ReportWire

Tag: Binance

  • Binance Coin Blasts Off: 10% Gain Sparks $350 Price Predictions

    Binance Coin Blasts Off: 10% Gain Sparks $350 Price Predictions

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    In the volatile world of cryptocurrencies, Binance Coin (BNB) has emerged as a strong contender, decoupling from the market’s recent downturn. While other digital assets fell, BNB showcased resilience, demonstrating a price surge towards a critical level that could dictate its future trajectory in the days to come.

    At the time of writing, BNB was trading at $318, reflecting a solid 10% increase over the past seven days. With a market capitalization exceeding $47 billion, BNB’s performance overshadowed its counterparts, capturing the attention of both investors and analysts alike.

    Binance Coin On A Strong Ascent

    Prominent crypto analyst Crypto Tony recently underscored BNB’s ascent, emphasizing the coin’s trajectory toward a key resistance zone. If BNB manages to breach the $355 level, there is a high likelihood that it could establish this zone as a new support level, bolstering its prospects for further upward movement.

    However, the path to higher levels is not without its challenges. A closer examination of BNB’s liquidation heat map reveals a substantial increase in liquidations near $320.

    Moreover, several additional resistance zones loom in the near term, acting as potential hurdles on BNB’s journey to $355. These resistance levels include $320, $325, and $340, necessitating careful monitoring to gauge BNB’s ability to surmount them.

    To gain further insights into BNB’s potential, a comprehensive analysis of the coin’s daily chart was conducted. The Chaikin Money Flow (CMF), which experienced a slight downtick following a sharp uptick, offers a mixed signal.

    BNB market cap currently at $47.56 billion. Chart: TradingView.com

    Simultaneously, BNB’s Bollinger Bands indicate a shift towards a less volatile zone, suggesting a potential slowdown in price growth. However, the MACD presents a more optimistic outlook, with the possibility of a bullish crossover on the horizon.

    Binance Coin RSI Shows Strength

    The Relative Strength Index (RSI) for BNB remains high, indicating a continued uptrend in its price. Notably, despite these positive market indicators, bearish sentiment remains dominant in the market, as evidenced by a significant drop in BNB’s weighted sentiment over the past seven days.

    This dichotomy between market indicators and sentiment highlights the uncertainty and cautiousness surrounding BNB’s future prospects.

    Source: Santiment

    Nevertheless, BNB continues to maintain its popularity within the crypto space, boasting a high social volume. This sustained interest further underscores the coin’s potential and the attention it garners from enthusiasts and investors alike.

    As cryptocurrency markets remain highly unpredictable, it is crucial for investors to exercise caution and conduct thorough research before making any investment decisions.

    While BNB’s recent performance and positive indicators suggest potential upward movements, the presence of resistance zones and prevailing bearish sentiment warrant careful observation in the days ahead.

    Featured image from Shutterstock

    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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    Christian Encila

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  • Here's How Much Binance's Market Share Declined Amid CZ's Departure: Report

    Here's How Much Binance's Market Share Declined Amid CZ's Departure: Report

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    The latest TokenInsight report reveals that 2023 witnessed shifts in market share and trading volume among top exchanges, with Binance’s numbers decreasing from 54.2% to 48.7% while OKX’s and Bybit’s increasing by 4.3% and 2.2%, respectively.

    Binance, Upbit, and OKX occupy the top three positions in total annual trading volume, while Binance, OKX, and Bybit are in the lead regarding derivatives.

    Binance’s Market Share and Resilience

    At the beginning of 2023, Binance held a market share of 54.2%, maintaining a dominant position in the industry. However, events such as the end of the Zero-Fee Bitcoin trading promotion and the SEC filing a lawsuit in June impacted its market share, which dropped below 50%.

    The subsequent resignation of CEO CZ led to a temporary dip to 32%, but Binance quickly stabilized, ending the year with a 48.7% market share.

    According to the report, Binance’s resilience in the face of regulatory hurdles and its commitment to safeguarding user assets have instilled confidence among traders, mitigating a more substantial decline in market share. Surpassing initial expectations, the year saw only a 5% decrease in market share.

    While Binance experienced a decline, OKX and Bybit emerged as the biggest beneficiaries, with their market shares increasing by 4.3% and 2.2%, respectively. OKX’s total market share reached 15.7%, securing the second position, while Bybit claimed the third spot with an 11.6% market share.

    The top three in total annual trading volume comprised Binance, Upbit, and OKX, underscoring these platforms’ overall strength and influence despite the changing market dynamics. Binance continued to dominate spot and derivatives trading, holding a 53.7% share. However, this marked a decrease from 60.1% in 2022.

    OKX and Bybit secured second and third positions in spot and derivatives trading volumes, showcasing their versatility and market presence. Notably, over 90% of the trading volume in Bybit, Bitget, and OKX originated from derivatives trading, highlighting a trend among these exchanges.

    Decentralized Exchanges and Token Performance

    The report also sheds light on the performance of decentralized exchanges (DEX). Despite challenges faced by centralized exchanges, DEX maintained stability in 2023, accounting for approximately 2.83% of the total trading volume.

