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OKB Token Records Higher Gains Amidst Crypto Market Volatility

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OKB Token Records Higher Gains Amidst Crypto Market Volatility

OKB, the native token of the OKX Exchange, has recorded substantial gains today in a bearish crypto market. The utility token saw a price surge of 4.63% on the day, registering a local high of $20.80. It also surged over 11% on its weekly chart, joining the likes of Toncoin and Trust Wallet Token to lead the market in gains. 

There’s no major catalyst for OKB’s surge on the day. However, a 20.32% uptick in its trading volume suggests that users have been quite busy. It might have something to do with the exchange’s announcement of adjusting the position tiers of its perpetual swaps and futures.

Furthermore, OKX joined the likes of Binance to announce a recovery fund for projects struggling with liquidity. This comes after popular crypto exchange FTX ran into liquidity issues that saw it lock users out of their funds. The exchange’s announcement was a major factor in OKB’s weekly price surge.

OKX Announces Project Recovery Funds, OKB Starts Bullish Run

Earlier this week, OKX announced its intentions to establish a $100 million project ecological support plan. According to the tweet, OKX will work with OKXChain and OKX Demo Day on the project. OKX intends to assist high-quality projects currently struggling with issues like liquidity. The cryptocurrency exchange believes it’s essential to help projects migrate seamlessly. Furthermore, it plans to offer qualifying projects financial, ecological, and technical support to help them overcome the hurdles. 

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Binance announced a similar venture on Monday after FTX’s debacle pushed the crypto market downward. The world’s largest crypto exchange plans to use its recovery fund project to help longstanding successful projects recover from liquidity issues. 

Justin Sun, the creator of Tron, and Huobi, a cryptocurrency exchange, endorsed Binance’s recovery fund. According to Justin Sun, it will assist developers and builders in overcoming the issue. In addition, Simon Dixon, the largest shareholder in Celsius, intends to contribute to the fund to revive the sector. After OKX’s announcement on November 15th, the OKB token surged 8.74%. It has continued its climb since then, pushing the token to a new weekly high.

OKB’s price is currently trading at $18.77. | Source: OKBUSD price chart from TradingView.com

How OKB Has Faired During The Week

The price of OKB has increased by 4.63% to $20.68 in the last day. This maintains the upward trajectory it has been on for the previous week, rising from $18.5 to its present price by 11.39%. The coin’s all-time high is $44.01, a 53.17% rise from its current market price.

The chart displays the price volatility and movement for OKB over the previous week. The Bollinger Bands in gray represent the volatility of its weekly price changes. The greater the bands’ width or the size of the gray area at any given time, the greater the volatility.

OKB’s trading volume has surged 20.32% in the last 24 hours, indicating high trading activities. The token has also held its ground against Bitcoin and Ethereum. As of writing, OKB had gained 4.66% and 4.67% against the top cryptos, respectively.

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Featured image from Pixabay and chart from TradingView.com

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National Bank Of Ukraine Unveils E-Hryvnia Concept

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National Bank Of Ukraine Unveils E-Hryvnia Concept

The central bank of Ukraine has presented to interested parties a draft concept of the nation’s future digital currency, the e-hryvnia. The regulator is currently considering several potential applications for its digital coin, including retail payments and cross-border settlements.

Ukraine’s Monetary Authority Introduces Banks and Businesses to E-hryvnia Project

The National Bank of Ukraine (NBU) has presented a draft concept for its future central bank digital currency (CBDC) to representatives of banks, other financial institutions and participants in the crypto market. The regulator seeks feedback on the possible issuance of this version of the national fiat currency, the hryvnia.

The main purpose of the e-hryvnia will be to supplement the cash and non-cash forms of the Ukrainian money, the monetary policy regulator explained in an announcement published on Monday. The plan is to make it accessible to all segments of the population, legal entities, state bodies, the banking and financial sectors.

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The project was launched in September, last year. Since then, the NBU has been exploring the feasibility of a large-scale issue of the digital currency. In a quoted statement, the bank’s Deputy Chairman Oleksiy Shaban emphasized that the development and implementation of the e-hryvnia can be the next step in the evolution of Ukraine’s payment infrastructure and elaborated:

[The e-hryvnia] will contribute to the digitalization of the economy, the further spread of cashless payments, the reduction of their cost, the increase in the level of their transparency, and the increase of trust in the national currency in general.

During the meeting with the interested parties, the NBU presented the draft design of the e-hryvnia, its architecture, characteristics and advantages for payment service providers, including the option for instant payments. The bank took into account the results of a survey of financial market experts on the demand for a digital hryvnia, which was conducted in 2021.

The National Bank of Ukraine is now considering several possible implementations of the e-hryvnia. Among them is the use of the CBDC for retail non-cash payments, targeted social and other government payments, and smart contracts.

The coin can also be employed to facilitate the circulation of digital assets, including issuance, exchange and other related operations. “The e-hryvnia can become one of the key elements of the qualitative infrastructure development for the virtual assets market in Ukraine,” the central bank believes. It can also enable cross-border payments, making them faster, cheaper and more transparent.

Ukraine is yet to comprehensively regulate its digital currency space. Last fall, the parliament in Kyiv, the Verkhovna Rada, adopted a bill “On Virtual Assets” which was signed into law by President Volodymyr Zelenskyy in March 2022 after certain revisions that he requested.

