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Cryptocurrency Market Loses $200 Billion in 24 Hours

Bitcoin dropped below $49,000 on Tuesday after the recent crash.

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The cryptocurrency market lost more than $200 billion in just 24 hours after the panic among retail traders caused a crash in Bitcoin and Ethereum. The world’s largest crypto asset Bitcoin dropped below $49,000 on Tuesday as the total market cap of BTC reached $920 billion.

Ethereum, the world’s second-largest cryptocurrency reached its lowest level in 3 weeks after ETH dropped below $1,600. The total market cap of Ethereum stands at around $180 billion, down from $230 billion on 20 February.

The total value of the cryptocurrency market topped $1.74 trillion on Saturday after Bitcoin jumped above $58,000 and Ethereum reached $2,000. The market is in a bearish scenario since then because of heavy selling pressure from retail traders. As of writing, the total market cap of digital assets is hovering around $1.5 trillion.

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According to the latest data published by crypto analytics firm Bybt.com, the recent crash in Bitcoin and other cryptocurrency assets liquidated more than $4 billion worth of long positions in the last 24 hours. BTC remained at the top with the liquidation of $2 billion worth of long Bitcoin positions. Bybt.com mentioned that the largest single liquidation order happened on Huobi after $20.66 million worth of long Bitcoin position got liquidated due to crypto market crash.

Cryptocurrency Crash

A similar crash happened during the second week of January 2021 after the cryptocurrency market lost nearly $170 billion within a single day. The volatility in digital assets has increased in the last few months due to huge demand from retail and institutional investors but the limited supply and liquidity crisis remained the biggest risks. Nikolaos Panigirtzoglou, a strategist at JP Morgan pointed out recently in his research note that Bitcoin’s liquidity has deteriorated in the last few months. The cryptocurrency whales are also moving large amounts from leading digital exchanges to cold crypto wallets as the supply of digital assets at crypto exchanges plunged to the lowest level in more than 2 years.

Source: https://www.financemagnates.com/cryptocurrency/news/cryptocurrency-market-loses-200-billion-in-24-hours/

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DEX volumes have already surpassed $120b in 2021

DEX trading volumes on Ethereum hit $63 billion in January, smashing the sector’s previous record of $28 billion.

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Ethereum-powered decentralized exchanges, or DEXes, continue to surge despite high transaction fees — with DEXes processing more than $120 billion in 2021 so far.

According to Ethereum market analytics platform Dune Analytics, combined DEX volumes posted a new record of $63 billion in January. February’s volume currently sits at $59 billion and is on track to hit $67 billion at the month’s end.

DEXes have already processed more volume in the first two months of 2021 than during all previous years combined.

Monthly DEX volume: DuneAnalytics

The Ethereum-powered DEX sector is still dominated by Uniswap and Sushiswap, who account for 65% of February’s trade combined. Uniswap currently represents more than double Sushi’s volume, controlling almost 50% of DEX market share.

However, looking at the weekly number of active traders on each platform shows that Uniswap represents more than three-quarters of Ethereum DEX users. Over the last seven days, nearly 142,000 unique wallets traded on Uniswap, followed by decentralized exchange aggregator 1inch with roughly 18,450 traders, and SushiSwap with 8,911.

However, not all DEX trading activity is occurring on Etheruem, with Binance Chain’s Pancake Swap surging to report a daily trading volume behind of more than $1.1 billion.

Despite some users migrating away from Ethereum-based DEXes, confidence in the sector as a whole is at an all-time high, with the total value locked in these exchanges sitting above $40 billion for the first time during recent weeks.

Source: https://cointelegraph.com/news/dex-volumes-have-already-surpassed-120b-in-2021

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Ethereum on track to settle $1.6 trillion this quarter

Ethereum’s quarterly settlement value is on course to increase by 1,280% year-over-year.

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Ethereum usage is surging this year, with the value of transactions settled on the network skyrocketing during 2021.

According to research from Messari, Ethereum has settled $926 trillion worth of transactions this quarter so far — 700% more than it processed during Q1 2020. 

The network is currently on-pace to settle $1.6 trillion in transactions for the first quarter of this year. In the last 12 months, Ethereum has already settled $2.1 trillion in transactions.

If Messari’s $1.6 trillion forecast is accurate, Ethereum’s quarterly settlement value will have increased 1,280% compared to Q1 2020, and more than 5,000% compared to Q1 2019. 

Messari researcher Ryan Watkins noted the data counters the prevailing narrative that Ethereum is seeing an exodus of users amid its high gas fees, exclaiming:

“Incredible scale for a technology that critics claimed couldn’t scale.”

Ethereum’s recent surge in settlement value can be attributed to explosive growth in the DeFi and non-fungible token sector — most of which is based upon Ethereum.

The massive demand on the network has caused gas prices to surge to all-time highs. With many retail traders increasingly getting priced out of using the Ethereum mainnet for smaller transactions.

