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Summary

• The blockchain developer share in the U.S. fell from 40% in 2017 to 29% in 2022, ceding a considerable chunk of the pie to emerging markets around the world.
• India was captured the share away from the U.S., showing consistent web3 growth and increasing its developer share from 2% in 2017 to 6% in 2022.
• The ongoing crackdown by regulators on centralized exchanges and other crypto participants has left the U.S. crypto sector in a state of trepidation, threatening its market dominance over other countries.

Analysis of Blockchain Developer Share

According to an analysis by Developer Report, the blockchain developer share in the U.S. fell from 40% in 2017 to 29% in 2022, corresponding to about 2% drop every year due to emerging markets like India capturing its share away from the U.S.. Despite this decrease, the number of developers jumped almost fourfold during this same time period and U.S still remains as the market leader with 29%. European nations also enjoyed a combined market share of 29%, while Asia accounted for 13%.

Growth of India’s Blockchain Industry

India’s growth trajectory showed more consistency than other regions as its developer share steadily increased from 2% in 2017 to 6% by 2022, eating into the United States‘ market dominance over other countries within this period of time according to data collected by Developer Report . This lucrativeness as a growing market for blockchain development was further evidenced by reports that Coinbase was contemplating setting up a trading platform outside of the U.S.. Brad Garlinghouse, CEO of Ripple Labs also stated that due to hawkish stances taken by SEC (Securities and Exchange Commission), it may dent prospects for U.S as an inviting destination for blockchain development and cryptos going forward if not addressed properly soon enough .

Decline In Other Countries

While UK and Germany lead Europe with their developer shares at present, both countries saw their dominance decline within this 2017-2022 period studied by Developer Report . On another note , Ukraine’s shared increased from 4 %to 6 % since war began , highlighting how conflict ridden nations can still be appealing destinations for web 3 developers despite challenging economic conditions .

Conclusion

Overall , although US is still leading when it comes to blockchain developers , emerging markets like India are quickly gaining ground due to their attractive opportunities and lucrative conditions they provide . At present , these trends seem unlikely reverse unless proper regulations are implemented soon enough which could keep US at par with other countries when it comes to attracting new developers who wish become part of this industry .

• Circle Internet Financial has successfully cleared the backlog of redemption and minting requests for its USDC stablecoin.
• The backlog had accumulated following the closure of several crypto-friendly banks, including Silvergate Bank, Silicon Valley Bank, and Signature Bank.
• Circle has minted approximately $800 million USDC this week and has added Cross River Bank and BNY Mellon as banking partners to facilitate international transactions.

Circle Clears Backlog of Redemption and Minting Requests

Circle Internet Financial has successfully cleared the backlog of redemption and minting requests for its USDC stablecoin following the turmoil caused by the closure of several crypto-friendly banks. The stablecoin giant was caught up in the chaos induced by the liquidation of Silvergate Bank, which eventually led to the seizure of Silicon Valley Bank and subsequent shutting down of Signature Bank.

Circle Mints Approximately $800 Million USD Coin

Since 13 March, Circle has minted approximately $800 million worth of USD Coins and redeemed a whopping $3.8 billion according to a 15 March update from Circle. In order to restart services such as payment and USDC redemption services, Circle worked on finding alternate banking partners. On 14 March, Cross River Bank was added as a domestic wire payments partner within the United States while an existing transaction banking partner BNY Mellon supplemented international wire operations starting 15 March.

Signature Bank Closure Causes Turmoil

The closure of Signature Bank caused considerable turmoil in the traditional finance space due to its impact on liquidity operations related to Circle’s stablecoin. This meant that customers were unable to redeem or mint their coins until recently when these issues were resolved by Circle.

Cross River & BNY Mellon Added as Banking Partners

The addition of Cross River Bank as a domestic wire payments partner within the United States enabled international transactions with nineteen different countries starting on 15 March. In addition, an existing transaction banking partner BNY Mellon was added in order to supplement international wire operations from 15 March onwards too..

