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