Binance Increases USDC Holdings As BUSD’s Market Cap Slides Lower

Binance Increases USDC Holdings As BUSD’s Market Cap Slides Lower

by | Mar 4, 2023 | Binance, Market, Market News

Binance, one of the most popular cryptocurrency exchanges, and Ingenico, a leading payment processor, have joined forces to provide customers in France convenient options for making payments using digital assets. Binance Pay users will soon be able to make cryptocurrency purchases at two establishments using Ingenico's POS system: the bar La Carlie and the boutique Miss Opéra.

The release says that more than 50 different digital currencies are welcome in the scheme. At first, merchants will only accept cryptocurrency payments; however, a crypto-to-fiat solution that will allow them to accept fiat currency payments is scheduled for pilot in the second quarter of 2023.

Also Read: Binance Announces Users Can Now Buy Crypto Using Apple Pay and Google Pay

Binance plans to expand its services to additional European nations in the near future. Several European countries have given Binance their blessing, including France, Italy, Lithuania, Spain, Cyprus, Poland, and Sweden. In-store terminals don't often support cryptocurrency usage without integration. Two French retailers, Le Carlie and Miss Opéra, are going live as part of the experimental programme in France.

On February 20th, the cryptocurrency trading platform revealed that the crypto giant had introduced a paid technology platform card in Brazil in partnership with payment giant Mastercard. Bitcoin, Ether, and BUSD are just a few of the 13 cryptocurrencies that may be used with the card. It will be made accessible to all Binance users in Brazil with a valid national ID.

The new device, which is supposed to be a "all-in-one," will streamline the onboarding process for both businesses and customers. All Binance users in Brazil with a valid national ID will get access to the card, which will allow them to make purchases and pay bills using a total of 13 different cryptocurrencies.

USDC Holdings

Companies can gain a fresh perspective on the market thanks to this relationship. As the head of Binance Card and Binance Pay, Jonathan Lim, explained, "their market dominance and new payment solutions allow us to speed our access to consumers without having to construct our own terminals or software."

The company has announced that the Binance card would have a 0.9% fee for each cryptocurrency transaction, as well as up to 8% rewards with cryptocurrency and free ATM withdrawals. The company announced that its Binance card would charge 0.9% for cryptocurrency transactions, provide up to 8% cashback in cryptocurrency, and provide free ATM withdrawals.

Martin Lee, a data journalist for Nansen, reports that USDC holdings on Binance have increased week over week. Lee tweeted on Tuesday, "Interesting to watch the number of USDC on Binance climb so much since the BUSD news." Lee went on to say that in the past week, USDC on Binance increased by $1.5 billion. Unless its market capitalization falls below DAI's $5 billion, the Paxos-managed stablecoin will remain the third largest stablecoin.

Once a major player in the top ten crypto assets by market capitalization, BUSD is dangerously close to falling out of the top 10 altogether. He said that, "considering that you can't trade using USDC" on Binance, he would have anticipated a greater growth in the supply of tether (USDT) than USDC.

The Nansen analyst also pointed out that the USDC balance in Binance's main wallet is at an all-time high of $1.8 billion today, the highest level seen in the past 90 days. A total of $1.821 billion USDC is stored in Binance's wallet as of 2:00 PM (ET) on February 21, 2023. Binance stopped supporting USD Coin (USDC) trading pairs on September 5, 2022, and converted all customer USDC holdings to BUSD. As of today, the quantity of BUSD that have been taken from circulation since Paxos said it will no longer mint BUSD stands at 3.55 billion, according to reports in the news.

Also Read: Binance News: Crypto Exchange Has Good News For TRON Users

Binance stores just over 100 million Tether (USDT) in the same wallet, however Nansen's portfolio viewer only displays ERC20-based balances. Tokens worth 5.34 million DAI and 79.24 million TUSD are also stored in the Binance wallet. Two weeks after Binance's decision, Wazirx followed suit by automatically converting USDC and other stablecoin balances to BUSD.

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Will Shibarium Boost SHIB’s Price And Attract More Investors?