    Platforms like Orca and PancakeSwap experienced varying market share growth, with the Solana ecosystem gaining attention. The report delved into the performance of exchange tokens, highlighting significant price surges. FTT, MX, and BGB saw increases exceeding 200%, outperforming the broader market.

    Trader Joe’s native token, JOE, led the decentralized exchange token sector with a 400% growth. Additionally, the analysis of liquidity ratios indicated varying degrees of liquidity among tokens, with HT experiencing a price drop despite having relatively high liquidity.

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    Wayne Jones

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  • Post-FTX Collapse, December Ushered in Optimism for Centralized Crypto Exchanges: CCData

    Post-FTX Collapse, December Ushered in Optimism for Centralized Crypto Exchanges: CCData

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    Amidst a challenging backdrop where the crypto spot market witnessed its lowest activity levels in over four years, the downturn created a daunting scenario for centralized exchanges and market makers, exacerbated by the collapse of Sam Bankman-Fried’s FTX in November 2022.

    This incident had a profound impact on investor trust in centralized entities, casting a shadow on the overall market depth. December 2023, however, brought about a notable shift in sentiment. In Q4 2023, centralized exchanges registered a spot volume of $2.99 trillion, marking a 125% rise from the levels observed in the preceding quarter.

    Centralized Exchanges See Turnaround in Spot Volumes

    According to CCData’s latest Exchange Review report, the overall trading activity in the spot market witnessed a substantial increase of 34.0%, reaching $1.34 trillion in December. This marked the peak monthly spot trading volumes for the entire year of 2023. Notably, it marked the third consecutive monthly rise in spot trading volumes and the highest levels observed since June 2022.

    Top-tier spot volumes, in particular, experienced a notable surge, rising by 35.5% to $950 billion. Lower-tier spot volumes also saw a significant increase of 30.5%, reaching $398 billion.

    Binance, OKX, and Bybit emerged as the top exchanges in terms of spot volume in November, outperforming other AA-A-graded exchanges. Within the Top-Tier exchanges, they collectively represented approximately 64.3% of the total volume, showing a slight increase from 62.1% in November.

    Derivatives volumes also experienced a 26.3% increase, reaching $3.34 trillion in December. This represented the third consecutive monthly rise in derivatives trading volume and represents the highest monthly volume since December 2021.

    However, the derivatives market now constitutes 71.4% of the entire crypto market, indicating a slight decline from 72.6% in November. Thereby, this records the lowest share of the derivatives market since February 2023, as spot markets continued to surpass derivatives trading activity in December.

    Binance Resurgence

    The year 2023 proved to be a challenging period for Binance, marked by legal issues, withdrawals from specific countries, and the resignation of numerous executives, including CZ stepping down as CEO.

    Despite these setbacks, Binance experienced a positive turnaround. CCData reported that in December, Binance emerged as the leading derivatives exchange by monthly volume, trading $1.58 trillion, reflecting a 25% increase from November. Following Binance were OKX with $857 billion in trading volume, up 30%, and Bybit with $443 billion, up 18.1%.

    Meanwhile, Crypto.com and Coinbase were the best-performing derivatives exchanges, recording impressive increases of 94.9% and 68.6%.

    Additionally, Binance witnessed a notable rise in its market share for the first time in ten months, increasing by 0.70% to reach 32.5%. However, Upbit and Huobi experienced significant declines in market share in December, dropping by 2.05% and 0.92% to 7.14% and 3.56%, respectively.

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    Chayanika Deka

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  • Binance: India accounts safe despite Apple store delisting

    Binance: India accounts safe despite Apple store delisting

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    Binance, the largest cryptocurrency exchange in terms of daily trading volume, has assured its Indian users regarding the safety and security of their accounts and funds.

    The move follows the delisting of several major crypto service providers from Apple’s app store, including Kucoin and OKX.

    Cupertino, California-based Apple said the decision was made in response to a show-cause notice from India’s Finance Ministry regarding non-compliance with the country’s money laundering laws.

    Binance, which has no official headquarters, claims India has the highest number of crypto users in the world.

    Binance commits to compliance

    Following Apple’s removal of at least three offshore crypto exchanges from its India app store, Binance penned a blog post confirming the situation to its Indian customers.

    The firm clarified that the restriction only affects users trying to access the Indian iOS app store or the Binance website from India.

    Notably, existing users with the Binance app are reported to be unaffected by the restriction.

    The crypto exchange also reaffirms its commitment to adhering to local regulations and maintaining ongoing communication with regulators globally.

    Despite facing challenges, Binance expresses optimism about the potential of the Indian market. The company acknowledges that the current situation is not unique to Binance and underscores its dedication to compliance with local regulations, along with a sustained dialogue with regulators worldwide to ensure the continued availability of its services.

    Earlier this week, Apple delisted Binance, Kucoin, and OKX from its India app store following show-cause notices previously issued by the country’s Finance Ministry to nine virtual digital assets (VDA) service providers. 

    These notices cited non-compliance with anti-money laundering laws, prompting the Financial Intelligence Unit (FIU) to request the Ministry of Electronics and Information Technology (MeitY) to block the websites of these entities.

    The government is reportedly considering further actions, including a potential ban on the Indian operations of overseas cryptocurrency apps like Binance if found guilty under the Prevention of Money Laundering Act (PMLA).

