Binance to end support for USDC, two other stablecoins in favor of its own BUSD
Binance said on Sept. 29 it will convert existing balances and new deposits of stablecoins USDC, USDP and TUSD to its own stablecoin, BUSD. In addition to the conversion, Binance will end trading pairs for the three stablecoins against BUSD and Tether (USDT), as well as major cryptocurrencies like bitcoin and ether.
"With effect from 2022-09-29 03:00 (UTC), users will trade with a consolidated BUSD balance on the Binance Platform that reflects their balances of these four stablecoins (BUSD, USDC, USDP and TUSD) post conversion. This will not affect users' choice of withdrawal: users will continue to be able to withdraw funds in USDC, USDP and TUSD at a 1:1 ratio to their BUSD denominated account balance," the company said.
The result of the decision means Binance, the world's largest crypto exchange by volume, will prioritize the use of its stablecoin above other market contenders.
Binance said on Sept. 29 it will convert existing balances and new deposits of stablecoins USDC, USDP and TUSD to its own stablecoin, BUSD. In addition to the conversion, Binance will end trading pairs for the three stablecoins against BUSD and Tether (USDT), as well as major cryptocurrencies like bitcoin and ether.
"With effect from 2022-09-29 03:00 (UTC), users will trade with a consolidated BUSD balance on the Binance Platform that reflects their balances of these four stablecoins (BUSD, USDC, USDP and TUSD) post conversion. This will not affect users' choice of withdrawal: users will continue to be able to withdraw funds in USDC, USDP and TUSD at a 1:1 ratio to their BUSD denominated account balance," the company said.
The result of the decision means Binance, the world's largest crypto exchange by volume, will prioritize the use of its stablecoin above other market contenders.
Bitcoin Dips Below $19K, Hitting Lowest Point in Two Months
Bitcoin (BTC) tumbled by the most in two weeks, falling below $19,000. The price drop came after a 10-day stretch during which bitcoin traded right around the $20,000 mark.The largest cryptocurrency by market capitalization had struggled to overcome what appeared to be price resistance at $21,000.
The bitcoin price fell as low as $18,680, its lowest point since June 30. As of 5:29 p.m. ET, the cryptocurrency was trading around $18,991, down 3.7% over the past 24 hours, according to the CoinDesk Bitcoin Price Index.
Bitcoin (BTC) tumbled by the most in two weeks, falling below $19,000. The price drop came after a 10-day stretch during which bitcoin traded right around the $20,000 mark.The largest cryptocurrency by market capitalization had struggled to overcome what appeared to be price resistance at $21,000.
The bitcoin price fell as low as $18,680, its lowest point since June 30. As of 5:29 p.m. ET, the cryptocurrency was trading around $18,991, down 3.7% over the past 24 hours, according to the CoinDesk Bitcoin Price Index.
BTC UPDATE:- BTC is holding the $18.5k support level very well and bouncing hard from there. Currently, trading above $20.5k level. According to the chart there is a slight resistance here at $20.8k level so we might see some retracement from here. Once it breaks and close above $20.8k level our next resistances are $21.5k and $22.5k level.
MicroStrategy Files to Sell Up to $500M of Stock to Fund Bitcoin Purchases
MicroStrategy (MSTR),a software developer that has become a corporate bitcoin (BTC) vault, plans to sell up to $500 million of stock to fund more purchases of the cryptocurrency.
A Friday filing with the U.S. Securities and Exchange Commission revealed the stock offering, which will be for “general corporate purposes, including the acquisition of bitcoin.”
"We may use the net proceeds from this offering to purchase additional Bitcoin," the company said in the filing. The firm warned of Bitcoin's volatility and wild price swings that saw the largest cryptocurrency by market cap trade below $20,000 earlier this week, down from an all-time-high of $68,789 in November 2021,according to CoinMarketCap data.
"Future fluctuations in Bitcoin trading prices may result in our converting Bitcoin purchased with the net proceeds from this offering into cash with a value substantially below the net proceeds from this offering," the company said.