Will Shibarium Boost SHIB’s Price And Attract More Investors?

by | Mar 4, 2023 | Altcoin News, Meme Coin, News, Shiba Inu

Shiba Inu, backed by a dedicated community of $SHIB holders, is among the biggest altcoin investments in the cryptocurrency industry. Since its inception, Shiba Inu has released a number of innovations, including non-fungible token (NFT) compilations and decentralised transactions like ShibaSwap, but the SHIB army has been eagerly awaiting the release of Shibarium. To better grasp why the Shiba community is constructing Shibarium, let's first review the basics of layer-2s and scaling solutions.

Why the Shiba community is constructing Shibarium?

The current Shiba Inu coin is operating on the Ethereum blockchain which, although being a relatively secure and decentralised network, its main downsides are scalability issues and limited throughput. After release, it means that the other programmers will have the ability to build programs on top of it. The creators of Shibarium have released a statement saying the platform will prioritise games, the metaverse, and non-fungible tokens (NFT). As a layer-2 network, Shibarium will compete with the likes of Polygon, Arbitrum, and Optimist.

Also Read: Next Shiba Inu: New Meme Coin Sees Massive Volume on Upbit

The main goal of the Merge was to bring new token issuance methods, an improved data data processing, and novel tokenomics that will help the Ethereum chain in the long run, but this does not solve the scalability and poor throughput problems. This means that layer-2s and sidechains still play a significant role in the Ethereum world. The price of Shiba Inus has risen in recent days as eager buyers anticipate the debut of Shibarium. Some of the issues plaguing the network will be alleviated by Shibarum, a layer-2 network. These obstacles include, for example, slowness, inability to scale, and high prices.

Shibarium is a soon-to-be-released layer-2 solution with lofty goals of enhancing the Shiba Inu ecology through, among other things, facilitating instant, cheap transactions. Nonetheless, many mysteries remain concerning the dissemination and application of Shibarium. Shiba Inu has struggled ever since then to maintain that hope. Last year, the cryptocurrency market fell along with the rest of the market. The question now is whether or not a Shiba Inu could make you a fortune in the future.

Shiba Inu rose in 2021 then fell last year.

It's possible that Shiba Inu (SHIB 5.52%) was responsible for making certain people wealthy in the past. The price of the ubiquitous meme token increased by 45,000,000% in 2021. And as Shiba Inu rose, more and more buyers came to this crypto with aspirations of being rich, too. Due to investors fleeing risky assets due to economic uncertainty, it dropped 62%. Even though the economy is still struggling, Shiba Inus and other cryptocurrencies have been on the upward since the beginning of the year.

Also Read: Shytoshi Kusama Reveales New Plans For Shibarium.

Let's start with the recent amazing appearance of Shiba Inu. Shiba Inu was first released in August of 2020, and its unknown author, Ryoshi, is credited with the project. Perhaps you're wondering what makes Shiba Inu unique among the multitude of other cryptocurrencies now available. The answer is, not much. The aforementioned is the major issue with Shiba Inus. Shiba Inu has postponed the publication multiple times over the past year. Yet some sources believe Shibarium beta could come as soon as next week. A prospective release could provide Shiba Inu a relatively close boost.

According to the token's whitepaper, it was created as a "experiment in decentralised spontaneous community creation." And by that measure, it's been a huge success. Dedicated fans, known as "Sib Army," have promoted Shiba Inu everywhere online because they think the token will cause a stir in the cryptocurrency market. But there is a bit of great news ahead. Shiba Inu is poised to unveil Shibarium, a layer-2 solution that would release the cryptocurrency from some limits it experiences today on Ethereum.

Also Read: 5 Meme Coins That Are Outperforming Shiba Inu

In light of the many potential applications of blockchains, such as the development of dApps and non-fungible currencies, Shiba Inu doesn't look all that promising (NFTs). The cryptocurrency was designed primarily as a payment token based on Ethereum. Staking one's shares is another option for passive income generation for investors. With Shibarium, users will be able to create chain-specific NFTs for Shiba Inu, which will make the cryptocurrency faster and cheaper. The incorporation of Shiba Inu into video games and other virtual reality experiences will be bolstered by Shibarium.