Circle Successfully Navigates Challenges Posed By Banking System Chaos

Circle appears have successfully navigated through all challenges posed by chaos in traditional finance space due to closure of three crypto-friendly banks mentioned earlier which led it clearing substantially all backlogs related to USDC stablecoin’s redemption/minting requests before close United States banking operations on aforementioned date

• Fed Chair Jerome Powell’s inflationary comments led to a drop in the price of Fantom [FTM], which is down 8.5% over the last 24 hours.
• On the lower timeframe chart (4 hours), FTM has formed a double-bottom pattern with 24% gains after retesting the overhead resistance, however, there has been a 35% correction since then.
• Short-term bulls could seek new buying opportunities at $0.3944 and $0.4265 while short-sellers could target its lower boundary at $0.3552 if FTM fails to close above the channel’s mid-level.

Fed Likely To Increase Rate Hikes To Tame Inflation

Following remarks from Federal Reserve Chair Jerome Powell on March 7th, Fantom [FTM] dropped below $0.42 as investors priced in the inflationary pressure being higher than expected and pointed to potential aggressive rate hikes. This drop was accompanied by Bitcoin [BTC]’s fall below $22K and sustained sell pressure in the altcoin market, resulting in FTM dropping 8.5% over the past 24 hours according to CoinMarketCap.

Price Action of FTM

On a lower timeframe chart (4 hour) analysis indicates that FTM rallied before a price rejection claimed all gains previously made – forming a double-bottom pattern with 24% gains after retesting overhead resistance of $0.5951 before correcting 35%. Currently FTM is oscillating between highs and lows of descending channel (orange) with range boundaries of $0.3944 and $0.4265 respectively – providing short term bulls with opportunity for new buying while providing short sellers with potential targets of channel mid level or lower boundary ($0.3857 – $0.3552). If prices fail to close above said mid level an extended drop could take prices below channel towards area of support at around $0 0 3162 . Analysis also showed limited buying pressure as seen by On Balance Volume (OBV) fluctuations and Relative Strength Index (RSI) staying below 50 mark over same period as FTM traded within range mentioned earlier .

Macroeconomic Headwinds Sustaining Price Action

Prevailing macroeconomic headwinds are likely sustaining current price action within this range due to instability in demand for derivatives seen from fluctuation in Funding Rate according to Santiment along side negative MVRV reading indicating lack of investor profitability .

Conclusion

In conclusion investors should consider current macroeconomic conditions when making their trading decisions as well taking into account technical analysis such as Support/Resistance levels , Double Bottom patterns etc when looking for entry/exit points into market . It is also worth noting that investing carries risk so always make sure you understand what you are getting yourself into before trading .

Disclaimer

The information presented does not constitute financial, investment, trading or other types of advice and is solely the writer’s opinion

• BNB’s GameFi active users registered a decline, while overall users increased.
• Binance Coin’s price action continued to support the sellers and indicators were bearish.
• Despite its recent listing, PlayZap was one of the top 10 dApps on the BNB Chain, however, GameFi and NFT ecosystems showed signs of decline.

BNB’s GameFi Active Users Register Decline

BNB’s GameFi active users registered a decline, while overall users increased. BSC Daily noted potential projects for 2023 and beyond with its innovative combination of Games & DeFi that allows for unique opportunities for users to earn, invest & participate in a thriving virtual economy. However, data from Dune suggested that the reality might be different as both GameFi and NFT ecosystems declined over time despite an increase in BNB’s overall user base.

PlayZap Becomes Top 10 dApp

DappRadar showed that PlayZap was one of the top 10 dApps on the BNB Chain despite being recently listed. Token Terminal’s data also indicated a continuous increment in BNB Chain’s revenue along with an increase in total transactions on the network which is encouraging for the coin’s growth.

On-Chain Performance Not Ideal

However, looking at BNB’s on-chain performance revealed that it wasn’t ideal as its development activity declined while velocity spiked mid February only to fall down soon enough. Additionally, demand from the derivatives market didn’t seem to pick up either as its funding rate remained negative throughout this period.

Social Volume Increases

Despite all this, social volume around Binance Coin has been increasing lately which is a positive sign for its popularity among investors as well as traders alike.

Conclusion

Overall, there are some concerning metrics such as active user numbers and NFT trade counts registering decreases but other metrics such as revenue generation and number of transactions have been on an upward trend which shows promise for the future of this cryptocurrency project.

• A Twitter handle by the name Technical Crypto Analyst revealed that 60% of all staked ETH was locked on-chain around the current ETH price or even higher.
• Whale „0xB79c“ accumulated 28,672 ETH, worth $48.5 million, from Binance and Coinbase over the past two months.
• Ethereum made it to the list of the top 15 cryptos in terms of the Galaxy Score, which was an optimistic sign for the token holders.