    Meanwhile, the Reserve Bank of India (RBI) maintains a steadfast stance on cryptocurrency, with Governor Shaktikanta Das reiterating last October that there has been no change in their position regarding a crypto ban.

    RBI officials, in December, told Indian newspaper Hindustan Times that treating crypto assets as regulated entities may not have significant upsides.

    They suggest that, at best, they should be treated akin to gambling instruments.

    Despite facing significant regulatory challenges, India surprisingly claimed the top position in Chainalysis’ 2023 Global Crypto Adoption Index. This marks a rebound from the previous year when India had slipped to the fourth spot in Chainalysis’ 2022 adoption index.

    Indian government targets offshore Crypto exchanges

    In December 2023, India’s Ministry of Finance issued compliance show cause notices to nine offshore crypto exchanges, including Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, under the Prevention of Money Laundering Act (PMLA).

    These notices were delivered by India’s Financial Intelligence Unit (FIU), operating under the nation’s Finance Ministry. Simultaneously, the government has initiated steps to block the URLs of these exchanges.

    The warning underscores concerns about the operations of these exchanges not aligning with the provisions of the PMLA.

    The exchanges were granted a specific timeframe to respond to these notices, and the government has urged the IT ministry to block access to their URLs. This development followed earlier FIU notices to the exchanges for their non-compliance with anti-money laundering laws.

    The overarching aim of the Indian government’s actions is to ensure compliance with the country’s regulations and curb unauthorized operations within the crypto space.

    These measures represent a proactive step toward reinforcing regulatory frameworks and maintaining oversight in the rapidly evolving cryptocurrency landscape.


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    Ogwu Osaemezu Emmanuel

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  • How To Buy, Sell, And Trade Tokens On The BSC Network

    How To Buy, Sell, And Trade Tokens On The BSC Network

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    The captivating Binance Smart Chain (BSC) Network has morphed into a powerful force within the blockchain ecosystem, offering various benefits and opportunities for users and developers alike. Introduced by Binance, a top player in the global cryptocurrency exchange realm, BSC provides a robust and efficient infrastructure for decentralized applications (dApps) and digital asset transactions.

    The key advantage of the BSC network is its high-speed and low-cost transactions. With its standout consensus mechanism, BSC achieves fast block confirmations, enabling quick and seamless transfers of digital assets. This scalability advantage makes BSC an attractive choice for users who value speed and efficiency in their transactions.

    Advantages Of The Binance Smart Chain (BSC) Network

    The Binance Smart Chain (BSC) offers several advantages that have contributed to its popularity and growth within the blockchain ecosystem. Here are some key advantages of the BSC network:

    High Speed and Low Transaction Fees: BSC is known for its fast block confirmations, which result in quick transaction processing times. This speed is achieved through its unique consensus mechanism. Additionally, BSC’s low transaction fees have made it a preferred platform for developers and users.


    Compared to other popular blockchain networks, BSC offers significantly lower transaction costs, making it more accessible for individuals and businesses of all sizes. This cost-effective system has aided the exponential growth of decentralized finance (DeFi) applications on the BSC network by providing a wide range of financial services to users around the world.

    Scalability: BSC has been designed to handle high transaction volumes, allowing for the smooth and efficient execution of decentralized applications (dApps). This advantage enables BSC to accommodate the growing demands of users and developers without compromising performance.

    Compatibility with Ethereum: The compatibility of BSC with the Ethereum Virtual Machine (EVM) has made it easy for developers to port their existing Ethereum-based projects to BSC, expanding the pool of available applications.


    This opens up a world of possibilities, as it expands the range of applications available on BSC, offering users a greater selection of innovative and diverse decentralized applications to choose from. This interoperability has fostered innovation and attracted a diverse range of projects, including decentralized exchanges, yield farming platforms, and NFT marketplaces.

    The close integration between BSC and the Binance exchange also creates a host of advantages for users. The seamless connection between these two platforms facilitates effortless token swaps and transfers.

    Trading On The BSC Network

    Decentralized exchanges (DEXs) on the Binance Smart Chain (BSC) network provide traders with a range of features and opportunities to enhance their trading experience. Here’s an elaboration on the features of DEXs on BSC:

    Automated Market Makers (AMM): DEXs on BSC leverage AMM protocols to enable token swaps. AMM algorithms automatically set token prices based on supply and demand dynamics within liquidity pools. This feature eliminates the need for traditional order books and enables continuous liquidity, allowing traders to execute swift and efficient trades.

    Yield Farming: Yield farming is a popular practice in the decentralized finance (DeFi) space, and many BSC DEXs offer yield farming opportunities where traders provide liquidity to specific token pairs by depositing their assets into smart contract-based liquidity pools. In return, they receive liquidity provider (LP) tokens, which represent their share of the pool.

    Traders can then stake these LP tokens in yield farming programs to earn additional tokens or rewards. Yield farming enables traders to earn passive income by utilizing their idle assets effectively.

    Liquidity Pools: These are fundamental components of DEXs on BSC which consist of pairs of tokens that are used for trading. Traders can contribute their assets to these pools and become liquidity providers.

    By providing liquidity, traders help ensure that there is sufficient liquidity available for trading. In return for their contribution, liquidity providers earn a portion of the trading fees generated by the DEX. This incentivizes traders to provide liquidity, as they can earn fees from the trading activity in the pool.

