22/09/2024. Weekly CryptoNews Digest (September, 16 – September, 22)

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Partner with MNO and elevate your cryptocurrency and HYIP experience! I will provide you with the knowledge and support you need to make informed decisions and achieve your financial objectives. Let’s explore the latest cryptocurrency news from September 16th to September 22nd, 2024 in our Weekly CryptoNews Digest and embark on this new chapter in the cryptocurrency world with enthusiasm!

MICROSTRATEGY RAISES $700 MILLION TO BUY MORE BITCOIN

MicroStrategy, a publicly traded business intelligence software company, has revealed plans for its third debt offering of the year. This latest financial maneuver is intended to raise a substantial sum of $700 million, which will be allocated towards further acquisitions of Bitcoin.

The company has a history of aggressively investing in Bitcoin, positioning itself as a major corporate holder of the cryptocurrency. This latest debt offering underscores MicroStrategy’s continued commitment to Bitcoin and its potential as a long-term asset.

By leveraging debt financing, MicroStrategy can increase its Bitcoin holdings without diluting its existing shares. This strategy allows the company to potentially benefit from significant price appreciation in Bitcoin, which could significantly boost its market capitalization.

However, it’s important to note that debt comes with associated risks, such as interest payments and the potential for default. If Bitcoin’s price were to decline significantly, MicroStrategy could face financial challenges. Despite these risks, the company’s decision to continue investing in Bitcoin reflects its confidence in the cryptocurrency’s long-term prospects.

TETHER’S MARKET SHARE SURGES TO 75%

Tether, the leading stablecoin pegged to the US dollar, has significantly increased its market dominance in recent years. Over the past two years, Tether’s market share has surged from 55% to a remarkable 75%, solidifying its position as the go-to stablecoin for many investors and traders. This growth can be attributed to several factors.

One key reason for Tether’s success is its stability and reliability. Tether has consistently maintained its peg to the US dollar, providing investors with a safe and predictable asset. This stability has attracted a large number of users who seek to hedge against market volatility or simply store value. Additionally, Tether’s widespread acceptance across various crypto exchanges and platforms has further contributed to its popularity.

Another factor driving Tether’s market share growth is the increasing use of stablecoins in the broader cryptocurrency ecosystem. Stablecoins like Tether are essential for facilitating transactions, providing liquidity, and bridging the gap between traditional finance and the crypto world. As the crypto industry matures and expands, the demand for stablecoins is expected to continue rising, benefiting Tether’s dominance.

Overall, Tether’s surge in market share highlights its strong position in the stablecoin market. The combination of stability, reliability, and widespread acceptance has made Tether the preferred choice for many investors and traders. As the crypto industry evolves, Tether’s dominance is likely to persist, cementing its status as a leading player in the digital asset space.

BYBIT SECURES DUBAI CRYPTO LICENSE

Bybit, a leading cryptocurrency exchange, has made a significant stride in its global expansion by obtaining a provisional crypto license from Dubai’s regulatory authority. This development marks a pivotal moment for Bybit as it seeks to establish a stronger presence in the Middle East and North Africa (MENA) region.

The acquisition of the Dubai license is a testament to Bybit’s commitment to compliance and regulatory standards. By securing this license, Bybit is demonstrating its dedication to operating in a regulated environment and providing a safe and secure trading platform for its users. The license also grants Bybit access to the growing MENA market, a region with a rapidly expanding crypto user base.

The Dubai license is expected to provide Bybit with several advantages. It will allow the exchange to offer a wider range of products and services to its customers in the region. Additionally, the license will enhance Bybit’s credibility and reputation, attracting new users and investors. By establishing a presence in Dubai, Bybit can tap into the growing demand for cryptocurrencies and blockchain technology in the MENA market.

Overall, Bybit’s acquisition of a Dubai crypto license is a significant milestone for the exchange. It represents a strategic move to expand its global footprint and capitalize on the growing opportunities in the MENA region. As Bybit continues to strengthen its position in the market, it is well-positioned to become a leading player in the cryptocurrency industry.

MAKERDAO LAUNCHES USDS AND SKY TOKENS

MakerDAO, a decentralized autonomous organization (DAO) that operates the Maker Protocol, has introduced two new tokens to stabilize its platform and regain investor trust. The first token, USDS, is a stablecoin pegged to the US dollar, designed to replace DAI, the original stablecoin of the Maker Protocol. The second token, Sky, is a governance token that will give holders a say in the future of the Maker Protocol.