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Bitcoin Slips. There Are Signs Its Recent Rally Could Be Losing Steam

Bitcoin Slips. There Are Signs Its Recent Rally Could Be Losing Steam

by | Mar 3, 2023 | Bitcoin, Market News

After recently reaching their highest values in months, Bitcoin and other cryptocurrencies fell Tuesday. Analysts are still expecting Bitcoin to go up, but the recent crypto boom shows signs of slowing. Since trading above $25,000 not long ago, Bitcoin has seen a price drop of less than 1% in the previous 24 hours, down to $24,650.

Digital assets and stocks have been linked during the past year due to the challenging macro backdrop of rampant inflation and higher borrowing costs, but the most recent crypto market rally has far surpassed anything witnessed in the stock market. This is the lowest price at which the biggest online asset has continuously changed hands since June of last year.

In spite of the fact that Bitcoin will continue to follow stock market trends, cryptocurrencies have recently shown some divergence from the Dow and S&P 500. Bitcoin's surge has been driven by forces internal to the cryptocurrency sector, such as strategic positioning in futures markets and technical factors that have been pushing prices higher. Bitcoin's price has risen by almost 50% this year thanks to the recent rebound, bringing digital assets out of a terrible bear market and off multi-year lows, but it's still down significantly from its late 2020 highs, when it was near $69,000.

Also Read: Bitcoin Makes a Comeback

In recent times, Bitcoin has seen significant growth that is entirely separate from the rest of the cryptocurrency sector. Since the cryptocurrency has been steadily losing value relative to BTC for weeks, this appears like a very faraway event for the time being. Rate of growth of Ethereum relative to Bitcoin is likely to have a major, if not decisive, impact on the direction of market trends in the near future.

One analyst, however, is keeping in mind the possibility that Bitcoin will soon experience a significant uptick. The infusion of fresh vitality into altcoins could be achieved in this way. Many altcoins have seen significant losses as BTC has been on a rally, casting doubt on the possibility of a "altseason" while BTC continues to rise.

Analysts at crypto exchange Bitfinex noted in a note that "massive short liquidations propelled the surge" to Bitcoin at $25,000. If prices start to rise, the procedure may set off a chain reaction of buy orders. A rally that is fueled by short liquidations is indicative of gains driven by technical, rather than fundamental, considerations.

The Bitfinex researchers have also observed a shift in positioning in the crypto options market, where nearly equal value is being placed on put and call options (bets that prices will fall or rise, respectively). They were referencing the mechanics of the Bitcoin futures market, the most liquid in the cryptocurrency industry. In the event of a price increase, brokers might "liquidate" short positions, which are wagers against Bitcoin made using borrowed funds.

Also Read: Current Bitcoin Rally Is Historically Different Heres How

It appears likely that any form of drop will get short-lived, given the recent appetite and attitude surrounding Bitcoin. In 2020, the largest cryptocurrency by market capitalization saw its historic rise, rising by more over 300%. Financial Institutions Are Responsible for Most of Bitcoin's Recent Price Increase.

The cryptocurrency, which has been around since 2009, is praised by its supporters for being a decentralised digital money that is not subject to the control of a single entity, such as a central bank. In light of the uncertainty surrounding the government's stimulus measures to combat the Covid-19 outbreak, crypto bulls now view bitcoin as an inflation hedge on par with gold.

Bitcoin Continues Its Uptrend and Hits New Highs

While this is being written, the price of one Bitcoin is $25,650, an increase of just over 3% from earlier in the day. Whether or not cryptocurrency prices find sustained resistance at $26,000 will likely determine the next major trend. It's possible that the price will keep rising every day now that it's entering a rate-exploration phase. This is a significant increase from its daily lows of $24,000, which were set the other day early in the morning.