MicroStrategy (MSTR),a software developer that has become a corporate bitcoin (BTC) vault, plans to sell up to $500 million of stock to fund more purchases of the cryptocurrency.
A Friday filing with the U.S. Securities and Exchange Commission revealed the stock offering, which will be for “general corporate purposes, including the acquisition of bitcoin.”
"We may use the net proceeds from this offering to purchase additional Bitcoin," the company said in the filing. The firm warned of Bitcoin's volatility and wild price swings that saw the largest cryptocurrency by market cap trade below $20,000 earlier this week, down from an all-time-high of $68,789 in November 2021,according to CoinMarketCap data.
"Future fluctuations in Bitcoin trading prices may result in our converting Bitcoin purchased with the net proceeds from this offering into cash with a value substantially below the net proceeds from this offering," the company said.
#BTC is still trying to break the $22,000 level. There is possibility that we may see a retracement from support area. The daily candle close above $22,000 is bullish.
$ETH Merge Live Now!
The first post-merge block has been mined.
Ethereum Successfully Executes Highly-Anticipated Merge Event, Ushering in Proof-of-Stake Era
The first post-merge block has been mined.
Ethereum Successfully Executes Highly-Anticipated Merge Event, Ushering in Proof-of-Stake Era
📣 Ethereum could face SEC scrutiny after The Merge.
Ethereum’s shift from proof of work to proof of stake may cause the Securities and Exchange Commission to take a closer look at regulating the cryptocurrency as a security, Chair Gary Gensler hinted on Thursday.
Gensler’s comments came hours after Ethereum’s big shift, known as The Merge, took place. The SEC chair mentioned the Howey test, a tool regulators use to determine whether an asset is a security, when he spoke with reporters after a Senate hearing.
“From the coin’s perspective…that’s another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others,” Gensler said, according to The Wall Street Journal. He noted he was not referring to a specific cryptocurrency.
Ethereum’s shift from proof of work to proof of stake may cause the Securities and Exchange Commission to take a closer look at regulating the cryptocurrency as a security, Chair Gary Gensler hinted on Thursday.
Gensler’s comments came hours after Ethereum’s big shift, known as The Merge, took place. The SEC chair mentioned the Howey test, a tool regulators use to determine whether an asset is a security, when he spoke with reporters after a Senate hearing.
“From the coin’s perspective…that’s another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others,” Gensler said, according to The Wall Street Journal. He noted he was not referring to a specific cryptocurrency.
📍#Bitcoin Update (Continue)
Bitcoin attempted to break up above the important psychological $20,000 level during Friday’s session but failed and wicked down from just below the area.
Bitcoin may be entering into a consolidation phase, which could last over the weekend. The massive decline on Tuesday may need to settle for a few more days
While retail investors seem to be uncertain about the market, there has been some growth in both the funding rates and the open interest over the last week, showing that positive sentiment may be stabilizing
Bitcoin attempted to break up above the important psychological $20,000 level during Friday’s session but failed and wicked down from just below the area.
Bitcoin may be entering into a consolidation phase, which could last over the weekend. The massive decline on Tuesday may need to settle for a few more days
While retail investors seem to be uncertain about the market, there has been some growth in both the funding rates and the open interest over the last week, showing that positive sentiment may be stabilizing
🇺🇸 Basic information we need to know after the meeting:
❗ Fed members see the rate at 4.4% by the end of 2022
~ Fed members predict at least one more rate hike in 0.75% increments
~ Predicts a rate hike through 2023
~ No rate cut expected until at least the end of 2023
~ Fed Watch: futures markets lay 89% chance of a 0.75% Fed rate hike in November
~ Swap markets laying odds that Fed rate will reach 4.6% this hike cycle
❗ Fed members see the rate at 4.4% by the end of 2022
~ Fed members predict at least one more rate hike in 0.75% increments
~ Predicts a rate hike through 2023
~ No rate cut expected until at least the end of 2023
~ Fed Watch: futures markets lay 89% chance of a 0.75% Fed rate hike in November
~ Swap markets laying odds that Fed rate will reach 4.6% this hike cycle
BTC UPDATE:
After all the f*#kery because of FOMC meeting, price is stable now around $19k level. It is holding the green support zone very well so far and as long as it holds we can expect some good bounce. According to our analysts, October (Uptober) month might be very good for BTC and Alts as well.
