DeFi News Official TheBitTimes.com

The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by cryptocurrency mining rigs. In a filing with the U.S. Securities and Exchange Commission (EX-99.1), Bankprov stated that revenue from its digital asset loan portfolio will continue to decrease as the company has discontinued new loan originations backed by mining equipment. Bankprov’s Portfolio of Cryptocurrency Collateralized Loans Decreased by 65% Bankprov disclosed that it holds approximately $41.2 million in cryptocurrency-collateralized loans, with about $26.7 million of the debt backed by crypto-mining equipment. Collateralized loans secured by application-specific integrated circuit (ASIC) mining rigs became a popular investment vehicle in 2021, but the crypto winter resulted in significant pressure on the industry. By the end of June 2022, Luxor executive Ethan Vera estimated that about $4 billion in loans backed by mining machines ...

Join Our Telegram channel to stay up to date on breaking news coverage The innovations that have been brought about Decentralized Finance (DeFi) technology are disruptive and are expected to take the financial industry to the next level. This is just the tip of the iceberg. The best has not been seen yet. Industry leaders such as Uniswap and PancakeSwap continue to advance their applications, increasing DeFi’s overall potential.  One of the projects that have been pushing the limits of DeFi is PancakeSwap whose value is projected to increase in value throughout 2023. It is a decentralized exchange (DEX) that lets users trade cryptocurrencies without the need to undergo KYC compliance procedures. Through the platform, investors can buy BEP-20 standard tokens, trade NFTs and stake cryptocurrencies, including the network’s native token CAKE. The release of PancakeSwap (CAKE) V2 solidified the position of the project as a top DEX, with thousands of users investing ...

Source: AdobeStock / master1305 Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________ Mining news The difficulty of mining a Bitcoin (BTC) block increased by 4.68% on Sunday, following a rise of 10.26% seen two weeks ago, hitting a new all-time high (ATH) of 39.35 T. It had hit its previous ATH of 37.59 T following the previous difficulty adjustment on January 15. Legal news The US, New York Department of Financial Services (NYDFS) is investigating crypto exchange Gemini over its claims related to the safety of customer funds, Axios reported. Gemini reportedly claimed last year that the assets of its Earn product customers were safe due to it being backed by the Federal Deposit Insurance Corporation (FDIC). Current and former FDIC officials told Axios that while the FDIC language Gemini used is misleading, it's unclear whether it actually violat...

Join Our Telegram channel to stay up to date on breaking news coverage The Decentraland price prediction upsurge astounds the intraday traders as MANA indicates a bit of the immediate resistance level. Decentraland Prediction Statistics Data: Decentraland price now – $0.79 Decentraland market cap – $1.4 billion Decentraland circulating supply – 1.8 billion Decentraland total supply – 2.1 billion Decentraland Coinmarketcap ranking – #40 MANA/USD Market Key Levels: Resistance levels: $1.00, $1.10, $1.20 Support levels: $0.50, $0.40, $0.30 MANAUSD – Daily Chart MANA/USD is moving tremendously as the coin touches the resistance level of $0.81. Following the recent price hike, the Decentraland price is attempting to cross above the upper boundary of the channel. However, a break above this barrier could produce a huge green candle to the upside, and this may cause the coin to reach the resistance levels at $1.00, $1.10, and $1.20. Dec...

Bad news continues to dominate crypto media headlines but Bitcoin and the wider market appear to not care. Despite the recent negative crypto and macroeconomic newsflow, the total cryptocurrency market capitalization broke above $1 trillion on Jan. 21. An encouraging sign is that derivatives metrics are not showing increased demand from bearish traders at the moment.  Total crypto market cap in USD, 1-day. Source: TradingView Bitcoin (BTC) price gained 8% on the week, stabilizing near the $23,100 level at 18:00 UTC on Jan. 27 as the markets weighed the potential impact of Genesis Capital's bankruptcy on Jan. 19. One area of concern is Genesis Capital's largest debtor is Digital Currency Group (DCG), which happens to be its parent company. Consequently, Grayscale funds management could be at risk, so investors are unsure if the Grayscale Bitcoin Trust (GBTC) assets could face liquidation. The investment vehicle currently holds over $14 billion worth of Bitcoin positions for it...

While the collapse of the crypto exchange FTX and its affiliate Alameda Research is thought to have left many crypto players, including market makers, in the worst possible position, according to Andrei Grachev, managing partner at DWF Labs, this incident may have helped to “flush out companies that were not sustainable enough to operate during a storm.” As a result, the “market will be healthier” going forward. The Art of Market Making Besides weeding out weak players, Andrei Grachev suggested in a written response to questions from Bitcoin.com News that the collapse of key crypto industry players like FTX and Terra has highlighted the importance of adopting measures that protect users. One such measure, which can be used by global digital asset market makers like DWF Labs, is the so-called pump-and-dump protection scheme. The scheme is essentially a liquidity management technique across exchanges. Meanwhile, Grachev also shared his views on topics that range...

