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- ADA leads in crypto market recovery ⬆️
ADA leads in crypto market recovery ⬆️
ADA-backed stablecoin DJED launched
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The crypto market had a bullish session, with most of the top cryptos by market cap trading up. The tech-heavy Nasdaq Composite gained 11% in January, even as investors look to the Fed Reserve meeting on Wednesday. ADA is leading the way up with a 4.19% gain in the last 24 hours, while XRP and BTC also found support. The Fear and Greed index ticked up, rising from 51/100 to 56/100.
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*Last updated at 9:00 am, 1 February 2023
From the crypto news wires 📰
Algorithmic stablecoin Djed, from DeFi service provider COTI, was deployed on the Cardano mainnet on 31 January following a security audit. The new algorithmic stablecoin, Djed is pegged to the USD and backed by Cardano’s native currency, ADA. It uses the Shen (SHEN) token as its reserve coin. After the fall of the TerraUSD (UST) traders in the crypto space had grown wary of the asset class.
Ethereum is steadily moving closer to the Shanghai upgrade that will enable validators on Beacon Chain to unlock and withdraw their staked ETH. Accordingly, Ethereum developers are going live with Zhejiang public withdrawal testnet on 1 Feb at 3:00 p.m. UTC. This is the first major public testnet to go live since the Ethereum merge in September 2022. The Ethereum Foundation's developers have set a tentative date of March 2023 for the Shanghai hard fork. Furthermore, all Ethereum Improvement Protocols (EIPs) included in the Shanghai upgrade will be available on the upcoming Zhejiang testnet.
According to a filing with the US Securities and Exchange Commission, Tesla lost more than $140 million betting on Bitcoin last year. In 2022, the electric vehicle manufacturer took a $204 million impairment charge while earning $64 million from Bitcoin conversion. An impairment charge is a charge that describes a decrease or loss in the value of an asset. Tesla invested $1.5 billion in Bitcoin in February 2021, making it one of the largest corporate holders of the crypto, second only to MicroStrategy. Bitcoin was trading at $46,364 per coin at the time.
The Uniswap DAO has approved a second non-binding proposal known as a "temperature check" to make it the official bridge for cross-chain governance protocol between BNB Chain and Ethereum. The proposal is part of a final plan to deploy Uniswap v3 to the BNB Chain. Wormhole won the vote beating three rival bridge solutions in the DAO’s referendum: LayerZero, deBridge, and Celer.
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