    Token Trading: DEXs on BSC offer traders the ability to trade a wide range of tokens. These tokens can include native tokens of projects built on the BSC network, as well as tokens that have been bridged from other blockchains, including Ethereum.

    Traders have access to various trading pairs, allowing them to buy and sell tokens directly from their wallets. The availability of diverse tokens and trading pairs provides traders with abundant opportunities to explore various markets and investment opportunities.

    Additionally, the  Binance Smart Chain (BSC) is a modified Ethereum fork which simply means that it is compatible with the Ethereum network. Both of these blockchain networks have similar infrastructure, which is why they have the same address in your wallet.

    This is to ensure that your funds are not permanently lost when you send them via the wrong network. Simply put, if you send a token to your ETH via the BSC network, the funds will still be on the blockchain and you’ll be able to retrieve them.

    How To Get Started On The BSC Network

    To buy and sell tokens on the Binance Smart Chain (BSC) network, you will first need to get a Metamask wallet and fund it with BNB tokens. MetaMask is a popular browser extension wallet commonly used for interacting with blockchain networks like Ethereum and Binance Smart Chain (BSC). It is available as a browser extension for popular browsers such as Google Chrome.

    Ensure your Metamask Wallet has been added to your browser as an extension by clicking on the “Add to Chrome” icon on the top right as shown below:

    Once installed and set up, MetaMask allows users to manage their cryptocurrency wallets, interact with decentralized applications (DApps), and securely execute transactions on supported blockchain networks directly from their browsers. (Make sure to write down your seed phrase on a piece of paper and keep it safe. Do not store it online).

    Next, add the BSC network to your Metamask wallet by following the instructions provided on the Metemask website here.

    Getting BNB Tokens To Trade On The BSC Network

    Once that is done, you need to fund your wallet with BNB before you can begin trading on the BSC network. You can buy BNB on centralized exchanges such as Binance, copy your wallet address from Metamask, and then send the BNB from Binance to your Metamask wallet. 

    You can also purchase BNB directly within the Metamask wallet using traditional payment methods such as credit or debit cards, PayPal, bank transfer, CashApp, etc.

    Just click on the “Buy/Sell” button within Metamask which will open up the interface. Here, you can put how much BNB you want to buy in terms of dollar terms, pick your payment method, and then click “Buy”.

    Note that to buy crypto directly within Metamask, you will need to provide info such as your country and state. However, it is a straightforward process that only takes a minute.

    Metamask buy BNB

    It’ll only take a couple of minutes at most for your BNB to arrive in your wallet. Once the BNB arrives, you are all set to begin trading tokens on the BSC network. So head over to Pancakeswap to get started on your trading journey.

    How To Trade Tokens On The BSC Network Using PancakeSwap

    PancakeSwap is the leading decentralized exchange on the BSC network. Here, users are able to buy and sell a large range of tokens, and it is a straightforward process.

    Make sure you are on the correct Pancakeswap website to prevent your wallet from being drained. The next step is clicking on the “Connect Wallet” option on Pancakeswap at the top right corner as illustrated below:

    Pancakeswap

    Connect to your preferred wallet as shown below. (In this case, it’s Metamask):

    BSC network

    Once connected, switch Metamask to the BSC network. (If you’re already on the BSC network, you do not need to switch):

    switch network

    With MetaMask connected to the BSC network, go to PancakeSwap, then you can start trading on the BSC network using PancakeSwap. Search for the token you want to purchase using the name or the contract address. 

    Set slippage to auto to avoid having to manually set it with each swap. Once done, pick how much BNB (at the top) you want to convert to the new token (at the bottom), click on “Swap,” and confirm the transaction in your Metamask wallet.

    Once the transaction is confirmed, the tokens will be sent to your wallet. To convert your tokens back into BNB, repeat this process by putting the new token at the top and picking BNB at the bottom. Click Swap and BNB will be sent to your wallet.

    Tokens

    Buying And Selling Tokens With The Metamask Wallet

    BSC Network users can also buy and sell tokens using the Metamask extension wallet already connected to the BSC network. 

    To do this, make sure you’re connected to the BSC network and have BNB to swap and pay for gas fees. Then navigate to the “Swap” button as shown below. This will take you to the Swap interface inside Metamask.

    Metamask wallet

    Here, you can also search for tokens using the name or the contract address, just like on Pancakeswap. Input the amount of BNB you want to swap, confirm that you have the correct token, and then click “Swap.” Once the transaction is confirmed, the tokens you just bought will be sent to your wallet.

    Tracking Token Prices On The BSC Network

    BSC network users can leverage on-chain tools such as Dextools to access detailed market insights about a particular token such as price and contract information to enable them to make informed trading decisions.

    Charts

     Dextools offers a range of features that are particularly beneficial for users on the BSC network. One notable feature is the ability to check charts, providing real-time and historical price data for various tokens. These charts enable users to analyze price trends, trading volumes, and other relevant metrics, helping them identify potential entry or exit points for their trades, as shown below:

    Dextools BSC network

    In addition to charting capabilities, Dextools provides a “Contract Audit” feature that is especially valuable for BSC users. This feature allows users to check the audit score of a smart contract before investing in a token. Audits assess the security and reliability of a contract’s code, highlighting potential vulnerabilities or risks. 

