

> It also alerted customers to expect a disruption in bank transfer withdrawals, though the extent of the impact is yet to be determined.

> In a statement on social media on Thursday, Binance Australia informed its users that it would no longer be supporting PayID deposits.

> The company stated, "We are working tirelessly to secure an alternative provider to continue offering AUD deposits and withdrawals to our users.

> The suspension of these services comes just a month after the Australian Securities and Investments Commission withdrew Binances license for its derivatives operations in the country. Details here.

Pakistan's Unyielding Stance on Cryptocurrency Amid Rising Popularity

Pakistan's official approach towards cryptocurrencies is becoming increasingly strict, despite the continued enthusiasm from its citizens who seek a hedge against the depreciating national currency amid the country's volatile political climate.

> During a meeting with the Senate Standing Committee on Finance, Aisha Ghaus Pasha, Pakistan's Minister of State for Finance and Revenue, reinforced the government's position against the digital currency phenomenon.

> As reported by local media, Pasha was quoted stating categorically that cryptocurrencies will "never be legalized in Pakistan".

> According to Pasha, the stringent stance is driven by stipulations imposed by the Financial Action Task Force (FATF), an international finance watchdog.

> By refraining from legalizing cryptocurrencies, Pakistan aims to avoid the FATF's infamous "Grey List". Continue here.

Coinbase One Expands to Europe: A New Era in Zero-Fee Crypto Trading

Coinbase, a prominent cryptocurrency exchange, has decided to broaden the reach of its subscription-based product, Coinbase One, to encompass the United Kingdom, Germany, and Ireland.

> The product, priced at a monthly fee of $29.99, offers its subscribers the benefit of trading with no fees, elevated staking rewards, access to crypto data services, and 24/7 customer support.

> The decision to extend the products availability stems from the exchange's strategy to secure a steady stream of income in contrast to the inconsistent revenue associated with unpredictable cryptocurrency markets.

> Remarkably, Coinbases subscription and services revenue saw an impressive increase, doubling to $362 million in the first quarter of 2023 compared to the same timeframe in the previous year. More here.

Visa Explores Ethereum's Potential: An Experiment in Fee-less Payments

Visa, the multinational payments titan, is further exploring Ethereum blockchain technology, executing smart contracts designed for feeless payments on Goerli, Ethereum's test network.

> The company is utilizing a feature known as account abstraction, which enhances the functionality of user accounts and enables wallets to independently carry out intricate tasks and manage transaction fees for other accounts.

The company unveiled two separate "Paymaster" smart contracts, providing a comprehensive account of their experiments in a report.

> The main goal of these contracts is to streamline user engagement with the Ethereum network, eradicating the necessity for users to possess ether (ETH), Ethereum's native cryptocurrency, for covering transaction or gas fees or enabling users to pay using any token of their choice. More here.

Bitcoin Tumbles Below $27K: Impact of Debt Ceiling Talks & Regulatory Moves

A significant drop in Bitcoin's value under the $27,000 benchmark has been observed as the crypto market reacts to ongoing debt ceiling negotiations in the U.S. capital and the latest updates in cryptocurrency regulations.

> As per the latest data from CoinDesk, Bitcoin, the leading cryptocurrency in terms of market value, has witnessed a decrease of 2.1% over the last 24 hours and is currently valued at approximately $26,700.

> Bitcoin showed signs of recovery earlier in the day when it almost reached $27,500. However, a sudden downturn in the afternoon dragged its value down to almost $26,400.

> Ethereum, the runner-up in the crypto market in terms of market cap, mirrored this trend. The value of Ether depreciated by 1.6% and was trading around $1,795 as of Thursday afternoon.

> Reflecting these changes, the CoinDesk Market Index (CMI), which provides a measure of the general performance of the cryptocurrency market, recorded a 2.2% decrease on Thursday.

Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.

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Cryptocurrency roundup for May 19: USBTC and Major Companies Sign Deal to Boost Bitcoin Mining and more - Moneycontrol

Crypto crime has become a major concern to regulatory authorities. There have been sharp increases in crypto crime, especially hacks related to fraud, in recent years as Web3 becomes an integral part of daily life. But the spread is not even and there are many emerging trends and patterns to crypto crime, which can be best understood through deep blockchain analytics.

