Crypto This Week: Cardano’s DeFi TVL Skyrockets with 250% Growth in 2023
What Happened in the Crypto Industry & NOBI During the Past Week?
Hi, NOBI’s! The crypto industry is constantly expanding, and recent developments include Twitter allowing users to buy and sell stocks and crypto directly on its platform, the growth of Cardano’s DeFi sector, and ZA Bank offering crypto conversion services. Standard Chartered predicts that Bitcoin’s value could increase due to growing mainstream adoption and institutional interest. What’s more? We recap what’s been happening in the crypto industry during the past week!
1. Cardano’s DeFi TVL Skyrockets with 250% Growth in 2023
Cardano’s DeFi sector has experienced impressive growth in 2023, with a TVL increase of over 250%. The growth is attributed to the launch of new DeFi projects on the platform, including the recent launch of the Djed stablecoin project. Djed is a stablecoin pegged to the US dollar that is more stable and reliable than other stablecoins available. Its launch has added to the variety of DeFi projects on the Cardano platform, further attracting users and contributing to its growth. As Cardano’s development team continues to work on improving scalability and interoperability, the platform has the potential to become a major player in the DeFi space.
With the addition of Djed and other upcoming projects, Cardano’s DeFi ecosystem could potentially challenge Ethereum’s dominance in the DeFi space. Cardano’s focus on sustainability and low energy consumption could also attract more environmentally conscious users to the platform. Overall, Cardano’s DeFi sector has shown impressive growth, and with ongoing development efforts, it could continue to gain traction in the DeFi space.
2. Bitcoin Dominates Crypto Investment Products with 98% Market Share
Bitcoin continues to dominate the cryptocurrency investment product market, accounting for 98% of inflows in 2021, according to a report from CoinShares. This dominance is due to Bitcoin’s strong brand recognition, performance, and increased institutional adoption. Despite market volatility, inflows into crypto investment products remain strong, indicating that investors have confidence in the long-term potential of cryptocurrencies. Furthermore, the report highlights the increasing interest in Ethereum-based investment products, which accounted for 27% of inflows in 2021, driven by the growing popularity of DeFi applications on the Ethereum network.
Overall, while Bitcoin remains the dominant cryptocurrency for investment products, the growing interest in Ethereum-based products suggests that other cryptocurrencies may gain more traction in the future. As the cryptocurrency market continues to evolve and new projects emerge, it will be interesting to see how investor preferences shift and which cryptocurrencies emerge as leaders in the investment product market.
3. Hong Kong’s Largest Virtual Bank Offers Crypto Conversion Services
Hong Kong’s largest virtual bank, ZA Bank, has announced the launch of its cryptocurrency conversion services, allowing users to convert Hong Kong dollars into cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. The service is available 24/7 through the bank’s mobile app, and users can convert between HKD and cryptocurrencies in real-time. The bank has also implemented security measures such as two-factor authentication and risk-based authentication to ensure the safety of its users’ transactions.
The launch of cryptocurrency conversion services by ZA Bank is seen as a significant step forward for the adoption of cryptocurrencies in Hong Kong. The move is also expected to increase competition in the digital banking sector, with other banks potentially following suit. With the growing interest in cryptocurrencies in the region, ZA Bank’s new service is expected to attract more users who are interested in investing in cryptocurrencies or using them for payments.
4. Standard Chartered Research Predicts Bitcoin Price Could Reach $100,000 by 2024
Standard Chartered Bank has forecasted that Bitcoin could reach $100,000 by the end of 2024. The report notes that the growing mainstream adoption of cryptocurrencies, increasing interest from institutional investors, and the limited supply of Bitcoin are key factors that could contribute to its rise in value. The report also notes that Bitcoin’s volatility remains a risk for investors, and that regulatory developments could impact the cryptocurrency market.
Standard Chartered’s bullish forecast for Bitcoin is in line with other recent predictions, suggesting that the cryptocurrency market could continue to experience growth in the coming years. However, it is important to note that cryptocurrency markets are highly volatile, and predictions are subject to change based on a variety of factors. Overall, while Bitcoin’s potential for high returns continues to attract investors, it is important to carefully consider the risks involved before investing in cryptocurrencies.
5. Twitter Now Allows Users to Buy and Sell Stocks and Crypto
Starting Thursday (13/04), Twitter has officially added a new feature allowing users to trade cryptocurrencies and stocks directly on their platform. This move could be a significant step forward for the mass adoption of cryptocurrencies in the future. Additionally, Elon Musk’s recent comments supporting cryptocurrencies on Twitter reflect a growing interest and friendly approach towards crypto.
This move is in line with Elon Musk’s vision of integrating financial services into the platform and creating a super app that provides various features in one Twitter application. At the Morgan Stanley conference on March 7th, Elon Musk revealed his desire to make Twitter the largest financial institution in the world. If successful, this could be a major breakthrough in the adoption of cryptocurrencies in mainstream finance.
That wraps up for Crypto This Week. We’ll see you at the next one!