Binance
POPCAT, DOGS soar as Bitcoin reclaims $56k
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1 week agoon
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adminPopcat and Dogs are the two top-gaining tokens in the 100 largest cryptocurrencies by market cap as Bitcoin price climbs back above $56,000.
The meme coins Popcat (POPCAT) and Dogs (DOGS) traded at $0.62 and $0.0011, with 19% and 16% in 24-hour gains respectively at the time of writing. Upside momentum meanwhile had pushed Bitcoin (BTC) price above $56,500 as bulls fought to recover from the dip that saw the leading digital asset trade near $53,300 on Sept. 7.
Futures listing helps POPCAT, DOGS higher
Most meme coins have struggled for upward momentum in recent weeks, mainly as the broader market experienced downward pressure throughout August.
However, like many other small cap tokens, Solana(SOL)-based Popcat and Telegram-related Dogs have benefited from a rush of positive sentiment following crucial futures trading support across major exchanges..
Binance recently added POPCAT perpetual contracts, allowing traders to bet on the meme coin’s price. This move caused Popcat’s price to spike significantly. OKX also added POPCAT futures and outlined a trading contest that offers up to $100 in rewards.
DOGS, which slipped amid the recent arrest of Telegram CEO Pavel Durov, has recovered some of the losses since falling to $0.0009 on Sept. 8. Previously, the Telegram-native meme coin had rallied thanks to Binance’s offering of 40 million DOGS in a contest that ends on Sept. 17.
Binance, OKX, and Bybit are some of the top exchanges supporting the DOGS airdrop and token listing.
Bitcoin recovers above $56k
Bitcoin’s recovery to above $56,500 comes amid a bounce in the Coinbase Premium Index, a metric indicating increased whale and institutional accumulation of BTC.
A rebound in U.S. demand may help bulls reposition for a stronger end to the fourth quarter. Analysts at CryptoQuant see the continued accumulation by long-term holders as key to a potential price bounce.
Bernstein analysts issued a note on Sept. 9 predicting a surge to $80k-$90k for BTC if Donald Trump wins the U.S. presidential election.
However, they suggested that a win for Kamala Harris could trigger downside action, potentially pushing BTC to lows of $30,000. The contrast is rooted in the crypto industry’s perception of Trump as more crypto-friendly compared to Harris.
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24/7 Cryptocurrency News
Binance CEO Says Institutional Investors Grew 40% This Year
Published
4 hours agoon
September 19, 2024By
adminBinance CEO Richard Teng has revealed that the crypto exchange’s institutional and corporate investors grew by 40% this year. This development again highlights how much institutions have continued to gain exposure to crypto assets, especially since the spot Bitcoin and Ethereum ETFs launched. However, Richard Teng is confident that institutional crypto adoption is just getting started.
Binance CEO Says Exchange Recorded 40% Growth
Teng revealed during an interview at the Token2049 conference in Singapore that the crypto exchange has recorded a 40% increase in institutional and corporate investors this year. However, he added that institutional allocation to crypto is just the tip of the iceberg and is only getting started.
The Binance CEO expects that more institutions will crypto to invest in crypto assets as time goes on. He added that many of them are still doing their due diligence, which is holding them back from gaining exposure to these digital assets.
Richard Teng believes that regulatory clarity will provide certainty to these institutions and other mainstream users, increasing liquidity in the crypto space. Meanwhile, he highlighted the effect of institutions investing in crypto assets as one of the reasons why Bitcoin hit a new all-time high (ATH) of $73,000 earlier in March.
Indeed, these institutions played a major role in Bitcoin hitting a new ATH before the halving event. The approval of the Spot Bitcoin ETFs in January this year caused new money from these institutions to flow into the BTC ecosystem. These inflows ultimately led to a parabolic price rally for the flagship crypto, reaching $73,000.
Spot Bitcoin ETFs Are Far From Their Peak
Nate Geraci, the President of the ETF Store, shared a sentiment similar to the Binance CEO when he recently suggested that the Spot Bitcoin ETFs have yet to reach their peak. SoSoValue data shows that the Bitcoin ETFs have recorded net inflows of $17.44 billion since they launched. BlackRock and Fidelity, the most successful ETF issuers, already have over $21 billion and $10 billion in assets under management (AUM).
However, Geraci is confident they can still achieve much more success, noting that most wirehouses have yet to approve these Bitcoin ETFs. These wirehouses refer to major brokerage firms that have a global reach. Therefore, just like the Binance CEO predicts, more institutional investors will continue to allocate to crypto as time passes.