    Contract checking

    By accessing the audit score through Dextools, users can evaluate the level of trustworthiness and credibility of a token’s underlying smart contract, minimizing the chances of falling victim to scams or vulnerabilities.

    Conclusion

    The BSC network has become popular within the blockchain ecosystem due to its advantages and has attracted a diverse range of projects and users. BSC’s compatibility with Ethereum facilitates seamless token transfers between the two networks, enhances diversification of development and usage, and promotes collaboration within the broader blockchain ecosystem. 

    Additionally, it offers interoperability, allowing developers to easily port existing Ethereum-based applications and assets to BSC. This compatibility grants access to the extensive Ethereum ecosystem, enabling users to leverage the infrastructure and liquidity of Ethereum while benefiting from BSC’s faster transactions and lower fees. 

    BSC’s combination of interoperability, accessibility to liquidity, and enhanced transaction efficiency makes the BSC network a compelling choice for both developers and users, solidifying its position as a prominent player in the evolving blockchain landscape.

    Featured image from Medium

    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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    Scott Matherson

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  • Binance Co-Founder Yi He Holds Minimum 10% Stake in Cayman Islands Holding Company: WSJ

    Binance Co-Founder Yi He Holds Minimum 10% Stake in Cayman Islands Holding Company: WSJ

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    Binance co-founder Yi He held at least a 10% share in Binance’s Cayman Islands holding company, according to a new report by WSJ.

    A former talk-show host, Yi He, reportedly holds significant influence over the marketing and investment sectors of the company. She also assumes the role of the largest shareholder within the firm in the absence of CEO Changpeng “CZ” Zhao.

    Yi He’s Influence on Binance

    The WSJ report made several interesting claims, including Yi He proposing a project to establish a movie studio akin to Netflix and envisioning a Marvel Cinematic Universe-style series featuring early Binance employees as heroes. However, this idea was ultimately abandoned.

    Under her leadership, Binance instead launched “Build the Block,” a series resembling “Shark Tank,” where crypto entrepreneurs pitched for Binance investment. The show featured computerized avatars for contestants and judges, marking it as the first metaverse-based reality show. Despite Yi He’s involvement as a guest judge in the debut episode, the show faced challenges, and a producer assigned to it was laid off.

    Throughout 2022, Yi He advocated for a Binance project selling digital identities from Palau to outsiders for $248, aiming to provide access to the firm’s trading platform for residents in countries where it was restricted. Despite warnings of reputational and legal risks, she persisted in pursuing the plan, aiming to create a backdoor for Chinese users. The company later claimed not to have proceeded with any partnership after conducting due diligence.

    CZ Not Allowed to Leave United States

    Yi He appears to be steadily inching closer to the spotlight. CZ, on the other hand, is still not allowed to leave the United States as ordered by a federal judge, pending his sentencing hearing.

    During a hearing on December 29 in the U.S. District Court for the Western District of Washington in Seattle, Judge Richard Jones rejected a request from CZ to travel abroad. The specific grounds for this second motion were undisclosed to the public, as the court sealed the information, but the former Binance CE’O’s legal team hinted that it was related to “medical information regarding Mr. Zhao’s child.”

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    Chayanika Deka

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  • Binance 2023 Report Reveals: 40 Million New Users Added, Total Registered Users Reach 170 Million

    Binance 2023 Report Reveals: 40 Million New Users Added, Total Registered Users Reach 170 Million

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    In its recently released 2023 review report, Binance, the world’s leading cryptocurrency exchange, showcased significant growth despite facing legal disputes and regulatory scrutiny. 

    The report highlighted the evolving crypto market, increasing institutional interest, and the company’s commitment to compliance and user experience.

    Binance’s 2023 Review

    Despite a volatile year for the market, Binance emphasized that digital asset regulation had taken a direction toward greater clarity and harmonization in some regions. 

    The exchange acknowledged the challenges but noted that Web3 adoption and institutional interest continued to grow steadily, demonstrating the industry’s resilience and long-term potential.

    Regarding growth within the company, Binance Square, formerly known as Binance Feed, was introduced as a social platform designed to be the central hub for Web3 content. 

    According to the report, the platform experienced substantial growth, expanding from 1,200 to 11,000 creators and attracting over 1.6 million active daily users. Binance Square aimed to facilitate conversations and enable users to generate “compelling content,” fostering engagement within the Web3 community.

    In October, Binance Futures launched its Copy Trading feature, allowing users to replicate the trading strategies of expert lead traders. This feature provided a monetization avenue for trading experts and added a social aspect to the trading experience of the platform users.

    Binance’s users surpass 170 million. Source: Binance 2023 report

    Furthermore, Binance continued its support of fiat currencies, reaching 69 supported fiat currencies with 30 fiat channels available globally. 

    Binance P2P, the peer-to-peer trading platform, expanded the number of supported payment methods to 970 and fiat currencies to 112. The report highlights that the platform facilitated 18% more trades with 39% more users than the previous year.

    The report further noted Binance’s commitment to compliance, with a significant investment of $213 million in its compliance program, a 35% increase from the previous year. 

