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A little-known Ethereum competitor is in the midst of a major breakout, posting numbers that outpace both Bitcoin and ETH.

The layer-1 blockchain Conflux Network (CFX) is trading at $0.295 at time of writing, up 53% in the last seven days.

That compares to a 16% rise in the price of Bitcoin and a 9% rise in the price of Ethereum in the same time frame.

The coin, which launched in November of 2020, burst on the scene in this year when the project announced a partnership with China Telecom, one of the largest wireless carriers in the country.

The platform has also been integrated into Xiaohongshu, known as Little Red Book, which is a Chinese social media and e-commerce platform that reportedly has more than 200 million monthly active users.

Conflux says its the only fully regulated layer-1 blockchain in China, with the goal of building a borderless, blockchain-based economy.

As the only regulatory compliant, public, and permissionless blockchain in China, Conflux is building a borderless transactional and technological ecosystem for globally-minded crypto projects, extending beyond China to North America, Russia, Latin America, Europe, Africa, and the rest of the world.

Conflux designed to be a highly scalable and low cost protocol, and utilizes a proof-of-work consensus model to validate transactions.

Its native crypto asset, CFX is used to pay transaction fees, offer staking rewards and let users participate in the networks governance.

CFX is trading at $0.295 at time of publishing, up 6.9% in the last 24 hours.

Featured Image: Shutterstock/Alberto Andrei Rosu/Natalia

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Little-Known Ethereum Rival Erupts, Outperforming Bitcoin and ETH With 53% Boom in Seven Days - The Daily Hodl

Bitcoin's relentless rally ever since Silicon Valley Banks collapse caused a mini meltdown earlier this month is showing signs of tapering off, but not before the benchmark cryptocurrency chalked up considerable gains in the process.

Since the fateful day of 10 March, when SVB was unable to sustain itself amid a bruising bank run, BTC/USDT has surged over 40%, peaking at US$28,470 on Monday, 20 March.

Since then, the pair has cooled off, posting small losses on Monday and then adding around 1.4% on Tuesday, while remaining essentially flat at US$28,125 this morning.

Bitcoin (BTC) has been on a rollercoaster since the FTXcollapse last November Source: currency.com

Open interest in bitcoin futures remains at a nine-month high, indicating sustained volatility plays among traders.

The question for the market is: Can bitcoin stabilise at this price point?

Much of the coins recent strength was due to its perceived safe-haven status as the traditional markets went into a spin, so it stands to reason that when things calm down, so will the price of bitcoin.

If investors decide to take profits en masse, we could see some price deflation.

There is also the spectre of ongoing interest rate hikes, less likely now than they were merely two weeks ago, but considerably higher-than-expected inflation data emerging from the UK this morning proves that the issue persists, and thus so could rate hikes.

Risk-on assets tend to take the backseat whenever central bank hawks take the wheel, and with interest rate decisions from the US and UK due over the following 24 hours, its a headwind that cannot be ignored.

That being said, Matt Maximo and Michael Zhao at Grayscale suggested that bitcoin may emerge as a strong performer regardless of the outcome, since safe-haven money allocations will remain buoyant for some time to come.

For now, Binances order book shows strong support at the 28k mark, which may act as a buffer to losses below this point, while selling pressure is most evident at US$28,400.

Ethereum (ETH)s price action has been more muted than bitcoins although the second-largest cryptocurrency by market capitalisation has still benefitted from the recent turmoil.

ETH/USDT has rallied 30% since 10 March, peaking at US$1,840 on Sunday, 19 March. The pair has been fairly volatile since, with bulls and bears jostling between the US$1,700and US$1,850 price range.

At the time of writing, ETH/USDT was changing hands at US$1,790, having fallen by 0.6% in early trades. ETHbears have pitched up a considerable sell wall at US$1,807.

Binances order book shows bearish resistance at US$1,807 Source: binance.com

Ripple Labs XRP token steamed ahead in the past 24 hours, racking up around 20% to bring the payment token to a four-month high of 0.457 cents.

As has been the case with previous rallies, it correlates to renewed optimism that Ripple Labs is set to trump the US Securities and Exchange Commission (SEC) in the long-running SEC v Ripple Labs lawsuit launched way back in December 2020.