It is worth mentioning that other crypto ETFs besides Spot Bitcoin and Ethereum ETFs could launch soon enough. Asset managers VanEck and 21 Shares already filed to offer a Spot Solana ETF. Meanwhile, Grayscale has launched its Grayscale XRP Trust, which the asset manager could eventually convert to a Spot XRP ETF.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Binance
Binance fires back at WazirX over control claims
Published
2 days agoon
September 17, 2024By
adminBinance has denied responsibility for the WazirX cyber-attack, stating it never controlled the platform or the compromised wallet.
Cryptocurrency exchange Binance publicly refuted claims of responsibility for a recent cyber-attack on the Indian crypto exchange WazirX, emphasizing that it never controlled the platform. Binance also criticized WazirX co-founder Nischal Shetty for misleading statements.
In a Sept. 17 blog post, Binance denied claims that it had acquired or controlled WazirX, asserting that it never “owned, controlled, or operated WazirX at any time, including before, during, or after the July 2024 attack.” Binance criticized Shetty for misleading statements attempting to shift blame for the attack, which targeted a wallet managed by WazirX and the third-party custodian Liminal.
“[…] [Nischal Shetty] is trying to deflect the blame and claim that Binance may somehow be responsible for the losses suffered by WazirX users and creditors as a result of the cyber-attack. This is false, and any suggestion of the sort is outrageously misleading.”
Binance
Binance distances from WazirX’s downfall
While Binance had previously provided tech solutions to WazirX, it rejected any responsibility for the attack’s aftermath. Binance pointed out that once WazirX’s funds were removed from its platform due to a failed acquisition deal, the selection of Liminal as a custody provider was made independently by Shetty and Zettai, without Binance being consulted or informed.
WazirX incurred a $235 million loss from the July 18 cyber-attack, which severely impacted the exchange and led it to seek a Scheme of Arrangement in Singapore, a restructuring process under local insolvency laws. An independent audit by Grant Thornton later found no evidence implicating Liminal Custody’s infrastructure in the multi-million dollar hack.
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24/7 Cryptocurrency News
BTC Recovers Amid Rising Demand, Binance Unveils Listings
Published
4 days agoon
September 15, 2024By
adminThe crypto universe has concluded yet another week with attention-nabbing developments unfolding across the broader market. While Bitcoin recovered from a $53K low to reach $60K in the past seven days, Binance announced a plethora of listings for numerous tokens. Here’s a brief report on some of the most buzzworthy headlines for this week, which have echoed a frenzy among market participants.
Bitcoin Regains $60K Amid Rising Institutional Demand & Macro Events
As mentioned above, the flagship coin recovered from a $53K low this week to top $60K. This rising movement is primarily attributable to increasing demand for the asset across the market.
Bitcoin ETFs registered $403.81 million in weekly inflows as of September 13, per Soso Value data, underscoring rising institutional demand. Further, this week saw Michael Saylor’s MicroStrategy bag $1.11 billion worth of BTC, validating increasing demand for the asset.
Simultaneously, even Japan’s Metaplanet bought BTC this week after revealing plans to do so in an official announcement. Macroeconomic events, in the interim, have further bolstered the flagship crypto’s price movements.
The U.S. CPI inflation came in line with market expectations at 0.2% for August. Meanwhile, even the U.S. PPI was slightly higher than the consensus estimate, increasing by 0.3%. These statistics have raised market expectations of a looming Fed rate cut ahead. Altogether, macroeconomic factors have sparked optimism for risk assets such as BTC, as seen by the recent price action.
BTC price rested at $60,162 as the week closed, a nearly 10% upswing in the past seven days.
Binance Announces A Stockpile of Crypto Listings
Meanwhile, crypto exchange giant Binance announced numerous listings this week, sparking a frenzy among market participants.
Continuing to tap into emerging markets, Binance this week announced Hamster Kombat (HMSTR) as its 58th launchpool project. Simultaneously, the exchange added Catizen (CATI) as the 59th launchpool project.
Moreover, the CEX rolled out a stockpile of listings for Polygon (POL), ex-MATIC, extending support to the tokenomics shift. POL’s price soared nearly 15% with the Binance announcement.
Similarly, the exchange also rolled out AERGO listing this week, igniting an upward trajectory in the asset’s price. Also, the exchange added Rocket Pool (RPL) to its stockpile of offerings this week, pushing RPL price up nearly 30% with the listing.
Altogether, this week mainly saw macroeconomic events kindle market sentiments while BTC price recovered with rising demand. Binance continued to cement its global foothold with enhanced user offerings.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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