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Venezuela's oil-backed cryptocurrency Petro to shut down

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Venezuela's oil-backed cryptocurrency Petro to shut down

The Venezuelan government will reportedly shut down Petro (PTR), its state-issued, oil-backed crypto, which was subject to controversy and did not see mass adoption by citizens in the country. 

According to reports, crypto wallets on the Patria website, the trading platform for Venezuela’s Petro, will cease operations on Monday, Jan. 15, with the remaining Petro converted to bolivar, the country’s fiat currency. 

Petro’s demise comes nearly six years after its official launch in 2018. Venezuelan President Nicolás Maduro said at the time that the crypto will help to circumvent harsh sanctions by the US government and also help the country’s collapsing economy.

However, the state-issued cryptocurrency which was an ambitious project, failed to see widespread adoption among citizens, with the country’s legislators labeling the token as unconstitutional in 2018 before its official launch. 

Despite criticism from within and outside Venezuela, Maduro’s administration continued to forge ahead with Petro, stating that passport fees would be paid in PTR. In 2020, the President stressed that the token will play a critical role in Venezuela’s economic recovery. 

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While Petro may not have enjoyed mass adoption, Venezuelans embraced other cryptocurrencies, such as Bitcoin. 

Opposition leader Leopoldo López reportedly endorsed crypto, saying it helped Venezuela’s citizens preserve their savings from the continuous devaluation of the bolivar.

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Elon Musk Can't Wait to Reform US Government Spending and Regulations – Featured Bitcoin News

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Elon Musk Can't Wait to Reform US Government Spending and Regulations – Featured Bitcoin News
Tesla CEO Elon Musk has expressed his eagerness to tackle excessive waste and regulations in the U.S. government, responding to a report that former President Trump is considering him for a role in auditing federal agencies. Musk emphasized the need to reduce wasteful spending to curb inflation and proposed forming a “government efficiency commission” to […]
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Cryptocurrency Render Decreases More Than 3% Within 24 hours

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Cryptocurrency Render Decreases More Than 3% Within 24 hours

Render’s RENDER/USD price has decreased 3.56% over the past 24 hours to $4.8, continuing its downward trend over the past week of -21.0%, moving from $6.03 to its current price.

The chart below compares the price movement and volatility for Render over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has tumbled 55.0% over the past week along with the circulating supply of the coin, which has fallen 0.29%. This brings the circulating supply to 392.46 million. According to our data, the current market cap ranking for RENDER is #45 at $1.89 billion.

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This article was generated by Benzinga’s automated content engine and reviewed by an editor.

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Aave (AAVE) Investors Add New De-Fi Cryptocurrency To Longterm Holdings | Bitcoinist.com

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Aave (AAVE) Investors Add New De-Fi Cryptocurrency To Longterm Holdings | Bitcoinist.com

As the cryptocurrency market continues to evolve, De-Fi (Decentralized Finance) projects remain at the forefront of innovation, attracting both seasoned and new investors alike. Aave (AAVE), a prominent player in the De-Fi space, has shown promise amid market fluctuations. However, savvy Aave investors are now diversifying their portfolios by adding new and emerging cryptocurrencies, such as Mpeppe (MPEPE), to their long-term holdings.

Aave (AAVE) Shows Resilience in a Volatile Market

Aave (AAVE) has been one of the few altcoins showing signs of resilience despite the broader market’s uncertainty. While Bitcoin (BTC) struggles to maintain its value above critical levels, Aave has managed to hold its ground. According to recent analyses, Aave has demonstrated the potential for a recovery, especially if Bitcoin rebounds from its support levels. Aave’s price movement has been relatively stable, showing promise for a possible upward trend in the near future.

Investors have taken note of Aave’s performance, particularly its ability to withstand the selling pressure that has impacted other cryptocurrencies. The potential for Aave to participate in a broader market recovery is high, making it a favorable choice for those looking to maintain a balanced portfolio during turbulent times.

Why Aave (AAVE) Investors Are Turning to Mpeppe (MPEPE)

While Aave (AAVE) continues to be a strong player in the De-Fi space, its investors are not resting on their laurels. The addition of Mpeppe (MPEPE) to their long-term holdings reflects a strategic move to capitalize on emerging opportunities within the cryptocurrency market. Mpeppe, with its unique value proposition and growing community, offers a compelling case for diversification.

Currently, Mpeppe (MPEPE) is in its third presale stage, having raised an impressive $1,644,349, with 93.02% of the tokens sold. The token is priced at 0.001777 USDT, with the next phase set to increase to 0.0021 USDT. This rapid progress and investor interest highlight Mpeppe’s potential as a high-growth asset, making it an attractive addition to portfolios that already include established De-Fi tokens like Aave (AAVE).

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Aave’s Position in the De-Fi Ecosystem

Aave (AAVE) has long been recognized for its innovative approach to decentralized finance, offering a platform for lending and borrowing without the need for traditional intermediaries. The platform’s ability to maintain user confidence even during market downturns is a testament to its robustness and reliability. However, the ever-evolving nature of the crypto market means that investors are constantly on the lookout for the next big thing.

The integration of Mpeppe (MPEPE) into the portfolios of Aave investors signifies a broader trend of diversification, where investors are seeking to balance their holdings with both established and emerging assets. This approach not only mitigates risk but also positions investors to benefit from the potential upside of new and innovative projects like Mpeppe.

The Future of Mpeppe (MPEPE) and Its Impact on the Market

As Mpeppe (MPEPE) continues to gain traction, its influence within the cryptocurrency market is expected to grow. The token’s presale success, coupled with its strong community support, positions it as a serious contender in the De-Fi space. For Aave (AAVE) investors, the inclusion of Mpeppe represents a forward-thinking strategy that aligns with the broader trend of embracing new opportunities within the crypto ecosystem.

Mpeppe’s appeal lies in its unique approach to De-Fi, blending elements of meme culture with serious financial incentives. This combination has resonated with a wide range of investors, from those who are new to crypto to seasoned veterans looking for the next big opportunity.

Conclusion

Aave (AAVE) continues to be a stronghold in the De-Fi sector, demonstrating resilience and potential for recovery even amid market volatility. However, the savvy investors behind Aave are not content to rest on their laurels. The addition of Mpeppe (MPEPE) to their long-term holdings reflects a strategic move to capitalize on emerging opportunities within the crypto market.

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As Mpeppe continues to grow and attract attention, it is likely to become a significant player in the De-Fi space. For those looking to diversify their portfolios and stay ahead of market trends, Mpeppe offers a compelling case for inclusion alongside established assets like Aave.

 

For more information on the Mpeppe (MPEPPE) Presale: 

Visit Mpeppe (MPEPPE)

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Join and become a community member: 

https://t.me/mpeppecoin

https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ

 

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