The regulator contends that XRP is an unregistered security and thus Ripple Labs illegally raised US$1.3bn from its initial coin offering.

A favourable pending outcome for Ripple Labs is evidently being priced into the market.

The rest of the top-20 altcoin set has remained relatively muted, with Polkadot (DOT), Shiba Inu (SHIB), Tron (TRX) and Litecoin (LTC) moving into week-on-week losses in the low single digits.

Global cryptocurrency market capitalisation added 2.8% to US$1.18tn overnight, while total value locked in the decentralised finance (DeFi) space added 1.3% to US$48.8bn.

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Bitcoin and Ethereum: Will crypto markets stay afloat? - Proactive Investors USA

SUMMARY

Cryptocurrencies gained on Wednesday ahead of the FOMC rate decision. Bitcoin traded above $28,000-mark. The global crypto market cap stood at $1.18 trillion, with a volume of $67.2 billion in the past 24 hours.

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Bitcoin | The world's largest and most popular virtual currency, Bitcoin, rose 1.4 percent to $28,176.4. Its market value stood at $546.6 billion. The trade volume was at nearly $35.6 billion.

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"Bitcoin surged to the $28,000 threshold, ahead of the US FOMC meeting, which would determine whether to raise interest rates again. Many investors and traders expect interest rates to rise at a slower pace of 25 basis points. This follows the announcement by the U.S. that it will consider ways to secure client deposits at struggling banks in the wake of a recent crisis. The FED's decision is expected to result in some market volatility," says Edul Patel of Mudrex.

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Ethereum | The second largest virtual currency, Ethererum or Ether jumped 5.7 percent to $1,800.8 at the last count, with a market capitalisation of nearly $221.3 billion. The trade volume of Ethereum was almost $10.8 billion in the last 24 hours.

4 / 7

Dogecoin | Meme-based virtual currency, Dogecoin, jumped 5.8 percent to $0.1. Its market value stood at $10.1 billion. The trade volume was at nearly $664.4 billion.

5 / 7

Solana | Solana fell 0.6 percent to $22.3 with a market capitalisation of $8.6 billion. The trade volume of Solana was $697.6 million in the last 24 hours.

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Shiba Inu | Shiba Inu rose 3.5 percent with a market capitalisation of almost $6.5 billion. The trade volume was almost $334.3 million in the last 24 hours.

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Polygon | Polygon gained 3.2 percent with a market capitalisation of $10.1 billion. The trade volume was $543 million in the last 24 hours.

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Crypto Price Today: Bitcoin holds above 28k, Ethereum and other tokens gain - CNBCTV18

As Circles $USDC has lost ground, Tether-issued $USDT is now the dominant stablecoin on both Ethereum and Polygon.

Regulatory FUD from U.S. authorities has helped to catalyze a regime change in the world of cryptocurrency stablecoins, as $USDC has lost its dominant position to $USDT on both the Ethereum and Polygon blockchains.

The March 11 collapse of Silicon Valley Bank certainly shook crypto holders faith in the stability of $USDC (at least in the very short term), as it was disclosed that $USDC issuer Circle had more than $3 billion in reserves stored at the failed financial institution. $USDC suffered a major but brief de-peg, and it regained its $1 value a few days later, when Circle executives were able to reassure investors that the SVB collapse did not impact its ability to maintain the 1:1 backing for the stablecoin.

The apparent irony is that U.S. regulators statements and actions against stablecoins (notably $BUSD) have incentivized crypto holders to abandon stablecoins from U.S.-regulated issues (such as Paxos and Circle) in favor of issuers like Tether who are not subject to U.S. regulations.

According to DefiLlama, $USDC lost its dominant position on Ethereum to $USDT on March 18, a week after the SVB debacle. $USDc had accounted for the plurality of stablecoins on Ethereum since the beginning of 2022. However, $USDT rose to the top spot as it benefitted from investors switching out of $USD and, since December 2022, $BUSD.

The narrative on Polygon is different but has the same result: $USDT has surpassed $USDC as the dominant stablecoin on the Ethereum sidechain.

