The NFT Boom and Exchange Listings Observe 52% Rally for Enjin (ENJ) 0 278

Ever since the cryptocurrency industry was brought into being, one of the most essential and widely adopted products introduced in the crypto-verse was NFT. Although the non-fungible token (NFT) industry had been around since 2017, it wasn’t until 2020 when it first started picking up on its adoption.

From that point onwards, the NFT industry has not looked back and it is constantly experiencing all-time highs with respect to adoption and transaction volume.

Since the beginning of the year 2020, the NFT industry has become one of the centers of attention for the cryptocurrency industry. The evidence of the growth and mass adoption of the NFT product is the number of transactions the industry is producing on a daily basis.

It has been reported that the NFT industry is observing around $80 million worth of sales on a daily basis. The industry is well-known for producing an enormous amount of sales from digital artwork sales, fan-based token sales, and rare collectible digital item sales.

Over the course of time, the industry has gained so much recognition that investors and collectors from all over the world have started joining the platform in the masses.

People are now spending enormous sums of money resulting in millions worth of transactions on a daily basis. With time, the industry is constantly gaining more users, adoption, and more transaction volumes.

Although the entire industry is gaining a lot of success and adoption, there is one particular project known as Enjin Coin (ENJ) that is experiencing a huge rally. Although the Enjin Coin (ENJ) project has been around for some time, it has gained huge adoption because of its recent resurgence through NFTs.

As a result of the recent integration, the platform has managed to hit an all-time high and as of February 25, 2021, the price of its token is at $0.67, which is the all-time high.

Another factor that has led to the spike in the price of the asset is getting listed on one of the prominent crypto-exchanges known as Crypto.com. Moreover, Enjin Con (ENJ) also managed to launch the perpetual and spot futures trading through FTX.

The information around the gains in the price of the ENJ was also shared by a couple of on-chain data analyzing firms. The data-analyzing firms, TradingView and Cointelegraph Markets have shown how much increase the token has gained.

The price of the token has gained 52% rallying in a matter of 24 hours before pulling back to a stable price. On February 24, 2021, it was reported that the price of tokens was $0.438 and by the end of February 25, 2021, its prices were at $0.67. The firm has revealed that this is the all-time high that the platform has managed to gain ever since its initial launch.

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IMF Says Russia and Iran May Use Crypto Mining for Monetizing Energy 0 60

The April 2022Global Financial Stability Report of the IMF has highlighted the consequences of the ongoing Russian invasion of Ukraine. The document said that the role of the US dollar was bound to be affected because of the conflict, as it would lead to the introduction of central bank digital currencies (CBDCs) and the global financial system’s resiliency would also be put to a test. The climate transition goals could also be put at risk because of the priorities associated with energy security. Another issue that would have to be dealt with in the coming years by lawmakers is the ‘cryptoization’ which is likely to occur because emerging markets are experiencing a widespread use of crypto.

IMF cited an increase in crypto trading volumes seen after the introduction of sanctions on Russia to back their statement. This included the financial penalties that had been imposed by Western nations on Russia because of its military invasion. The report said that such cross-border transactions were increasing in the long-term, which means that there would be challenges when it comes to imposing sanctions and managing capital flow. The IMF noted that crypto transactions have increased in both Russia and Ukraine because of the capital restrictions that have been imposed.

However, it is important to note that there has been a fall in liquidity in centralized exchanges where the hryvnia and ruble trading pairs are concerned. Therefore, using crypto exchanges for making large transfers has become rather impractical due to reduced liquidity. But, the IMF admitted that users do have the option of evading some measures via the crypto ecosystem because the identity verification requirements are quite lax in this industry. Hence, the international organization said that blocking new deposits of ruble and freezing crypto assets meant that users could have shifted to non-complying or less transparent crypto platforms and service providers.

Experts at IMF believe that both Russia and Iran could circumvent their respective sanctions via crypto mining. The nations could use their energy resources for generating revenue via crypto mining outside of the traditional financial system. Currently, the countries have a limited share of crypto mining activities, but there is a possibility that it could be increased, considering the size of the mining industry. The IMF quoted estimates showing that almost 11% of the mining revenues of bitcoin could have gone to Russia, which was around $1.4 billion per month, while Iran’s share had been 3%.

Bank of England Says Crypto Assets have Financial Stability Risks 0 100

On Thursday, the Financial Policy Committee of the Bank of England disclosed that they are working on developing a regulatory framework for digital assets. The central bank also made a reference to the sanctions that have been imposed because of the war between Russia and Ukraine in the statements. Bureaucrats and financial regulatory authorities all over the world have become increasingly concerned in recent times that Russia could take advantage of crypto assets to bypass the economic sanctions that have been imposed. The press statement of the BOE said that it was unlikely for crypto assets to provide Russia with a feasible way to get around sanctions at a large scale for now, but there was a possibility they could do so.

Therefore, it is a must to ensure that there are effective public policy frameworksthat can accompany innovation in crypto assets for maintaining the integrity and trust in the financial system. The crypto economy has been highly criticized by some members of the Bank of England for quite a while. Last year in mid-November, Andrew Bailey, the Governor of the Bank of England, had expressed his concerns about the adoption of bitcoin as legal tender in El Salvador. Sir Jon Cunliffe, the deputy governor for financial stability for the central bank, said in the following month that prices of crypto assets could drop to zero.

On Thursday, the report of the FPC talked about financial stability. The committee of the central bank noted that the FPC is assessing the risks to the financial system’s stability and it has concluded that these are currently limited. This is because their size remains limited for now and they are not that connected with the wider financial system. However, the FPC said that if they continue to grow at the same pace, and if they become interconnected with the overall financial system, then these crypto assets could pose a risk to the stability of the financial system.

Since the conflict between Russia and Ukraine began, politicians and lawmakers all over the globe have been discussing, developing, or even proposing laws aimed at regulating and researching digital currencies. The FPC’s statements on Thursday show that the BOE wants to classify crypto assets in the same category as it does traditional financial assets. Not only does the FPC plan on developing a regulatory framework that would govern digital assets, it has also mentioned stablecoins.

The FPC said that a major stablecoin that does not have a reliable deposit guarantee could turn out to be a risk to the UK’s financial system. According to the committee, if they introduce a systemic stablecoin, which is backed through a deposit mad with a commercial bank, it would result in significant risks to the stability of the financial system. All of this talk about crypto has been brought forward because of the Russian-Ukraine conflict and the possibility of the former using cryptocurrencies to evade the tough economic sanctions that have been imposed by Western nations due to its actions.

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