Also Read: Bitcoin BTC on Cusp of Aggressive Move Trader Says

There has been an uptick in institutional investors' enthusiasm for cryptocurrencies, and many have begun committing a portion of their portfolios to cryptocurrency investments. Due to an increase in the number of institutional investors who are willing to accept digital currencies, the value of the cryptocurrency has risen by more than 300% in the past year. Bitpanda's CEO, Eric Demuth, has stated that bitcoin has repeatedly shown itself to be a high-performing and well-established asset.

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Crypto Giant Binance Expects To Pay Penalties To Resolve U.S. Investigations

Crypto Giant Binance Expects To Pay Penalties To Resolve U.S. Investigations

by | Mar 3, 2023 | Binance, Market News

It has come to light that Binance, one of the largest cryptocurrency exchanges in the world, is being investigated by the US Department of Justice and the IRS. Beginning operations in 2017, it has been around for a while. The Financial Conduct Agency of the United Kingdom mandated that Binance cease all of its regulated operations in the UK by June 2021.

Known simply as Binance, Binance Holdings Ltd. is a multinational corporation that runs the largest crypto exchange in terms of daily trading volume. Changpeng Zhao, a programmer who had previously developed high-frequency trading software, launched Binance. Even though Binance's roots are in China, the company relocated its offices outside of the country just before Beijing put restrictions on cryptocurrency trading.

In 2021, the US Department of Justice and the IRS began looking into Binance for possible money laundering and tax violations. Financial regulator BaFin in Germany issued a warning last month that Binance could be penalised for selling its financial assets digital tokens without first publishing an investor prospectus, prompting the current inquiry. Binance provided the Russian authorities with personal information, including as names and addresses, in 2021. On Thursday, Bloomberg reported that authorities investigating financial fraud and tax crimes have reached out to people with knowledge of Binance's operations for more information.

Also Read: Binance founder CZ counteracts conspiracy theorists

Due to the news of the inquiry, Binance Coin (BNB-USD) has dropped by about 12% for the session. Binance spokeswoman Jessica Jung wrote a statement saying, "We take our legal obligations extremely seriously and interact with regulations and law enforcement in a constructive approach," despite the fact that no government authorities have yet accused the exchange of wrongdoing. According to an interview with Binance CSO Patrick Hillmann published by the Wall Street Journal, Binance anticipates paying monetary penalties to settle ongoing US regulatory and law-enforcement examinations of its business.

The Cryptocurrency Industry and Binance Are Still Under Regulatory Investigation

After openly denying that it was under investigation and criticising media sources who claimed otherwise, a top official at Binance, the world's largest crypto exchange, revealed that the company expected to pay punitive damages to settle probes into its business in the U.S. The widespread belief that Bitcoin and other cryptocurrencies can be used for illicit purposes is one of the most common complaints levelled against them.

U.S. authorities have recently ramped up their attempts to keep a closer eye on the cryptocurrency market. The U.S. Securities and Exchange Commission (SEC) has recently proposed a rule that could make it more difficult for many investment firms to invest client money in digital content, shut down the staking programme of cryptocurrency exchange Kraken, and issued a Wells notice warning stablecoin issuer Paxos it could face enforcement action.

In January, Treasury Secretary Janet Yellen voiced her concern that cryptocurrencies could be used to fund terrorism or other unlawful activities, and other prominent investors like Charlie Munger have linked the cryptocurrency business to kidnappers and extortionists.

Also Read: Binance Launches Tax Reporting Tool: Streamlining Tax Compliance in the Crypto World

But, since Wednesday, bitcoin has staged a significant rally, increasing by over 14% to trade momentarily above $25,000 on Thursday, the highest figure since June, according to data compiled by CoinDesk. Regulatory concerns have been a drag on cryptocurrency values in recent weeks, but on Wednesday they rose alongside the prices of crypto stocks and currencies. Those with knowledge of the situation said that the Justice Department has been looking into Binance for possible violations of U.S. anti-money-laundering statute.

According to the persons, the CFTC has been investigating whether or not Binance provided cryptocurrency options to U.S. clients without first reporting that activity with the CFTC. There is no main office for the exchange; it launched in China in 2017. As a result of China's prohibition on cryptocurrency exchanges, the company's top executives, including CEO Changpeng Zhao, relocated to Japan. According to Mr. Hillmann, American traders are unable to access Binance at the present time.