    Binance allocated substantial resources to develop in-house compliance tools, including a case management system and an internal transaction monitoring engine. 

    Is Binance Leading The Way In Crypto Venture Funding?

    Per the report, in 2023, Binance focused on enhancing user experience by partnering with localized KYC (know-your-customer) vendors and implementing various electronic ID (eID) solutions globally. 

    The exchange added support for 298 new ID and proof-of-address documents across 64 countries, streamlining the onboarding process for users.

    To make Web3 “more accessible,” the report notes that Binance launched its Web3 Wallet, which aims to provide a “secure” gateway into the world of decentralized finance (DeFi). The platform aimed to address usability barriers and attract new users by offering improved product and user experience across DeFi, blockchain gaming, and SocialFi.

    Ultimately, while the crypto venture funding market faced challenges in 2023, Binance Labs emerged as one of the most active participants in the crypto venture capital (VC) space, particularly in the DeFi and Web3 gaming sectors, according to the exchange.

    Overall, Binance’s 2023 Review Report highlights the company’s focus on compliance, user experience, and expanding Web3 offerings as key to continued growth despite ongoing legal issues and regulatory enforcement actions.

    Binance
    The 1-day chart shows BNB’s uptrend. Source: BNBUSDT on TradingView.com

    As of the current update, Binance Coin (BNB) demonstrates a significant upward trend in price action, surging to $330. This surge represents a 21% increase over the past seven days.

    Featured image from Shutterstock, chart from TradingView.com 

    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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    Ronaldo Marquez

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  • 7 crypto court cases coming in 2024

    7 crypto court cases coming in 2024

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    Several crypto industry stakeholders have pending lawsuits in the U.S. and other jurisdictions following a busy year for government prosecutors and digital asset attorneys.

    2023 featured crypto’s largest court case to date coupled with a multi-billion dollar settlement between the industry’s largest exchange and several U.S. regulatory bodies. However, 2024 promises another series of court battles and crypto defendants arguing against illegal doings.

    The U.S. Securities and Exchange Commission (SEC) sued multiple crypto businesses in what some proponents termed a “regulation by enforcement” campaign against blockchain assets.

    According to SEC Chair Gary Gensler, the majority of these crypto assets qualify as securities and fall under the purview of existing financial policies. He views the ecosystem as rife with fraud and non-compliance.

    The Commodity Futures Trading Commission (CFTC) kept apace with Gensler’s SEC, fielding 47 lawsuits involving digital asset operators accused of fraud and running Ponzi schemes. Indeed, the CFTC recorded its largest-ever win after fining Cornelius Johannes Steynberg of Stellenbosch $3.4 billion.

    New cases are likely to emerge amid unresolved litigation and rolling enforcement action. These are the seven crypto cases to watch at press time.

    Binance

    Crypto’s largest exchange, Binance, reached a record-breaking $4.3 billion settlement with the CFTC, the U.S. Department of Justice, and the Treasury Department. Former CEO Changpeng Zhao also stepped down and pleaded guilty to at least one felony charge.

    However, the SEC is still suing Binance and was notably absent from the multi-agency resolution announced in November. The SEC said Binance broke securities laws by operating an unregistered exchange and offering illegal securities like the BUSD stablecoin, a joint venture with Paxos. 

    Richard Teng, the new Binance CEO, would lead the company through an SEC lawsuit and adjust to the monitorship agreed upon with authorities.

    Celsius

    The bankrupt crypto lender is accused of defrauding thousands of investors under the leadership of ex-CEO Alex Mashinsky. Mashinsky denied wrongdoing after his arrest in July and indictment on seven criminal charges. 

    His trial will begin in September while Celsius faces suits from the CFTC and the SEC. A third lawsuit filed by the Federal Trade Commission was settled.

    Coinbase 

    Like Binance, the SEC sued Coinbase in June. Coinbase allegedly failed to register its exchange and illegally provided staking-as-a-service to U.S. investors. Coinbase will square off with the securities watchdog in a Southern District Court of New York after denying the allegations. 

    The crypto exchange also saw its rule-making petition denied, although CEO Brian Armstrong said Coinbase would not give up. 

    FTX

    While FTX founder Sam Bankman-Fried was convicted on all seven charges, including fraud at his exchange and crypto trading firm Alameda Research, a second trial to address severed counts may be held. 

    Federal prosecutors could sue Bankman-Fried for unlawful political donations and bribing foreign government officials. A New York court is scheduled to sentence the fallen crypto mogul in March. This is the same time a second FTX trial may be pursued. Bankman-Fried’s bid for a delayed sentencing was already refused.

    Kraken

    Kraken pulled out of New York, but the SEC still has a case against the Jesse Powell-founded crypto exchange. The SEC accused Kraken of commingling customer funds and operating an unregistered securities exchange. Kraken promised to respond.

    David Ripley, Kraken CEO, said the company does not list securities, and the SEC does not have a regulatory structure to register compliant crypto firms.

    Ripple

    Ripple partial victory in a multi-year legal tussle with the SEC over XRP sales was considered a turning point by many in crypto. The SEC said Ripple’s XRP sales to institutional and retail investors broke securities laws. 

    Judge Analisa Torres ruled that XRP sales on exchanges were not unregistered securities, while institutional offerings were. Either side may appeal outcomes as negotiations are expected to decide possible penalties for Ripple based on sales to sophisticated investors.