Average Ethereum transaction fees spiked to record highs of $40 on Feb. 23, with Ethereum generating $50 million worth of transaction fees in a single day.

Cryptofees.info is currently reporting an average daily fee generation of $32 million for ETH over the past seven days. Comparatively, Bitcoin has generated just $8 million daily on average over the past week.

According to Bitinfocharts.com, average transaction fees surged to a record high of almost $40 on Feb. 23. At the time of writing, Ethereum’s fees have retreated to $21 on average.

On Feb. 24, Cointelegraph reported that a fat-fingered DeFi user mistakenly paid more than 25 Ether worth $36,000 for a transaction this week.

Amid the high fees, Crypto influencers are urging an accelerated launch of ETH 2.0 to alleviate pressure on the congested proof-of-work blockchain.

Source: https://cointelegraph.com/news/ethereum-on-track-to-settle-1-6-trillion-this-quarter

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New to the Street to Feature Global Cannabis Applications Corp in a 12-Part Series for Monthly U.S. Network Television Broadcasts

New to the Street will be following CEO Brad Moore and his team at Global Cannabis Applications as they introduce Efixii, the only “seed to seed” verification system deployed for cannabis, to cannabis growers worldwide. The series with anchor-moderator Jane King from NASDAQ will broadcast monthly on Fox Business, Bloomberg, KRON, and on NEWSMAX Sundays […]

The post New to the Street to Feature Global Cannabis Applications Corp in a 12-Part Series for Monthly U.S. Network Television Broadcasts appeared first on Exploring the Block.

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New to the Street will be following CEO Brad Moore and his team at Global Cannabis Applications as they introduce Efixii, the only “seed to seed” verification system deployed for cannabis, to cannabis growers worldwide.

The series with anchor-moderator Jane King from NASDAQ will broadcast monthly on Fox Business, Bloomberg, KRON, and on NEWSMAX Sundays at 9:30 AM EST. The first interview broadcasts Saturday on Bloomberg Television at 6:00 PM EST, on NEWSMAX on Sunday at 9:30 AM EST, and on Fox Business on Monday, February 29th at 10:30 PM PST.

“On February 13, 2019 in a press release, members of the EU Parliament stated to ‘take medical use of cannabis seriously.’ Global Cannabis’s blockchain-generated QR code technology representing each step of the cultivation, supply chain and consumer feedback data for every gram of cannabis has made that statement achievable. Our Efixii solution is helping growers, regulators and medical professionals ensure a better outcome for medical cannabis patients,” stated Brad Moore, CEO of Global Cannabis Applications Corp.

In addition to the monthly series, Emerging Growth will be constructing and distributing article content to further inform the general population and investing community on GCAC and their Efixii product rollout.

About Global Cannabis Application Corp
Global Cannabis Applications Corp. is a global leader in designing, developing, SaaS licensing and acquiring innovative data technologies for the medical cannabis industry. The Citizen Green and Efixii platforms are the world’s first end-to-end – from patient to regulator – medical cannabis data solutions. They use six core technologies: mobile applications, artificial intelligence, RegTech, smart databases, Ethereum blockchain and GCAC smart rewards. These technologies transparently disclose cannabis chain-of-custody events, thereby enabling patients to provide crowd-sourced medical cannabis efficacy data. Driven by digital and cannabis industry experts, GCAC is focused on generating revenue from SaaS licensing its technology and acquiring high quality cannabis datasets that improve patient outcomes and to become the world’s largest cannabis efficacy data provider.

About EmergingGrowth.com
Through its evolution, EmergingGrowth.com found a niche in identifying companies that can be overlooked by the markets. They look for strong management, innovation, strategy, execution, and the overall potential for long-term growth. Aside from being a trusted resource for the Emerging Growth info-seekers, they are well known for discovering undervalued companies and bringing them to the attention of the investment community. Through their parent Company, they also have the ability to facilitate road shows to present your products and services to the most influential investment banks in the space.

About FMW Media
FMW Media Corp. operates one of the longest-running U.S and International sponsored programming T.V. brands “New to the Street,” and its blockchain show “Exploring The Block.” Since 2009, these brands run sponsored media formatted shows across three major U.S. Television networks. The TV platforms reach over 540 million homes both in the US and international markets. FMW recently added Newsmax to its broadcasting platform with its first show broadcasted Sunday, December 27th. The NEWSMAX – New to The Street show is syndicated on Sundays 9:30-10 AM EST.

FMW Media Contact:
Bryan Johnson
+1 (631) 766-7462
Bryan@NewToTheStreet.com

SOURCE: https://finance.yahoo.com/news/street-feature-global-cannabis-applications-140000910.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

Source: https://exploringtheblock.com/new-to-the-street-to-feature-global-cannabis-applications-corp-in-a-12-part-series-for-monthly-u-s-network-television-broadcasts/

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