Search Results for: Binance USD

“Binance expands its zero-fee trading to Argentine, Brazilian, and South African currency spot trading pairs. This move is seen as an attempt to increase trading of prominent cryptocurrencies against mentioned fiat currencies, despite confronting legal and regulatory hurdles, especially in the U.S. and Europe.”

“Binance confirmed plans to wind down support for Binance USD by 2024, promoting instead the First Digital USD. This decision follows a regulatory notice by the SEC to Paxos, alleging Binance USD as an unregistered security. The success of First Digital USD depends on its acceptance and adoption within the crypto community.”

Binance is expanding its reach in Latin America offering a crypto-to-bank account payment scheme, named ‘Send Cash’. This allows users from nine Latin American countries to transfer crypto funds directly into bank accounts, leveraging Binance’s native crypto payment technology platform, Binance Pay. Binance’s initiative aims to overcome challenges linked to the financial exclusion in Latin America.

Binance Options is set to introduce “T+3” daily call and put contracts related to BNB, a cryptocurrency intrinsically linked with the exchange itself. Essentially, these options can be traded two days prior to expiry, initially offering a lifetime of three trading days from their introduction, promoting increased flexibility in cryptocurrency markets. This move also reflects Binance’s positive outlook towards the future of cryptocurrency markets.

Binance’s recent decision to modify their zero-fee Bitcoin trading program has stirred the crypto community. Commencing from September 7, traders will now face a standard taker fee, potentially leading to a drop in trading volumes. However, Binance users can now benefit from zero maker and taker fees trading FDUSD Bitcoin, despite FDUSD’s current lower trading volume.

An anonymous trader lost $55 million on an Ether trade against Binance USD as the crypto markets experienced a sudden drop. This trade, consisting of 38,986.528 Ether, was liquidated at the $1,434 price level, making up nearly 30% of all liquidated futures on Binance. The incident underscores the inherent risks involved in the volatile field of cryptocurrency.

“Binance is preparing to list SEI Network’s native token, SEI, on Aug. 15. Implementing pre-listing futures alongside this, according to Aevo’s CEO, will enhance price discovery. SEI’s early valuation is set at 26 cents per token, leading to a market cap close to $486 million, pushing it into the top 100 cryptocurrencies.”

Binance’s proof-of-reserves report reveals a major drop in its USDC reserves from $3.4 billion to $23.9 million within a month. The plunge was intensified due to the strategic shift of its USDC to Binance USD (BUSD), and the acquisition of prominent cryptocurrencies like BTC and ETH. Despite conjecture, Binance maintains a healthy financial state.

“Binance’s USDC reserves dipped from $3.4 billion to a mere $23.9 million post Silvergate collapse, revealing a major conversion of reserves to BTC and ETH. In the wake of such drastic shifts, questions rise about transparency and safeguards for customer wealth in major crypto exchanges.”

Coinbase CEO, Brian Armstrong, revealed that Binance traded a chunk of its USDC for another stablecoin. This reflects Binance’s increasing interest in newer stablecoins, despite market risks. With its turn towards the lesser-known FDUSD, Binance’s unusual decision indicates a notable trend within the crypto markets.

“The crypto market is in suspense due to Bitcoin’s performance above $29,000. US Non-Farm Payrolls data could affect Bitcoin’s trajectory. Block Inc’s consistent performance and Binance’s new trading pairs have contributed to Bitcoin’s surge. However, bearish undertones suggest a possible downward trend.”

After an exploit saw Curve’s native token CRV plummet, market makers at Binance upped their buy orders within 2% of the mid-price from 500,000 to over 1 million CRV. This unusual response to a falling currency is seen by many as a strong supporting move that may have prevented widespread fallout in the decentralized finance market. Despite this, CRV fell by over 14%, sparking alarm across the sector.

“Binance’s Half-Year Report 2023 highlights a 47.0% growth in total market capitalization in Q1, despite regulatory scrutiny and a decrease in overall crypto deal activities. Institutional interest in crypto surged significantly along with Bitcoin’s market dominance, reaching over 50%. Notable advancements were also observed in Layer One solutions, specifically Ethereum’s liquid staking, and Layer Two scaling solutions. However, NFTs faced a 75.9% decrease in sales volume in H1 2023.”

Bitcoin continues to show signs of positive decentralization with over one million wallets each holding at least one Bitcoin. However, Binance.US faces liquidity challenges, with a significant discount on Bitcoin and Tether (USDT) trades due to suspended fiat pipelines. The current market dynamics highlight intriguing movements in future blockchain markets and technologies.

Bitcoin is trading at a $1,000 discount on Binance.US due to potential suspension of USD withdrawals and ongoing legal dispute with the SEC. This impacts Bitcoin’s price as users sell at discounted rates to access funds, reflecting uncertainty among investors and influencing its future trajectory.

The “Great Accumulation” of Bitcoin is underway, potentially boosted by investment giants applying for a Bitcoin spot ETF. Meanwhile, Binance.US faces withdrawal issues, the UK makes progress with crypto adoption, and regulatory stances on stablecoins remain divided. The Atomic Wallet hack also highlights ongoing security concerns in the cryptosphere.

A trader took a $4m short position on stablecoin TrueUSD (TUSD) after its issuer temporarily halted mints and redemptions through banking partner Prime Trust. This highlights the importance of vigilance among cryptocurrency enthusiasts, as regulatory scrutiny and operational challenges can affect the value and stability of digital assets like TUSD.