As of now BTC need to break above $19.5k resistance in the short term for more upside continuation.
Let's see how this goes.
After all the f*#kery because of FOMC meeting, price is stable now around $19k level. It is holding the green support zone very well so far and as long as it holds we can expect some good bounce. According to our analysts, October (Uptober) month might be very good for BTC and Alts as well.
As of now BTC need to break above $19.5k resistance in the short term for more upside continuation.
Let's see how this goes.
#BTC
Historically we had over 80% correction after the bull market📉
86.56% Downside in 2014-2015🔻
84.05% Downside in 2018-2019🔻
Based on this info we still have room to fall. The bottom is approximately at 10k👀
Historically we had over 80% correction after the bull market📉
86.56% Downside in 2014-2015🔻
84.05% Downside in 2018-2019🔻
Based on this info we still have room to fall. The bottom is approximately at 10k👀
Shiba Inu adds over 35,000 holders in 3 months despite poor SHIB price performance
The ongoing crypto market volatility has significantly impacted meme coins like Shiba Inu (SHIB), which recorded unprecedented growth in 2021. Despite the depressed markets, a section of SHIB investors are potentially betting on the asset to rally by increasingly accumulating the coin ignoring the current market conditions.
The ongoing crypto market volatility has significantly impacted meme coins like Shiba Inu (SHIB), which recorded unprecedented growth in 2021. Despite the depressed markets, a section of SHIB investors are potentially betting on the asset to rally by increasingly accumulating the coin ignoring the current market conditions.
💡Vitalik Buterin suggests that Zcash and Dogecoin will move to PoS
Ethereum co-founder Vitalik Buterin suggests that Zcash and Dogecoin will move to Proof-Of-Stake (PoS).
"As PoS evolves, I expect its legitimacy to grow over time. I expect Zcash to move to PoS, and I expect Dogecoin to move to PoS soon," Buterin said.
In mid-2021, Electric Coin Company, the developer of Zcash, wrote a blog post detailing its approach and next steps for PoS integration. In turn, the developers of Dogecoin put forward a similar idea.
Ethereum co-founder Vitalik Buterin suggests that Zcash and Dogecoin will move to Proof-Of-Stake (PoS).
"As PoS evolves, I expect its legitimacy to grow over time. I expect Zcash to move to PoS, and I expect Dogecoin to move to PoS soon," Buterin said.
In mid-2021, Electric Coin Company, the developer of Zcash, wrote a blog post detailing its approach and next steps for PoS integration. In turn, the developers of Dogecoin put forward a similar idea.
👀 Binance will introduce a transaction tax subscription for Terra Classic (LUNC) transactions. If the trading volume of participants in the program reaches 50% of the total asset on the platform, the fee will be extended to all customers, said Changpeng Zhao, head of the company.
He said the exchange will begin levying the tax on subscribers when their trading volume with LUNC reaches 25 percent of the total asset on the platform. Once the 50% level is reached, the levy will apply to all exchange traders who interact with the cryptocurrency.
Earlier, the Terra Сlassic network activated the v22 update, which put a transaction tax of 1.2% on the blockchain.
He said the exchange will begin levying the tax on subscribers when their trading volume with LUNC reaches 25 percent of the total asset on the platform. Once the 50% level is reached, the levy will apply to all exchange traders who interact with the cryptocurrency.
Earlier, the Terra Сlassic network activated the v22 update, which put a transaction tax of 1.2% on the blockchain.