Binance
Digital Asset Markets Display Robust Momentum and Heightened Activity – Blockchain News, Opinion, TV and Jobs
Published
2 months agoon
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adminBitcoin (BTC) wrapped up the week at approximately $63,100, marking a notable 22% surge from the previous week’s closing price of around $51,725. The week witnessed vigorous price action, particularly in the first half, as BTC experienced a substantial appreciation from Monday to Wednesday, peaking at $64,000 on Wednesday. Subsequently, the price stabilized in the latter half of the week, closing at about $63,100. As of the time of this writing, BTC has regained momentum and is currently trading above $65,000.
The BTC Spot ETFs continue to exhibit strong momentum, with a cumulative net inflow of approximately $1.7 billion recorded last week, bringing the total net inflow since inception to about $7.4 billion. Leading the race is the Blackrock Bitcoin ETF (IBIT), which surpassed $10 billion in assets under management (AUM) last week, setting a record as the fastest ETF in history to achieve this AUM milestone.
Trading volumes for BTC Spot ETFs saw a significant surge during the week, totalling $22.3 billion, with an average daily trading volume of almost $4.5 billion. This marked a remarkable 265% increase from the average daily trading volume of $1.7 billion recorded since inception. The cumulative trading volume now exceeds $73.9 billion, with the daily average volume surpassing $2 billion, currently standing at $2.1 billion.
Similarly, trading volume surged on centralized digital assets exchanges, reaching a cumulative trading volume of $73.4 billion for the week. This represents an 80% increase from the previous week’s volume of $40.7 billion and marks the highest weekly trading volume recorded since May 2022. The data underscores the recent price appreciation accompanied by robust trading activity.
The rise in open interest, which represents the total number of outstanding derivative contracts for an asset that have not been settled, is observed both for BTC and the digital assets market in general, across both centralized digital assets exchanges (e.g., Binance, Coinbase, ByBit, etc.) and traditional finance investors’ platforms (e.g., CME). This indicates heightened activity from both digital assets native and traditional finance investors.
The strong momentum extends beyond Bitcoin to the overall market, with the total digital assets market cap currently standing at $2.5 trillion, approaching the all-time high of $3 trillion. Notably, the Total3 metric, which excludes Bitcoin (BTC) and Ethereum (ETH) and represents the market cap of the top 125 capitalised digital assets, has surged to $660 billion, reflecting a 19.3% growth week-on-week and a 31.5% year-to-date increase. This underscores the broad impact of BTC Spot ETFs on market momentum beyond BTC’s price action.
Examining the total stablecoin supply also provides insights into heightened demand. During periods of low demand, the supply of stablecoins typically decreases as investors exchange them for fiat currencies like USD, GBP, or EUR, thereby reducing the overall circulating supply. Conversely, during phases of increased liquidity injection into the market, the supply of stablecoins tends to expand. Presently, the total stablecoin supply stands at approximately $145 billion, reflecting a continuous uptrend from around $129 billion noted at the end of September 2023. This confirms sustained strong investor demand observed throughout Q4 2023 and into Q1 2024.
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Altcoins
Binance Launchpool Rolls Out Staking and Trading Support for New Layer-1 Blockchain Project
Published
2 weeks 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
2 weeks 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
3 weeks 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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