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The country’s securities watchdog was recently tasked to prepare amendments to the tax legislation necessary to enforce the law. Meanwhile, work has begun to update it in accordance with the EU’s standards in the field. Ukraine has been relying on crypto donations to fund its defense and humanitarian efforts during the ongoing military conflict with Russia.

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CBDC, Central Bank, concept, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Digital Currency, discussion, draft, e-hryvnia, feedback, hryvnia, national bank of ukraine, nbu, project, Ukraine, ukrainian, virtual assets

Do you think Ukraine will be able to issue its e-hryvnia in the near future? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Ruslan Lytvyn / Shutterstock.com

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand

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Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand

Authorities in Manitoba are temporarily suspending the connection of new crypto mining facilities to the power grid. The Canadian province, which relies heavily on hydroelectric generation and attracts miners with low electricity rates, fears it may face overwhelming energy demand.

Manitoba Suspends New Crypto Mining Operations Citing Possible Increase in Electricity Usage

The government of Manitoba is halting new connections of crypto mining centers to the province’s hydroelectric grid, the Canadian press reported. Officials explain the move with the potential for increasing energy demand that the region may not be able to meet.

The suspension, imposed for a period of 18 months, will not affect the 37 currently active mining operations, according to an article by the Toronto Star. The measure is aimed at halting a growing number of requests to power new facilities with combined capacity amounting to a sizable portion of the province’s electricity supply.

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Providing the reasoning for the decision, Manitoba Minister of Finance Cameron Friesen, the government official responsible for the state-owned company Manitoba Hydro, commented on Monday:

We can’t simply say, ‘Well anyone can take whatever [energy] they want to take and we’ll simply build dams. The last one cost $13 billion if you priced in the [transmission] line.

With the second-lowest electricity rates in Canada, only Quebec offers cheaper power, Manitoba is a magnet for users that need large amounts of electricity such as those involved in the energy-intensive extraction of cryptocurrencies.

Friesen revealed that 17 new operators have filed requests with the authorities in the province for a total of 370 megawatts of electricity. That exceeds half of the power produced by the Keeyask hydroelectric generating station which became operational in 2022.

The region’s finance minister also highlighted the concern of the Progressive Conservative government that blockchain businesses may not create many jobs. “You can be utilizing hundreds of megawatts and have a handful of workers,” he elaborated.

“Manitoba Hydro cannot make discretionary decisions about who to hook up,” Friesen emphasized. A government review is expected to analyze the economic impact of cryptocurrencies and the need for a regulatory framework to approve new large connections to the grid.

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Earlier this month, the Hydro-Québec public utility asked the electricity distribution regulator in its province to suspend energy allocation for the blockchain sector. Manitoba’s restrictions also follow the enforcement of a partial moratorium on proof-of-work mining in the U.S. state of New York.

Tags in this story

Canada, Canadian, consumption, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, Energy, grid, Hydroelectric, Manitoba, Measures, Miners, mining, power, province, region, restrictions, suspension, usage

Do you think other Canadian provinces and U.S. states will adopt restrictive measures for crypto mining? Share your expectations in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Arrest Warrant Issue Against Terraform Co-Founder- Here’s Why

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Arrest Warrant Issue Against Terraform Co-Founder- Here’s Why

According to Yonhap, a South Korean newswire service, authorities are seeking an arrest warrant for Daniel Shin. According to news reports, the co-founder of Terraform Labs is charged with stealing profits and violating the Electronic Financial Transaction Act.

Terra Co-founders to Face Jail Time?

The co-founder of Terraform Labs is being charged for accumulating illicit profits after selling $105 million of LUNA at a market high without notifying investors. Moreover, he has apparently violated the Electronic Financial Transaction Act for utilizing customer data prior to the massive collapse of the blockchain firm’s cryptocurrencies. 

According to the Seoul Southern District Prosecutors Office, warrants were also requested for four Terraform Labs developers who worked on the company’s cryptocurrencies TerraUSD and Luna, as well as three other Terraform Labs investors.

Terraform Labs has been investigated for potential fraud and tax evasion since May, when investors filed complaints against another co-CEO, Do Kwon. Do has been issued an Interpol red notice, but his whereabouts remain unknown.

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Prosecutors believe Shin kept Luna, which had been pre-issued without informing regular investors, and pocketed unlawful profits of 140 billion won ($105 million) by selling the tokens at a high price.

Although the Capital Markets Act does not currently have a provision governing stablecoins and bitcoins, prosecutors claimed they consider the Luna cryptocurrency a type of financial investment security.

Shin, though, insists that he is unconnected to Terraform and expressed his profound disappointment at the prosecution for requesting a warrant despite his assistance with the investigation.

In a written statement, he says, “I left (Terraform Labs) two years before the collapse of Terra and Luna and have nothing to do with the collapse.” 

Amid All Of This… Where is Do Kwon?

Prosecutors conducted a raid on Daniel Shin’s home in July as part of their investigation into the suspected offenses. Do Kwon is presently in Singapore, along with the other five individuals included in the warrant. Even though the two nations do not have a bilateral extradition treaty, authorities are looking for international assistance in their efforts to extradite Do Kwon.

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