    Tornado Cash

    The U.S. Treasury sanctioned Tornado Cash in August 2022 for allegedly enabling money laundering and other criminal activity. Co-founders of the Ethereum-based mixing service also face legal action. 

    Tornado Cash developers Roman Storm and Roman Semenov stand accused of sanctions evasion and aiding money laundering. Both defendants deny the charges, and Storm was arraigned in Manhattan court. 

    Another developer, Alexey Pertsev, spent nearly nine months in jail before his release in the Netherlands pending a trial in March.


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    Naga Avan-Nomayo

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  • Chinese investors with political ties allegedly behind mining hub in Texas

    Chinese investors with political ties allegedly behind mining hub in Texas

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    A new report from The New York Times sheds light on how Chinese investors, aided by Binance, acquired a Texas mining facility.

    A 23-year-old Chinese national and NYU student, Jerry Yu, appears to be the majority owner of a Texas-based crypto mining facility BitRush, which was backed by $6 million in Tether (USDT) by undisclosed Chinese investors, according to a recent report from The New York Times.

    In one of the lawsuits filed by Crypton Mining Solutions, which alleges non-payment for services in the Texas Panhandle town, BitRush’s investors — described as “not only Chinese citizens but citizens in highly political and influential business positions” — raised concerns about how exactly the funds were transferred from China to the U.S.

    The lawsuits, as reported by NYT, exposed a public money trail ending at Binance, which facilitated transactions with USDT through its offshore branch when the exchange’s operations were not adhering to American banking rules, the report notes.

    It is unclear who was the source of the funds, as it is only known to Binance. Gavin Clarkson, a lawyer for BitRush, told NYT that the firm itself never sent or received any money through Binance. Clarkson also disputed claims of non-payment and said that compliance with all relevant laws and regulations was observed.

    A spokesperson for Binance said the transactions belonged to “foreign nationals who were not U.S. residents,” without revealing their names. According to legal documents shared by Crypton, BitRush planned to buy the Texas site with $6.33 million in USDT. The documents also reveal that after Yu, the biggest shareholder of BitRush was an undisclosed investor from IMO Ventures, a China-focused venture capital firm.


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    Denis Omelchenko

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  • 200k SOL transferred to Binance, price decline underway

    200k SOL transferred to Binance, price decline underway

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    As Solana (SOL) becomes the fourth-largest cryptocurrency — flipping XRP and BNB in a week — a key indicator shows that a price drop could be underway. 

    According to data provided by the market intelligence platform Santiment, Solana’s Relative Strength Index (RSI) rose from 77 to 79 in the past 24 hours. When the RSI increases, it usually indicates an incoming price decline and selling pressure. 

    SOL price, RSI, open interest and Binance funding rate – Dec. 25 | Source: Santiment

    For SOL to stay bullish, the RSI would need to cool down to the 60 mark before any further price surges.

    SOL is down by 1.2% in the past 24 hours and is trading at $113 at the time of writing. The asset’s market cap is standing at $48.3 billion, strongly holding the fourth spot after Bitcoin (BTC), Ethereum (ETH) and USDT. 

    Data shows a slight downward momentum in Solana’s daily trading volume, currently hovering around the $4.8 billion mark.

    As the possibility of a further price decline surfaces, a whale has transferred 199,999 SOL tokens to the Binance crypto exchange. 

    Per Whale Alert, the transaction is worth roughly $23 million and further movements haven’t been detected yet.

    The movements come after Solana hit a 21-month-high of $117.3 on Dec. 24 after recording constant inclines over the past month. It’s important to note that SOL’s price registered a 94% rally in the past 30 days. 

    Data from Santiment also shows a 5% rise in Solana’s total open interest (OI) in the past 24 hours — rising from $1.36 billion to $1.42 billion. 

    According to the market intelligence platform, long-position SOL holders are slightly dominating the asset’s total OI. Per Santiment, Solana’s Binance funding rate currently stands at 0.012%.


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  • LEO Access to Binance Data Allegedly Compromised By Hacker

    LEO Access to Binance Data Allegedly Compromised By Hacker

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    Earlier this week, a BreachForums user by the name of Miembro announced the sale of access to a Binance data request portal, built and maintained to accommodate police officers and government officials worldwide in their attempts to track down cybercriminals.

    The sale has since been paused, owing to a blunder involving a crypto mixer being used by a buyer to send funds to the seller turned out to be an invalid address.

    Access to De-Anonymized Data

    However, the sale will allegedly resume in about a week, once the mixer returns the funds.

    Until then, the amount of data made available to bad actors is unclear. If the seller is to be believed – and his past ratings indicate he is a reputable one, as far as that term applies here – the emails, phone numbers, wallet IDs, and transaction IDs of users can be inspected by using the access provided by the perpetrator.

    The above information goes for an asking price of only $10k.

    How Was Access Acquired?

    At the moment, no details are available regarding the exact source of the data breach. Security researchers at Hudson Rock, however, have provided a plausible hypothesis.

    Allegedly, Binance allows law enforcement officers to access its database via Kodex Global. According to Hudson Rock, the points of entry appear to be three computers infected by malware that allowed a bad actor to steal Kodex login credentials.

