Binance
Binance Provides Hope Amongst Extreme Uncertainty – Blockchain News, Opinion, TV and Jobs
Published
1 year agoon
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adminBy Marcus Sotiriou, Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).
The FTX saga continues as crypto investors fear who else could be the next custodial platform to fall. The exchange that has captured the most negative attention over the weekend is Crypto.com. This stemmed from Crypto.com sending $400 million to Gate.io, which was around the time that Crypto.com’s Proof of Reserves was released.
This raised significant speculation that Crypto.com has attempted to forge their Proof of Reserves, so that their reserves seem higher than what they are. However, Crypto.com’s CEO, Kris Marszalek, has affirmed that the funds were sent by mistake, and “The entirety of ETH was successfully withdrawn by Crypto.com and returned to our cold storage,” and Gate.io confirmed that the snapshot for Crypto.com’s Proof of Reserves occurred on October 19th, before the deposit occurred on October 21st.
Nonetheless, Crypto.com making an accidental transfer of $400 million at a time when there is extreme fear in the market around the solvency of exchanges is not a good look for the exchange. The uncertainty has resulted in Crypto.com’s token plummeting over 50% in a week.
Despite the unprecedented FUD circulating amongst the media, there is renewed hope for the crypto market, thanks to CZ, CEO of Binance. CZ announced this morning “To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.” CZ also welcomed other companies with sufficient capital to co-invest, which spurred Justin Sun to show support for CZ’s proposal.
The market has responded very positively to the announcement, with Bitcoin rising by over 5%. Funding rates have also turned increasingly negative on this move up, suggesting shorts have piled in. This provides extra fuel for more buying power, potentially resulting in a short squeeze if anymore exchanges do not announce bankruptcy in the coming days.
Many Bitcoin whales have chosen this time of panic to accumulate, as the number of addresses with more than 10,000 Bitcoin has exploded over the past week or so (shown below).
In addition, the biggest Bitcoin whale (which is not an exchange) added 6,000 Bitcoin to their stack last week, after being mostly dormant for 2 months. The details of this information can be found using this link. Whales accumulating now shows how they see this situation as an opportunity, which I would agree with – even though the extent of bankruptcies remains to be seen, bear market investors have an incredible opportunity of wealth creation in the next bull run.
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Altcoins
Binance Launchpool Rolls Out Staking and Trading Support for New Layer-1 Blockchain Project
Published
1 month agoon
April 14, 2024By
adminTop global crypto exchange Binance is planning on launching trading support for another new layer-1 altcoin project via its Launchpool platform.
Binance Launchpool, which lets users stake coins to farm new assets, says its 52nd project will be Omni Network (OMNI), a network that aims to integrate Ethereum’s (ETH) rollup ecosystem into a single, unified network.
Explains the project,
“Omni is an Ethereum-native interoperability protocol that establishes low-latency communications between all Ethereum rollups. Omni offers a secure, performant, and globally compatible architecture that presents Ethereum as a single, unified operating system to both users and developers.”
Between April 13th and 17th, Binance users can stake BNB, the crypto exchange platform’s native asset, as well as the stablecoin First Digital USD (FDUSD) into separate pools to farm OMNI tokens.
The exchange then plans to list the asset on April 17th. Binance will attach a seed tag to OMNI, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens.
Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.
Last week, Binance Launchpool kicked off support for Saga (SAGA), a layer-1 project that aims to enable developers to launch interoperable, application-specific chains called “Chainlets.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Altcoins
Kraken Crypto Exchange Plans To Delist Monero in Two European Countries in Two Months
Published
1 month agoon
April 11, 2024By
adminOne of the biggest centralized crypto exchange platforms in the world is planning on delisting a popular privacy-focused altcoin in two European nations in the coming months.
In a new article, crypto exchange Kraken says it’s going to be delisting Monero (XMR), a blockchain focused on anonymity that launched in 2014, from Ireland and Belgium starting in June.
According to Kraken, after June 10th, all remaining XMR on the crypto exchange will be automatically converted into Bitcoin (BTC), the top crypto asset by market cap.
“We will be delisting Monero (XMR) from the Kraken platform, for clients in Ireland and Belgium, on June 10, 2024. As of May 10, 2024 trading and deposits will be halted for XMR.
All margin positions will need to be closed by May 10, 2024 or these positions will be auto-closed. We will halt withdrawals of XMR on Kraken on June 10, 2024. At this time, any remaining XMR balances will be auto-converted into BTC.”
In February, XMR itself was delisted from Binance, the world’s largest crypto exchange platform by volume, and subsequently crashed 32%.
At the time, Binance went on a delisting spree, expelling digital assets such as decentralized governance network Aragon (ANT), artificial intelligence-focused blockchain Vaiot (VAI) and enterprise blockchain platform Multichain (MULTI), as well as XMR.
Being delisted earlier this year caused XMR to plunge to $108.80. However, the 57th-ranked digital asset has since recovered and is now trading for $134 at time of writing, a 1.3% gain during the last 24 hours.
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Altcoins
Binance Launchpool Rolls Out Support for New Layer-1 Crypto Project Focused on Developers
Published
1 month agoon
April 6, 2024By
adminTop global crypto exchange Binance is rolling out support for a new layer-1 crypto project via its Launchpool platform.
Binance Launchpool, which lets users stake coins to farm new assets, says its 51st project will be Saga (SAGA), a web3 platform designed for developers.
Saga aims to enable developers to launch interoperable, application-specific chains called “Chainlets.”
Explains the project’s website,
“We are building this by rearchitecting developer and end-user interactions with blockchains. Using shared security, innovations in validator orchestration, and an automated deployment pipeline, Saga makes launching a dedicated blockchain, or Chainlet, as easy as deploying a smart contract.”
Between April 5th and April 9th, Binance users can stake BNB as well as the stablecoin First Digital USD (FDUSD) into separate pools to farm SAGA tokens. The exchange then plans to list the asset on April 9th.
Launchpool will offer 45,000,000 SAGA as token rewards, 4.5% of the asset’s max supply.
Binance will attach a seed tag to SAGA, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens. Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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