The introduction of USDS and Sky is a response to the challenges faced by DAI in recent years. DAI has experienced fluctuations in its peg to the US dollar, raising concerns about its stability. By launching USDS, MakerDAO aims to provide a more reliable and predictable stablecoin for users. Additionally, the Sky token will empower the Maker community to participate in decision-making and shape the future of the protocol.

USDS is backed by a variety of assets, including US dollars, government bonds, and other high-quality collateral. This overcollateralization is intended to ensure the stability of the token and protect investors against potential losses. Sky, on the other hand, will be distributed to holders of DAI and other Maker Protocol tokens. The distribution will be based on a snapshot of the protocol’s state at a specific point in time.

The launch of USDS and Sky represents a significant step forward for MakerDAO. These new tokens have the potential to stabilize the platform, regain investor confidence, and position MakerDAO as a leading player in the decentralized finance (DeFi) space. As the Maker Protocol evolves, the USDS and Sky tokens will play a crucial role in shaping its future.

DUSK NETWORK MAINNET LAUNCH

Dusk Network, a privacy-focused blockchain platform, has achieved a significant milestone with the launch of its mainnet. This marks a crucial step in the development of Dusk Network as it transitions from a test environment to a fully operational network. The mainnet launch enhances the platform’s decentralization, scalability, and security, making it a more attractive option for developers and users.

With the mainnet launch, Dusk Network has become a fully decentralized network, eliminating the need for centralized intermediaries. This decentralization ensures that the network is not controlled by any single entity, making it more resistant to censorship and attacks. Additionally, the mainnet launch has improved the scalability of Dusk Network, allowing it to handle a higher volume of transactions and applications. This is essential for the platform’s growth and adoption in the real world.

One of the key advantages of Dusk Network is its focus on privacy. The platform utilizes advanced cryptographic techniques to protect the confidentiality of user data and transactions. This privacy feature is particularly valuable for industries that handle sensitive information, such as finance and healthcare. The mainnet launch further strengthens Dusk Network’s privacy capabilities, making it a more secure and trustworthy platform.

Overall, the launch of the Dusk Network mainnet represents a significant achievement for the project. It demonstrates the platform’s commitment to decentralization, scalability, and privacy, making it a promising contender in the blockchain space. As Dusk Network continues to grow and develop, it has the potential to become a leading solution for privacy-preserving applications.

EOS NETWORK HARD FORK

EOS, a popular blockchain platform, has undergone a significant update through a hard fork. This hard fork was implemented with the primary goal of improving the network’s functionality and governance. By introducing new features and addressing existing limitations, the EOS team aims to enhance the user experience and position EOS as a more competitive platform.

One of the key improvements introduced in the hard fork is an enhanced consensus mechanism. The new mechanism is designed to improve the network’s efficiency and security. It is expected to reduce the likelihood of attacks and ensure that the network operates smoothly. Additionally, the hard fork has introduced new features that aim to simplify the development of decentralized applications (DApps) on the EOS platform. These features include improvements to the smart contract language and tools, making it easier for developers to create and deploy applications on EOS.

Another important aspect of the hard fork is the changes to the network’s governance model. The new governance system aims to give token holders a greater say in the future of the EOS platform. This includes changes to voting mechanisms and the distribution of resources. By empowering token holders, the EOS team hopes to foster a more decentralized and community-driven network.

Overall, the hard fork represents a significant step forward for the EOS platform. By addressing key limitations and introducing new features, the EOS team has positioned the network to be more competitive and attractive to developers and users. As EOS continues to evolve, the hard fork is expected to play a crucial role in its long-term success.

That’s a wrap on this week’s crypto news on MNO! I hope you found it insightful and updates informative and helpful. As we transition into the busier fall season, let’s take a moment to unwind and reflect on the exciting developments in the crypto world. A huge thank you to our amazing community for your ongoing support – we’re grateful for your enthusiasm and engagement.

Take some time to recharge this weekend and don’t forget to share your thoughts in the MNO TalkBack poll – your feedback is invaluable to all.

I’ll be back next Sunday with the latest crypto news and updates. In the meantime, keep building your portfolio and remember that I’m here to support you in reaching your financial goals. Thanks for being part of the MNO community – For Money Lovers!