Bullish Ethereum Updates

A Twitter handle by the name Technical Crypto Analyst revealed an update that was in investors‘ favor. Reportedly, 60% of all staked ETH was locked on-chain around the current ETH price or even higher. The crypto community’s response to it was bullish as some expected that this would reduce a sell-off after Ethereum’s Shanghai upgrade, thus giving rise to a potential price uptick.

Whale Accumulation

Lookonchain’s data showed increased ETH accumulation with whale „0xB79c“ accumulating 28,672 ETH, worth $48.5 million from Binance and Coinbase over the past two months. This development suggested that whales were expecting further price pumps for Ethereum. Furthermore, whale and shark addresses with 100,000 ETH still hold close to 47% of total Ether supply while exchange outflow had spiked lately as well as top address holdings increasing – indicating confidence in Ethereum amongst whales.

Encouraging Metrics

Santiment’s chart indicated decreased supply on exchanges over last month while LunarCrush’s data revealed Ethereum making it into list of top 15 cryptos according to their Galaxy Score – both suggesting positive metrics for Ethereum investors and token holders alike.

Ethereum’s Shanghai Upgrade

Ethereum’s much awaited Shanghai upgrade is around the corner and investors are excited because it will finally allow them to withdraw their staked Ethers. With bullish metrics surrounding accumulation and encouraging data from Santiment and LunarCrush as well as promising news from Technical Crypto Analyst – investors are feeling confident about upcoming upgrade leading to potential profits ahead!

Conclusion

The recent bullish updates regarding Ethereum have caused excitement amongst its investors who are hoping for a successful Shanghai upgrade leading to further profits for them! Whale accumulation along with other encouraging metrics suggest that there could be more upside potential in store for Ether in upcoming days!

• Binance Coin (BNB) is a digital currency launched by the world’s largest crypto exchange, Binance, in 2017.
• BNB has multiple use cases both within the Binance ecosystem and beyond.
• In 2021, Binance and its blockchain network gained popularity, causing the value of BNB to soar.

Introduction to BNB

Binance Coin (BNB) is a digital currency launched by the world’s largest crypto exchange, Binance, in 2017. The launch of BNB was made possible through an Initial Coin Offering (ICO), which took place from 26 June to 3 July 2017. During the ICO, the issue price for BNB was one Ethereum (ETH) for 2,700 BNB or one Bitcoin (BTC) for 20,000 BNB. It’s important to note that BNB does not provide its holders with any claim on Binance’s profits and is not considered an investment in the company.

Uses of Chian

BNB has multiple use cases both within the Binance ecosystem and beyond. One of the primary uses of BNB is to pay transaction fees on the Binance exchange, where it offers a discount. Additionally, BNB is also powering the Binane DEX which operates onthe Beacon Chain and hundreds of other applications that are running onthe Smart Chain (BSC). OwningBNBon the Chain grants users access to exclusive token sales and reduction in trading costs;it can also be used as a community token for dApps onthe Chain.

Performance

Investors who boughtBNBat start of year were rewarded with returns of over 1 200%by endof year.ThevalueofBNBhas since been maintained due to strong fundamentals backed by high-profile partnershipsand collaborationswithinstitutions like OKExand Tron Foundationamong others.

Token Swap

The launch ofChainalso marked a significant shift forCoinas allholders were required toparticipate ina tokenswapin ordertoexchange their ERC-20tokensforthe newChaintokensthis was completed successfully and showed commitmenttosustainabilityandlong-term growthoftheprojectandcoinoverall .

Conclusion

In conclusion ,Binance Coin(BNB) has emerged as oneof themost successfulcryptocurrencies duetoits wide rangeof useswithin theecosystemandon other projectsbuiltonthechain .Moreover ,the coinhas beensupported bystrongfundamentalsbackedbyhigh profilepartnershipsandcollaborations .Itis expectedthatthe coinwill continue toundergogrowthinthecomingyearsasthemarket matures .

• Binance Coin [BNB] surged above a 12-hour bearish order block near $316 after two weeks of struggle.
• The $315 zone had presented stiff resistance to BNB bulls and if Bitcoin [BTC] continues to tick upward, the rest of the altcoin market is likely to follow.
• The first two days of February saw large green candles on Binance Coin and a move into the $332-$350 resistance zone is possible.