Hacks on Ethereum (or dApps built on Ethereum) are rampant because of its smart contract capabilities and wide-scale dApp usage. Last year, the Ethereum-based Ronin network was hacked for $625 million.

Ethereum currently has ten times more transaction volume than the second blockchain (Tron), with nearly 70% of the market. DeFi fraudsters often target cross-chain bridges when tokens are being transferred from one chain to another, and these bridges are typically built on the Ethereum network. Binance and Ethereum have the most unique active wallet (UAW) addresses, as gauged from January 2022 to January 2023.

A crypto-crime report from Crystal Blockchain outlined some of the statistics regarding the theft of digital tokens, highlighting that China and the USA are the worst hit by fraud and hacks. The US takes the top spot for the total number of incidents against entities, with 14 major attacks since 2011.

However, China is the worst affected in terms of overall value. This is due to two prominent hacks, PlusToken in 2019 ($2.25 Billion) and WoToken in 2020 ($1 Billion). The UK, South Korea, and Japan are also heavily affected by crypto scams. Since 2011, there have been 461 high-profile incidents across 45 countries, for a total of $16.7 billion in stolen crypto, mainly ERC-20 tokens.

The top five areas for security breaches related to crypto are the USA, China, Japan, South Korea, and the UK.

There were many exchanges in China in the early days of cryptocurrency before the government cracked down on it. Binance, one of the worlds largest exchanges, moved from China following the government ban on trading in 2017. Huboi, another Chinese exchange, moved its headquarters to South Korea.

The USA has also experienced high levels of crypto fraud. A lot of token offerings launched in the USA were later revealed to be in violation of the Securities and Exchange Commission (SEC) rules for selling securities. While some had good intentions and simply fell foul of unclear regulations, many were outright Ponzi schemes.

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Mainly, cybercriminals will follow the money, and exploit any opportunities. It makes sense then, that regions where there are more centralized exchanges will be targeted more frequently. Where there are strict rules about the movement of money, more people will turn to crypto, which could potentially result in more incidents of fraud.

There are many ways that cybercriminals can conduct a fraud operation. One of the most common is the rug pull. This is where a team of fraudsters entices investors into a specific project and runs off with the funds. They are basically scam projects.

There are also various subcategories of rug pulls. For instance, a pump-and-dump scheme is where investors are encouraged to invest in a specific token, and then the fraudsters sell it all, reducing the price to nothing. This can be enormously profitable if the fraudsters also put options on the token or use different mechanisms to leverage the price decrease.

Developers can also defraud investors by coding tokens so they can only be sold by them. Rug pulls are not always illegal in the sense that initial investors have a right to sell at any time. But if claims are made to investors that turn out to be completely false, then legal authorities could easily launch an investigation.

According to the same Crystal Blockchain report, most crime occurs through decentralized protocols involving smart contracts. In 2022, over USD $2.6 billion was lost through 132 DeFi attacks. $277 million was lost due to security breaches in 13 instances, while $1.3 billion was lost in fraud schemes. The report also noted that rug pulls were the most popular fraud mechanism in 2022 and that Ethereum is the most popular chain for rug pulls, followed by BNB.

The prevention of crypto fraud is an ongoing issue that will require cooperation between regulatory authorities and Web3 developers, and exchanges. Investors continue to get duped by simple methods and are not conducting due diligence to investigate projects, typically being too easily misled in the hope of enormous profits. With AI and other technologies, fraud will get even more sophisticated as time goes by.

Exchanges and Web3 providers will also need to have an in-house compliance team alongside risk mitigation procedures to ensure customers funds are safe, secure, and insured. Blockchain analytics can go a long way to understanding the path through which stolen crypto travels and how to prevent a breach from occurring in the first place.

The post Why Most Cryptocurrency Fraud Cases Take Place in China and the US appeared first on Coin Edition.

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Why Most Cryptocurrency Fraud Cases Take Place in China and the ... - Investing.com