Connect with us

Cryptocurrency

Trust Wallet Token (TWT) Undeterred Market Downtrends With Over 90% Gains

Published

on

Trust Wallet Token (TWT) Undeterred Market Downtrends With Over 90% Gains

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.

Advertisement

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’s price is currently trading at $2.21. | Source: TWTUSD price chart from TradingView.com

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

Advertisement

Canada

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

Published

on

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.

Advertisement

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.

Advertisement

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.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Advertisement

Continue Reading

Cryptocurrency

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

Published

on

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.

Advertisement

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.

Advertisement

Continue Reading

altcoin

Litecoin (LTC) Continues To Impress With 25% Rally In Last Seven Days

Published

on

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.

Advertisement

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.

Advertisement

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.

Advertisement

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

Advertisement
Continue Reading

Top posts

Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand
Canada3 hours ago

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,...

UNI is ripe for buying opportunities after a bullish crossover, but… UNI is ripe for buying opportunities after a bullish crossover, but…
Altcoins11 hours ago

UNI is ripe for buying opportunities after a bullish crossover, but…

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s...

Compound tightens its rules to prevent Aave-like exploit, details inside Compound tightens its rules to prevent Aave-like exploit, details inside
Aave12 hours ago

Compound tightens its rules to prevent Aave-like exploit, details inside

Compound DAO had voted unanimously to implement changes in the rules of the protocol This move was motivated by the...

Professional Liability Insurance for Traders Professional Liability Insurance for Traders
Uncategorized12 hours ago

Professional Liability Insurance for Traders

Professional liability insurance is a crucial protection for traders, allowing them to safeguard their investments and clients. In addition, without...

Data Shows There’s No Profits Left For Bitcoin Miners That Can’t Obtain Cheap Electricity, Run Efficient Mining Rigs Data Shows There’s No Profits Left For Bitcoin Miners That Can’t Obtain Cheap Electricity, Run Efficient Mining Rigs
Antminer S19 Pro+ Hyd.13 hours ago

Data Shows There’s No Profits Left For Bitcoin Miners That Can’t Obtain Cheap Electricity, Run Efficient Mining Rigs

During the last few weeks bitcoin’s cost of production has been higher than the leading crypto asset’s spot market value...

PancakeSwap’s progress may not sit well with investors, is CAKE the culprit PancakeSwap’s progress may not sit well with investors, is CAKE the culprit
Altcoins14 hours ago

PancakeSwap’s progress may not sit well with investors, is CAKE the culprit

CAKE planning to bring a new Syrup Pool/Farm on PancakeSwap However, days ahead might get harder as metrics and indicators...

MoneyGram Review MoneyGram Review
Uncategorized14 hours ago

MoneyGram Review

1 Minute Review MoneyGram is one of the largest money transfer services in the world, with over 400,000 agent locations....

Where Is The Ethereum Price Headed Next After Clearing This Resistance Where Is The Ethereum Price Headed Next After Clearing This Resistance
Crypto14 hours ago

Where Is The Ethereum Price Headed Next After Clearing This Resistance

The Ethereum price has finally been able to break above the $1,233 resistance mark. Over the last 24 hours, the...

Telegram to build non-custodial wallets and decentralized exchanges, says CEO Pavel Durov Telegram to build non-custodial wallets and decentralized exchanges, says CEO Pavel Durov
adoption14 hours ago

Telegram to build non-custodial wallets and decentralized exchanges, says CEO Pavel Durov

Telegram to build non-custodial wallets and decentralized exchanges, says CEO Pavel Durov Soumen Datta · 1 hour ago · 1...

ECB Blog Post Insists This Is ‘Bitcoin’s Last Stand,’ Officials Claim BTC Is Headed Toward ‘Irrelevance’ ECB Blog Post Insists This Is ‘Bitcoin’s Last Stand,’ Officials Claim BTC Is Headed Toward ‘Irrelevance’
"Bitcoin’s Last Stand"15 hours ago

ECB Blog Post Insists This Is ‘Bitcoin’s Last Stand,’ Officials Claim BTC Is Headed Toward ‘Irrelevance’

On Wednesday, Nov. 30, 2022, a blog post published by the European Central Bank (ECB) discusses bitcoin and the authors...

XeggeX sets industry standards for exchange transparency XeggeX sets industry standards for exchange transparency
Exchanges15 hours ago

XeggeX sets industry standards for exchange transparency

Disclosure: This is a sponsored post. Readers should conduct further research prior to taking any actions. Learn more › The...

Binance Coin (BNB), Polkadot (DOT), And Bitgert (BRISE) Price Prediction This December – Investors Will Love This Binance Coin (BNB), Polkadot (DOT), And Bitgert (BRISE) Price Prediction This December – Investors Will Love This
Uncategorized16 hours ago

Binance Coin (BNB), Polkadot (DOT), And Bitgert (BRISE) Price Prediction This December – Investors Will Love This

Binance Coin (BNB), Polkadot (DOT), and Bitgert (BRISE) Price Prediction This December – Investors Will Love This The last month...

Coinbase Drops XRP & Other Tokens, Cites Low Activity Coinbase Drops XRP & Other Tokens, Cites Low Activity
Coinbase17 hours ago

Coinbase Drops XRP & Other Tokens, Cites Low Activity

As the FTX saga continues, all eyes are on crypto exchanges: Coinbase, Crypto.com, Binance and the like all have hefty...

Crypto exchange Kraken to start layoffs as crypto winter persists Crypto exchange Kraken to start layoffs as crypto winter persists
crypto exchange17 hours ago

Crypto exchange Kraken to start layoffs as crypto winter persists

Kraken plans to lay off nearly 30 percent of its overall headcount because of crypto winter The company is providing...

Biggest Movers: LTC Nears 6-Month High, As Near Rebounds From Recent Lows Biggest Movers: LTC Nears 6-Month High, As Near Rebounds From Recent Lows
Analysis17 hours ago

Biggest Movers: LTC Nears 6-Month High, As Near Rebounds From Recent Lows

Litecoin has been a notable mover on Nov. 30, as the token edged closer to a recent six month high....

Kraken to layoff 1,100 people to ‘adapt to current market conditions’ Kraken to layoff 1,100 people to ‘adapt to current market conditions’
Bear Market17 hours ago

Kraken to layoff 1,100 people to ‘adapt to current market conditions’

Kraken to layoff 1,100 people to ‘adapt to current market conditions’ Samuel Wan · 7 hours ago · 1 min...

Bitcoin Bearish Signal: NVT Golden Cross Enters Sell Zone Bitcoin Bearish Signal: NVT Golden Cross Enters Sell Zone
Bitcoin17 hours ago

Bitcoin Bearish Signal: NVT Golden Cross Enters Sell Zone

On-chain data shows the Bitcoin NVT golden cross has now entered into the “sell” zone, something that could be bearish...

Binance’s latest acquisition will enable it to set foot in this country after four years Binance’s latest acquisition will enable it to set foot in this country after four years
Binance17 hours ago

Binance’s latest acquisition will enable it to set foot in this country after four years

Binance is all set to enter the Japanese cryptocurrency market after a break of four years The exchange acquired Osaka-based...

Trending

Free Bitcoin MiningEarn from $50 to $75 daily with just your phone