In 2019, the blockchain data analytics firm Chainalysis, which is used by U.S. federal agencies, revealed that more criminally-related money were seen on Binance than on any other exchange. Certain major U.S. cryptocurrency exchanges, including Binance, are under scrutiny for the services they provide related to cryptocurrencies. Ether, among the most popular cryptocurrencies, rose to a new all-time high of $1,740 on Thursday. This is the most it has been since September.

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Next Shiba Inu New Meme Coin Sees Massive Volume on Upbit

Next Shiba Inu New Meme Coin Sees Massive Volume on Upbit

by | Mar 2, 2023 | Altcoin, Altcoin News, Meme Coin, News, Shiba Inu

MTL getting so much momentum on Upbit and Binance

Because the cryptocurrency market is always changing, investors should always exercise caution and do their homework before purchasing any assets. But with MTL getting so much momentum on Upbit and Binance, it might turn out to be the next major meme coin to keep an eye on in the cryptocurrency space.

A brand-new meme coin is catching the cryptocurrency world by surprise as it experiences a sharp rise in trading activity on Upbit, the biggest exchange in South Korea. MTL, the token used by Metal Pay, saw a "up-only" surge between $1.3 to a high of $2.29 as Koreans dominated over 67% of such volume, driving the token sky-high. Due to its quick increase in volume, MTL has become the newest Korean memecoin that is taking off in the cryptocurrency world.

APT was trading at a price that was between 1% and 3% over the market rate on Upbit, indicating strong regional demand and resembling the previously noted "Kimchi premium." However, there were worries that wash dealing or perhaps an attempt to influence the markets had inflated the transactions on Upbit. One should rule out the idea that a comparable situation is taking place right now.

Also Read: 5 Meme Coins That Are Outperforming Shiba Inu

Investing in shiba inu

A virtual currency called Shiba Inu is based after the Shiba Inu dog breed that originated in Japan. It was an attempt at a decentralized, organic society that later grew into a thriving ecology. Furthermore keep in mind that there are trillions of Shiba currency tokens in circulation, thus the issue of a limited supply can be relevant. Thus, should you buy a Shiba Inu? Here are several grounds to invest in Shiba Inu in case you're still unsure about buying the meme cryptocurrency.

On social media, celebrities have been quite supportive of meme coin Shiba Inus. When compared to other well-known digital currencies, these coins have not undergone any substantial technological advancement. But, they just exist for their own amusement, which appears to be thrilling users everywhere. The coins are causing such a wave because they resemble social movements or phenomena in some ways.

Also Read: The Meme Coin Economy Flourishes As Dogecoin And Shiba Inu Maintain Their Positions As Top Dogs

Shiba Inu attracts admirable characters as a result of its dependence on Dogecoin, which it hopes to eventually replace. Some famous people who supported Dogecoin and who could be interested in its purported replacement

The market capitalisation of an asset might provide useful information about its performance. As numerous buyers buy and sell a commodity with a high share value, the asset is sustainable. A coin or virtual cryptocurrency with a sizable market cap is less likely to be seriously impacted by unexpected market shocks. It implies that you won't lose significantly if the price of the cryptocurrency drops unexpectedly.

Its large circulation supply, which is in the billions, is what causes its high market cap. You might also find it interesting to learn that there was a higher trading volume if you are a short-term investor. Similar to how company stocks benefit much from being listed on reputable stock exchanges, cryptocurrencies too benefit greatly from being listed on well-known cryptocurrency exchanges.

Also Read: Can Shiba Inu hit $1 in 2023?

You won't encounter a significant obstacle while trying to sell your coins because they are listed on all of these exchanges. More than just a ready market will be present. The coin is advantageous to invest in both the short and long term because of this feature.

It's also in some ways advantageous that you can purchase as many SHIB coins as you like. You can utilize these tokens to fuel additional social activities with the help of a welcoming community because they have a limitless number of use cases. Given such a vast support network, your coins won't lose value.

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