The wrinkles in the story, however, are that $BUSDs market share on Polygon was never significant; $USDC had always been the dominant stablecoin on Polygon; and $USDTs ascent came at the expense of $USDC and $DAI.

Perhaps most importantly, $USDT surpassed $USDC on Polygon on March 2, according to DefiLlama, more than a week before SVBs failure accelerated the abandonment of $USDC.

Overall, $USDT has strengthened its grip on the entire USD stablecoin marketplace, increasing its share of stablecoin holdings on all blockchains from less than 50% to nearly 60% since the beginning of the year.

The Tether-issued stablecoin accounts for almost all stablecoin holdings on Tron and is rapidly gaining even more ground on BNB Chain as $BUSD is being phased out.

One area where $USDC has maintained its edge over $USDT is on the fast-growing Arbitrum blockchain, where $USDC has 63% of the stablecoin market.

Ethereum is an open-source, distributed computing platform based on blockchain technology that can execute smart contracts - that is, the terms written in the contract will be executed transparently, automatically when the previous conditions are satisfied, and no one can interfere. At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAO).

Website | Twitter | Documentation | Whitepaper | Reddit | Discord | Youtube | GitHub | Ethereum Foundation Blog |

Polygon is a sidechain scaling solution that runs alongside the Ethereum blockchain allowing for speedy transactions and low fees. MATIC is the networks native cryptocurrency, which is used for fees, staking, and more. The effectiveness of Polygon as an alternative to Ethereum has seen existing projects such as Aave and Curve adopting its chain.

Website | Twitter | GitHub | Reddit | YouTube

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Binance NFT Extends Zero Fees, Gas Promotion for Ethereum ... - BSC NEWS

During the event, Waleed Alreshiadan, the Saudi envoy to Dushanbe, met with his Iranian counterpart, Mohammad-Taqi Saberi. (FarsNews_Agency/Twitter)

Yaghoub Fazeli, Al Arabiya English

Published: 23 March ,2023: 10:59 PM GST Updated: 23 March ,2023: 11:52 PM GST

Saudi Arabias ambassador to Tajikistan has attended a celebration at Irans embassy in the Tajik capital to mark Nowruz the Persian New Year just weeks after the countries agreed to restore diplomatic ties, the official IRNA news agency reported on Thursday.

During the event, Waleed Alreshiadan, the Saudi envoy to Dushanbe, met with his Iranian counterpart, Mohammad-Taqi Saberi. Pictures posted on IRNAs Telegram channel showed the two envoys shaking hands and embracing each other.

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The relations between Iran and Saudi Arabia, as two influential and important countries of the Islamic world in the West Asian region, can be the basis for creating a new trend and an increasing role in serving the interests of the countries and nations of the region, IRNA quoted Saberi as saying.

Pictures posted on the Telegram channel of Irans IRNA news agency showed the two envoys shaking hands and embracing each other. (IRNA on Telegram)

The agency did not specify the date of the meeting. However, Irans embassy in Dushanbe said on Tuesday that it had held a celebration at the mission to mark Nowruz, attended by foreign diplomats among others.

This meeting follows an announcement earlier this month by Saudi Arabia and Iran that they had reached an agreement, brokered by China, to reestablish diplomatic relations.

Under the deal, Saudi Arabia and Iran are expected to reopen their embassies and missions within two months, as well as implement security and economic cooperation agreements that were signed over 20 years ago.

Saudi Arabia cut ties with the Islamic Republic in 2016 following an attack by supporters of the Iranian regime on its embassy in Tehran and consulate in Mashhad.

Earlier on Thursday, the Saudi foreign ministry said that Foreign Minister Prince Faisal bin Farhan had a phone call with his Iranian counterpart, Hossein Amir-Abdollahian, during which they exchanged congratulations for the Muslim holy month of Ramadan, which began on Thursday in both countries.

The two ministers agreed to hold a bilateral meeting soon to facilitate the reopening of embassies and consulates between the two countries, the ministry said.

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Saudi FM agrees with Iranian counterpart to hold a bilateral meeting soon

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Saudi Arabias ambassador attends Nowruz celebration at Iran embassy in Tajikistan - Al Arabiya English