Binance Coin has been experiencing a surge in recent days, reclaiming the $316 level after two weeks of struggle. This is a significant development, as the $315 zone had presented stiff resistance to BNB bulls in late November and since mid-January. The first two days of February saw large green candles on Binance Coin, indicating that buyers held firm in the $300 zone and that the orange trendline support was not broken.

The bullish market structure of Binance Coin is important to note, as it is closely linked to the performance of Bitcoin [BTC]. If BTC continues to tick upward, the rest of the altcoin market is likely to follow. This is why the H12 order block at $320 was a key resistance for BNB, as it had to be broken for the altcoin to continue its uptrend. Fortunately, the bulls managed to do just that, and BNB is now poised to move into the $332-$350 resistance zone.

Retracement could be a suitable opportunity for buyers to enter the market, as they could wait for a flip of $332. Nevertheless, if the altcoin catapults higher in the coming hours, buyers should be prepared to bid on a retest of the $319-$323 zone. It is also important to note that the $350-$360 region is a significant resistance for Binance Coin and should be monitored closely. All in all, the outlook for BNB remains bullish, but traders should also be mindful of potential pullbacks.

• Aave’s partnership with Lemon App could increase the number of unique users on the protocol.
• Aave’s launch of V3 on the Ethereum mainnet has generated interest from whales.
• The TVL of Aave also decreased over the last month.

Aave, a decentralized protocol for lending and borrowing, has announced a partnership with Lemon App, an Argentinian and Brazilian fintech platform. This could help expand the user base and get more people to supply liquidity to the platform. The launch of V3 on the Ethereum mainnet has also generated a lot of interest in the token.

The V3 launch drew attention to Aave and its token, but the token’s velocity and network growth has steadily declined over the past few months. The number of unique users on the Aave protocol decreased by 25.16% over the last month. With the new partnership, over 1.7 million users from Argentina and Brazil could get access to Aave [AAVE]. This could help increase the declining number of unique users on the platform and revive both the protocol and its token.

Aave’s Total Value Locked (TVL) has also decreased over the past month, with the figure going from $5.4 billion to $3.7 billion. While this decline is concerning, the launch of V3 on the Ethereum mainnet could help improve the protocol’s TVL in the coming future.

The launch of V3 has also attracted the interest of whales, which could help increase the price of the token in the future. According to Santiment, the percentage of large addresses holding the token has increased from 2.46% on January 1st to 5.46% on January 23rd. This could be a sign that whales are investing in the token and could help increase its price.

Overall, Aave’s partnership with Lemon App and the launch of V3 could help the protocol grow and increase its user base. The launch of V3 has already generated interest from whales and could help improve the protocol’s TVL. However, it remains to be seen if this new partnership alone can revive both the protocol and its token.

• Nakamoto Games recently announced that their NAKAVERSE would be going multichain, with NFTs being integrated with Dogecoin and other networks such as Avalanche.
• Avalanche’s performance in its NFT space has been declining, as evidenced by Santiment’s chart showing a decrease in total NFT trade counts and volume in USD.
• DeepSquare is looking for 10 Avalanche validators to help validate its subnet.

The cryptocurrency space recently got some exciting news as Nakamoto Games announced that their NAKAVERSE would be going multichain. This means that their NFTs will be integrated with Dogecoin and other networks, such as Avalanche. This could be a major step forward for Avalanche’s NFT ecosystem, helping it register growth in the field.

However, Avalanche’s performance in its NFT space has been declining. According to Santiment’s chart, the total NFT trade counts and total NFT trade volume in USD have been decreasing over the last seven days. This could be a cause for concern for investors in the network.

DeepSquare, a decentralized cloud computing ecosystem, recently revealed that they were looking for 10 Avalanche validators to help validate its subnet. This could be a great opportunity for Avalanche validators to show their capabilities and prove their worth.

Apart from the NFT space, Avalanche’s price has been increasing steadily. According to CoinMarketCap, the price has increased by 8% in the last seven days, and at press time, it was trading at $18.33 with a market cap of $2.68 billion.

Overall, Avalanche has been making steady progress in its aim to become a major player in the cryptocurrency space. With the news of NAKAVERSE going multichain, and DeepSquare’s call for validators, there is a lot of potential for the network to grow and succeed.