Binance
Is A Mega Bull Run Incoming? Whale Transfers Over $780 Million Of Stablecoin To Binance
Published
5 months agoon
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adminData Nerd Data on December 13 shows that over the past 24 hours, the wallet “0xea8” moved 200 million BUSD from Binance, the world’s leading cryptocurrency exchange by client count.
The whale transfer caught the attention of keen crypto users, who also noted that the transfer was soon followed by a deposit of 99.95 million FDUSD, a stablecoin supported by the exchange.
Whale Address Accumulating FUSD Stablecoin On Binance
That the address is shuffling and accumulating large amounts of stablecoins is noteworthy. Data Nerd Data shows that the address has transferred over 781 million FDUSD to Binance in the last four months.
During this period, from around September, the crypto market has been recovering, edging higher on the back of improving fundamental factors.
The accumulation of over $781 million of stablecoin by the wallet controlled by an unknown individual or entity is overly bullish for crypto and Bitcoin prices.
It could suggest that a large institutional investor or group of investors is amassing stablecoins, potentially preparing for a significant market move.
Historically, large movements of stablecoins into centralized exchanges have often preceded major bull runs.
Stablecoins are vital for crypto, ensuring there is enough liquidity. Since most are pegged to the USD and can be backed by fiat, these tokens, mostly minted on Ethereum or Tron, are often used as a gateway to crypto. Therefore, their accumulation can signal increased institutional interest and potential buying pressure.
Is A Mega Bitcoin And Crypto Rally In The Making?
That the wallet address is fortifying its FDUSD base reinforces the notion that institutional investors, ahead of the possible approval of the first batch of Bitcoin ETFs in the United States, could be increasingly warming up and preparing for leading coins like Bitcoin and Ethereum to extend gains in 2024.
When writing on December 13, Bitcoin and top altcoin prices are relatively stable. To illustrate, Bitcoin is trending higher, stable above the $41,000 level after pulling back from 2023 highs of around $44,000. Crypto participants are bullish and expect Bitcoin prices to float even higher in 2024 before halving.
Binance will stop supporting BUSD in 2024. The exchange has also delisted USDC. Accordingly, USDT and FUSD are popular on Binance. However, the exchange continues to be on the Securities and Exchange Commission’s (SEC) crosshairs.
In late November, the Department of Justice (DOJ) issued a $4.3 billion penalty on Binance as settlement with the SEC, Commodity Futures Trading Commission (CFTC), and other aggrieved agencies in the United States. The deal also saw Changpeng Zhao, the founder of Binance, step down from the CEO role.
Feature image from Canva, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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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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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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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
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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