As calls for self-custody rage on, Trust Wallet Token has enjoyed unprecedented surges in the past week. On TWT’s week-on-week chart, the token has amassed over 90% gains. This comes as FTX’s debacle unfolds and traders grow wary of centralized exchanges. Furthermore, Binance’s CEO endorsed Trust Wallet in a recent tweet, resulting in more interest in the token. While several Redditors mentioned that Binance owning Trust Wallet was a turn-off, it didn’t stop the token from soaring.
TWT also posted substantial gains on the day, with an intraday increase of 4.6%. It reached a local high of $2.34 before settling at its current price of $2.22 press time. Trust Wallet Token’s huge 90% gains undermine the overall market trend that still struggles to recover from the FTX’s collapse. Another catalyst is the recent browser extension launch and Binance and Coinbase integration news.
TWT Launches Browser Extension, Integrates with Top Exchanges
The self-custody Trust Wallet is gaining popularity in the wake of FTX’s demise and the bank run that has affected crypto exchanges generally. Recently the wallet unveiled its eagerly awaited browser extension for PC. It also teamed up with Coinbase Pay and Binance Pay, allowing their users to send money straight to a Trust Wallet account immediately.
The browser add-on was introduced on November 14 and is now accessible in Opera and Google Chrome. The extension enables users to save, transmit, and receive cryptocurrency across all Ethereum Virtual Machine (EVM) chains and Solana. Users may also enjoy a flawless DApp experience without adding networks manually, thanks to a network auto-detect capability. The extension also supports hardware wallets, multiple wallets, NFT, fiat on-ramp providers, and non-EVM blockchain connectors.
Two days after, Binance launched Binance Pay’s Trust Wallet integration. This integration establishes Trust Wallet as one of the platform’s official withdrawal options. Thus users no longer have to scan QR codes to send money to their Trust Wallet accounts. Also, sending to the wallet from Binance won’t cost anything extra besides the blockchain gas fee. The same integration will work for Coinbase Pay. According to Coinbase’s product manager, the integration helps create a “bridge to web3” for customers through seamless self-custody wallet funding.
TWT Soard 90% As Whales Start Accumulating
TWT has enjoyed massive attention following the FTX implosion. But that’s not the only area gaining ground, as it has seen a high capital inflow. As per CoinMarketCap data, the cryptocurrency had a market value of $950.47 million after gaining over $460.27 million in a week. It even reached a local high of $1.11 billion mid-week.
Furthermore, the token is gaining much attention from whales. Since TWT is still relatively cheap, whale accumulation has increased in the past few days. According to Santiment, TWT’s supply rate owned by addresses with a balance of 1,000-10 million TWT increased during its latest run. Although the token’s 24-hour trading volume is down 27%, there’s a chance that it might increase before the trading day ends.
Featured image from Pixabay and chart from TradingView.com
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.
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.
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 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.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.
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.
Litecoin (LTC) Continues To Impress With 25% Rally In Last Seven Days
Litecoin (LTC) continues to prove its doubters wrong as it weathers the ongoing crypto winter in an impressive way, painting its charts in green and posting significant price increases during the last few days.
At the time of this writing, the 13th largest cryptocurrency with an overall valuation of $5.51 billion, is trading at $76.80 and has gone up by 6% over the past 24 hours according to tracking from Coingecko.
The asset’s seven-day performance is beyond “just good” as it registered an increase of 25.1%. Meanwhile, on a month-to-date (MTD) basis, the altcoin is up by 36%.
What make Litecoin’s current run impressive is that it is happening during the same time when industry frontrunners Bitcoin and Ethereum are struggling to gain any ground to push their respective prices to higher levels.
Litecoin: ‘Profitable Opportunity’ For Investors, Holders
As it turns out, LTC is not only doing wonders in terms of its trading session performances as it is currently in a “rewarding phase.”
During the last few days, the asset’s Market Value to Realized Value (MVRV) has also reached the point where if holders of Litecoin were to sell their holdings at this very moment, they’ll end up making good profit.
One possible reason for the resurgence of the digital coin might be its mining activity. According to the information shared by the project through its official Twitter account, the asset was among the few proof-of-work digital currencies that were ‘profitable’ during the last few months.
Despite reaching a mining difficulty score of 20.00 M, the profitability of Litecoin miners stood at $60%.
In terms of hash rate, Litecoin witnessed a 13.25% increase compared to last month, indicating that the digital coin’s network is both healthy and growing.
Pay Attention To These Factors Before Holding Litecoin
As remarkable as LTC is right now, it is important to note that its current price is almost 13% lower than where it was in November 23 when it tested the $83.36 resistance zone.
This was the result of the altcoin’s Relative Strength Index (RSI) indicator settling at 41.80, putting it in an overbought position as sellers clearly had the advantage.
Another bearish sign for Litecoin is the rate at which it was being transferred from one address to another as it recorded a significant decline compared to that of last week.
The network development activity also has not much to offer as of this time, indicating that developers have nothing new to offer right now.
Finally, according to Coincodex’s forecast, over the next five days, LTC is expected to rise by more than 12% on its way to hitting the $86 marker.
A month from now, however, the cryptocurrency is predicted to lose some of its gains but will still change hands at $77.16 – a value that is higher than its current spot trading price.
LTC total market cap at $5.5 billion on the daily chart | Featured image: Rvo.hu, Chart: TradingView.com
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