Tether depegs from $1 mark following TerraUSD and LUNA collapse

Tether (USDT)

It has been a rough week for crypto, but an even rougher week for stablecoins.

Tether (USDT), the stablecoin mainstay of the crypto space, snapped as low as $0.95 in the early hours of May 12 amidst wider market fears surrounding TerraUSD (UST).

Earlier in the week, UST depegged from its intended $1 mark, falling as low as $0.29. In a desperate bid to restore UST’s price, Terraform Labs have been printing and selling millions of its stabilising token, LUNA, causing it...

Central African Republic adopts Bitcoin as legal tender

Bitcoin

The Central African Republic (CAR) has become the second country in the world to adopt Bitcoin as legal tender, following on from El Salvador's decision in September last year.

Despite being rich in mineral wealth, CAR is one of the world’s poorest countries and has suffered from decades of conflict.

According to DataReportal, CAR has the lowest internet penetration rates of any country in the world – excluding North Korea – at just 7.1%. As such, the incentives...

Terra buys another 4,550 Bitcoin worth over $206M

Blockchain project Terra continues to amass Bitcoin by taking another 4,550 off the market, worth over $206 million.

Terra has been following a number of companies – including MicroStrategy, Tesla, Square, and others – in adding Bitcoin to its reserves.

Do Kwon, CEO of Terraform Labs, has said his ultimate aim is to have Terra’s reserves of Bitcoin rival that of Satoshi Nakomoto...

Gemini research reveals 18% of UK adults own cryptocurrency

Globalisation

Almost one fifth (18%) of UK adults own cryptocurrency and nearly half of these (45%) invested for the first time in 2021, revealing massive growth in terms of adoption.

The figures come from Gemini’s new ‘2022 Global State of Crypto’ report which surveyed 29,293 adults from across twenty countries, including 2,300 people from the UK.

Gemini is a cryptocurrency exchange that was launched in 2015 by the Winklevoss twins. Recently, it has received major external...

Coinbase smashes expectations with Q4 2021 results

Earnings Report

Crypto trading giant Coinbase saw its shares climb by 12.5% on February 24 following the company’s fourth quarter results smashing expectations.

Despite the positive results, the company expects its monthly transacting users and total trading volume to decline in the first quarter of 2022 following recent volatility in the crypto asset space.

In 2021’s final three months, Coinbase pulled in $2.5 billion (£1.87bn) in total revenue, up 327% from the year-ago quarter...

Intel launches new blockchain accelerator chip for crypto mining

Intel

Intel has launched a new chip designed specifically for blockchain use cases such as Bitcoin mining and minting NFTs.

The crypto-specialised chip, which Intel calls its “blockchain accelerator”, will ship later this year. Jack Dorsey’s fintech firm Block – formerly Square – has already preordered the technology, along with Bitcoin mining company GRIID Infrastructures.

Considering crypto mining’s immense energy usage, Intel has said it is focused on...

Global crypto ATM market to grow from £55m to £1.38bn by 2028

ATM Machine

The global crypto ATM market, which is currently worth £55 million, is expected to reach £1.38 billion by 2028 as demand for on-the-move conversion between digital and fiat currencies increases.

US consulting firm Grand View Research’s new study, the “Crypto ATM Market Size, Share & Trends Report”, forecasts a compound annual growth rate (CAGR) for the market of 59.2% from 2022 to 2028.

Last year, crypto ATM numbers increased substantially and their global...

Bitcoin processes $187bn more in transactions per quarter than PayPal

Canary Wharf, London

The Bitcoin (BTC) network is now processing more volume in terms of transactions than payments platform PayPal, according to blockchain analysis firm Blockdata.

Looking at average transaction volumes, Blockdata says that the Bitcoin network outshone PayPal by $187 billion (£140.4bn) per quarter this year. An impressive overtake for a payments system twelve years younger than PayPal.

Blockdata reported that: “The Bitcoin network processed an estimated average of $489...

Nigeria has highest rate of global crypto ownership at 24.2%

Nigeria

Nigeria has the world’s highest cryptocurrency adoption rating, with 24.2% of adults owning some form of digital currency.

According to the latest Cryptocurrency Adoption Index from financial comparison platform Finder.com, which surveyed 41,645 adults in 22 countries, Nigeria is well ahead of the global average adoption rate of 11.4%.

Of the quarter of online adults in the West African nation who own cryptocurrency, Bitcoin is the most popular with 66.5% of owners...

Blockchain.com reaches $1 trillion in transactions

Blockchain Vector

Blockchain.com, the cryptocurrency financial services company, has surpassed $1 trillion (£730 billion) in transactions on its platform.

An early player in the digital asset space, Blockchain.com began as the first Bitcoin blockchain explorer in 2011, having since become a major global provider of wallet and exchange services.

A fifth of this trillion dollar milestone, that is to say $200 million (£146m), was transacted in the past six months alone, highlighting the...