DeFi News Official TheBitTimes.com

Join Our Telegram channel to stay up to date on breaking news coverage Since 2017, whenever the crypto market suffered a bearish period, crypto users had a choice to either cash out or convert their coins and tokens into stablecoins like Tether (USDT). Thanks to the fact that USD backs USDT, its price is fixed, so it does not get affected by the volatility of the bear and bull markets. Over the years, many more stablecoins were launched, but despite its past controversies, Tether never lost its dominance. Even now, in 2023, the prolonged bearish crypto market is pushing users toward USDT while other cryptocurrencies trade in the red. In fact, the demand has been so great that Tether had to increase its supply, which hit $83.5 billion earlier this week. This made its total supply near its all-time high of $84.1 billion. Tether previously reached this level last year, in 2022, while the crypto winter was at its strongest point. 1/ 📊 The total supply of $USDT has r...

Recent data from blockchain analytics company IntoTheBlock indicates that approximately 29% of the total Bitcoin supply, which has remained stagnant for over five years, might be lost forever. Fresh data unveiled by the blockchain analytics firm, IntoTheBlock, reveals that close to 29% of Bitcoin’s total circulating supply might be lost forever, showing no signs of movement for over five years. This highlights an inherent attribute of Bitcoin (BTC) – its scarcity – as only 21 million coins can ever be mined. However, the very feature that augments Bitcoin’s appeal to investors is a double-edged sword, leading to the risk of irreversible asset loss if private keys are mislaid or forgotten. IntoTheBlock recently brought attention to the substantial surge in dormant Bitcoin addresses. “Our data shows that 29% of $BTC hasn’t moved in over five years. It’s possible that a large part of this concerns lost coins,” the company noted in their tweet. #B...