C+Charge is looking to make it easy and convenient for electric vehicle (EV) owners to charge their cars and earn. Its native CCHG token is one of the hottest presales in the market, with over $399,000 raised.  Better Value for EV Owners C+Charge is a platform that aims to grow the electric vehicle industry by providing more incentives for owners. The platform, launched last year, is looking to offer an eco-friendly way for EV owners to charge their vehicles and earn.  Over the years, EVs have become increasingly popular, especially among young people who are more tech-savvy and concerned about the environment. And as more companies enter this space, it is widely thought that EVs will be the future of the automotive space. Nevertheless, the landscape remains plagued with inefficiency.  One major problem is that charging remains challenging due to the uneven distribution of charging stations. Also, the current charging stations remain underdeveloped and...

Midjourney AI / Trent Rhode As we look forward to what's in store for the crypto markets through the rest of 2023 , crypto whales have already started acquiring coins as a sign of a potential bull market ahead. But just what are crypto whales buying? In spite of the dip experienced by cryptocurrencies in 2022, innovative and game-changing advancements are still being made with blockchain technology--giving whales and smaller investors something to look forward to in 2023 and beyond.  Although Bitcoin and Ethereum may have taken the spotlight as large cap leaders, there are a multitude of other projects that are leading innovation in many areas of the crypto economy. Many investment options exist for traders looking to take positions in the industry, including within DeFi and real use cases for non-fungible tokens (NFTs) , to name a couple. If you're contemplating investing, you may be asking yourself: is now the best time to begin, and if so, which investmen...

Join Our Telegram channel to stay up to date on breaking news coverage The Ankr price prediction shows that bulls are dominating the market as the price moves from $0.025 to $0.029. ANKR Prediction Statistics Data: ANKR price now – $0.028 ANKR market cap – $259.6 million ANKR circulating supply – 9.66 billion ANKR total supply – 10 billion ANKR Coinmarketcap ranking – #121 ANKR/USD Market Key Levels: Resistance levels: $0.035, $0.037, $0.039 Support levels: $0.020, $0.018, $0.016 ANKRUSD – Daily Chart ANKR/USD is still positive but it looks like it lacks enough momentum to hit the resistance level of 0.035. Following the recent price, Ankr faces a potential resistance at the $0.030 level above the upper boundary of the channel. A break above this is could produce a huge green candle to the upside, reaching resistances at $0.035, $0.037, and $0.039 levels and above. By then, the ANKR market would have been in a bullish run. Ankr P...

Apple’s rumored VR headset launch appeared to fuel a sharp rally in metaverse tokens, but data suggests that the momentum is not sustainable. The metaverse hype that began in 2021 dissolved almost entirely by the end of 2022 as the top projects in the space, Decentraland, and The Sandbox, lost 95% of their market capitalization. The most prominent reason for the fall was lack of usage growth.  Still, the metaverse narrative is far from dead and will grow in the future. Reportedly, Apple will launch its VR gear sometime in spring 2023. The announcement was a positive catalyst for MANA and SAND, causing a double-digit price surge. While there’s evidence of positive buying volume supporting the pump, the weak fundamentals of metaverse platforms and overheated market indicators suggest that the price pump risks reversing quickly. The Apple pump and dump Facebook's (Meta) foray into the metaverse was one of the most prominent catalysts for metaverse tokens. The idea for Decentraland...

Shiba Inu’s Bone token is attracting heavy buying pressure this month as the team confirmed that the Shibarium Public Beta TestNet could be launched “soon”. Since the announcement in early January, Bone jumped nearly 70% in the indices going from $0.80 to a monthly high of $1.42. Ahead of the Shibarium launch, another whale purchased $1.5 million worth of Bone tokens on Monday. Data from Etherscan.io shows that the whale picked up Bone for the first time through one significant transaction. The new whale purchased a massive 1.1 million Bone tokens for a market value of $1.52 million. The unidentified whale is ranked no.17 in the rich list at ShibaSwap. Also Read: First-Time Cryptocurrency Investors Are Heavily Buying Shiba Inu: Nansen Source: Etherscan.io You can read more details about the whale purchase here and here for a better understanding. The launch of the Shibarium Testnet could potentially be the cause for the whale entry into the Bone token. ...