679541931727359450

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6 hours ago

September 26, 2024

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679541931727359450

The post 679541931727359450 first appeared on BTC Wires.

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679541931727359450

Published

52 mins ago

September 27, 2024

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679541931727359450

The post 679541931727359450 first appeared on BTC Wires.

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Arthur Hayes

Pendle Foundation, BitMEX Co-Founder Moving PENDLE To Binance—What’s Going On?

Published

2 hours ago

September 27, 2024

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PENDLE, the native token of Pendle, a real-world asset (RWA) tokenization platform, may be steady at press time. However, looking at CoinMarketCap data, the token is up 130X from its November 2022 lows and 41% from all-time highs registered in 2024.

Whales Sending Tokens To Binance

As prices cool off, there are emerging concerns. According to trackers, the Pendle Foundation, tasked with promoting the RWA platform, has been offloading tokens. At the same time, Arthur Hayes, the co-founder of BitMEX, one of the first crypto perpetual trading platforms, is selling.

Specifically, over the last three weeks, a big chunk of PENDLE transfers have been moved to Binance, the world’s largest crypto exchange, a net negative for sentiment.

Pendle Foundation moving tokens to Binance | Source: @OnchainLens via X

On September 16, the foundation’s governance wallet moved 600,000 PENDLE worth over $2.4 million to Binance. Over the past year, the wallet has moved 3.72 million PENDLE worth over $11.95 million to Binance.

Meanwhile, Spot on Chain has also picked out transfers from Hayes. On September 24, the BitMEX co-founder deposited 240,000 PENDLE worth over $958,000 to Binance. Over the last four days, Hayes has moved more than $6.5 million of the token to Binance.

Arthur Hayes selling | Source: @spotonchain via CoinMarketCap

Hayes is one of the PENDLE whales. Although there is no direct proof that the former BitMEX executive has been selling, moving tokens to Binance could signal his intention to sell.

Currently, Hayes owns over 253,00 PENDLE worth nearly $990,000. This holding represents around 4% of his overall crypto portfolio.

PENDLE Up 100% From August Lows, Will Whales HODL?

Despite the exchange transfers, the token continues to shake off Q3 2024 weaknesses. Buyers are back in the equation after sinking to as low as $1.7 in early August.

At press time, the token is up 100% from August lows, and buyers are bent on reclaiming the April 2024 highs at around $7.2. For the uptrend to remain, buyers must hold steady above $3.5, or August highs, and sustain the current upside momentum.

Looking at the daily chart, bull bars are banding along the upper BB–a volatility indicator–suggesting that the underlying momentum is strong.

If buyers build on this, PENDLE could register fresh all-time highs, incentivizing more whales to HODL. Currently, CoinMarketCap data shows that over 58% of all tokens in circulation is held by whales.

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Circle

Circle exec expects ‘huge shift’ in EU market post-MiCA

Published

2 hours ago

September 27, 2024

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Patrick Hansen, Circle’s European strategy director, predicted major leaps in the EU’s crypto and stablecoin market by late 2025.

At the European Blockchain Convention in Barcelona, Hansen shared expectations of advancements in the crypto market structure across the European Union. The bloc’s Markets in Crypto-Assets Regulation, known as Markets in Crypto-Assets Regulation, would be the primary catalyst for this growth, said Hansen during a panel titled “What is Going on Behind the Scenes – Post MiCA?”

MiCA signaled a shift in the EU’s crypto regulatory strategy, providing comprehensive guidelines for governments, institutions, and investors regarding digital assets.

Indeed, MiCA outlined requirements for crypto exchanges and thresholds for stablecoin reserves. Circle (USDC) was one of the first stablecoin beneficiaries of this new regime and snagged MiCA’s inaugural stablecoin license.

Circle exec expects 'huge shift' in EU market post-MiCA - 1 — Image credit: crypto.news

Hansen disclosed that MiCA compliance and the eventual regulatory approval involved a process different from those in other regions. For instance, USDC’s issuer liaised with regulators for up to 24 months before obtaining approval.

Circle also applied for its Electronic Money Institution license in France, which was accepted by the Autorité de Contrôle Prudentiel et de Résolution, the French banking watchdog.

According to Hansen, the firm’s euro-pegged stablecoin, EURC, has jumped 60-70% since July when approval was issued. The token now boasts over 67 million euros in market cap. Hansen foresees continued growth for EURC and other stablecoins in the EU, driven by MiCA’s rules.

We believe that in the European Union, for our euro stablecoin, but for euro stablecoins overall, we can expect at least significant growth in the next 12 months.
Patrick Hansen, Circle’s EU senior director, strategy & policy

Circle exec expects 'huge shift' in EU market post-MiCA - 2 — 3-month EURC market cap data, July 1 – Sept. 23 | Source: CoinGecko

As the USDC operator solidified its European foothold, CEO Jeremy Allaire advanced plans for an initial public offering in the U.S. The digital payment provider relocated its global headquarters to the heart of New York City as part of a roadmap to go public. Circle’s new office is located in the One World Trade Center, alongside some of Wall Street’s biggest names like Goldman Sachs.

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