    “The three logins shown in the image with access to Binance’s login panel appear to belong to compromised law enforcement officers in the Criminal Investigation Bureau (CIB) in Taiwan, the Uganda Police Force (UPF), and the Anti-Cybercrime Group (ACG) of the Philippine National Police (PNP).”

    The cybersecurity researchers have since contacted Binance about their theory. So far, no public response has been provided by the exchange.

    Although the access provided probably does not enable direct manipulation of Binance accounts, the leak still allows for sensitive accounts to be probed for information, de-anonymizing users and exposing them to targeted harassment, phishing attempts, and more.

    A similar incident took place in 2020 when Ledger client data was stolen. Users of the hardware wallet were later bombarded with threats attempting to goad them into sending hackers their crypto to be left alone. It is unclear if any of those threats were carried out.

    For now, the team at Hudson Rock recommends all users enable 2FA, update their passwords, and remain alert.

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  • Binance Survey: 76% Believe Crypto Can Address Income Inequality Globally

    Binance Survey: 76% Believe Crypto Can Address Income Inequality Globally

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    A survey conducted by Binance indicates that close to 50% of its users depend on crypto as a means to generate additional income. The latest observation was part of its new campaign, “Crypto is better with Binance.”

    Based on data from a survey with a sample size of 1,172 participants from November 15, 2023, to December 6, 2023, on the Binance Survey platform across Asia & Pacific, the Middle East, Europe, Africa, and Latin American users, the findings revealed that nearly half – 45% – identified earning additional income as their main purpose for using crypto.

    Following closely were savings, with 19%, and mitigating inflation, with 9%. A significant portion of respondents, nearly 36%, highlighted that the primary incentive for using crypto for savings was to attain financial security and independence.

    Binance Survey Findings

    The results shared with CryptoPotato revealed that 19% of respondents surveyed expressed high fees to be a major hurdle when dealing with legacy financial systems and services. Another 14% of respondents said that slow transaction times were also one of the largest challenges with such infrastructures.

    The majority of participants – 76% – expressed the view that crypto can contribute to reducing income inequality and financial disparities in society.

    Of those surveyed who primarily use crypto to generate additional income, 23% expressed the intention of using it as their main source of income. Another 23% use it to save towards home, while 21% allocate it to invest in alternative digital assets.

    More than one-third – 36% – of survey participants utilize cryptocurrency for weekly transactions. Among them, a majority – 58% – employ crypto for online purchases, covering a range of items such as goods, services, and digital products. Additionally, 12% use it for international transactions and remittances, while another 12% utilize crypto for in-store purchases.

    A significant portion of respondents, totaling 59%, have been involved in cryptocurrency for a duration ranging from 1 to 5 years. Another 14% have a more extensive experience of over five years, while 12% are relatively new to crypto, having engaged with it for less than six months.

    36% of users employ cryptocurrency as a means to save money, seeking financial security and independence. Additionally, 16% utilize it to earn higher interest on their savings, and 14% use crypto for saving towards retirement.

    Participants also revealed the positive effects of crypto on their lives, with 20% noting an increase in the value of their investment portfolios, 18% citing opportunities for additional income through trading or staking, 15% enjoying greater access to financial services, 14% experiencing improved financial control, and 12% benefiting from faster and more cost-effective cross-border transactions.

    Crypto Adoption

    According to Chainalysis’ Global Crypto Adoption Index, India is the biggest crypto market in the Central & Southern Asia and Oceania (CSAO) region and leads the world in grassroots adoption.

    The index indicated a decline in global grassroots cryptocurrency activity following the 2022 FTX collapse. However, lower-middle-income countries, as classified by the World Bank based on wealth, have exhibited the strongest rebound in grassroots crypto adoption over the last year.

    Nigeria and Vietnam captured the second and the third spots respectively on the blockchain analytical firm’s Global Crypto Adoption Index.

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  • BlackRock revises BTC ETF filing, El Salvador’s crypto citizenship trending, and more: Hodler’s Digest, Dec. 10-16

    BlackRock revises BTC ETF filing, El Salvador’s crypto citizenship trending, and more: Hodler’s Digest, Dec. 10-16

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    Top Stories This Week

    BlackRock revises spot Bitcoin ETF to enable easier access for banks

    BlackRock has revised its spot Bitcoin exchange-traded fund (ETF) application to make it easier for Wall Street banks to participate by creating new shares in the fund with cash rather than just crypto. The new in-kind redemption “prepay” model will allow banking giants such as JPMorgan or Goldman Sachs to act as authorized participants for the fund, letting them circumvent restrictions that prevent them from holding Bitcoin or crypto directly on their balance sheets.

    El Salvador expects to sell out Bitcoin ‘Freedom Visa’ by end of year

    El Salvador’s National Bitcoin Office says its $1 million Freedom Visa program has already received hundreds of inquiries since its launch on Dec. 7 and expects it to sell out before the end of 2023. Launched by the local government in partnership with stablecoin issuer Tether, the Freedom Visa is a citizenship-by-donation program that grants a residency visa and pathway to citizenship for 1,000 people willing to make a $1 million Bitcoin or Tether donation to the country. The program is limited to 1,000 slots per calendar year.

    Sam Bankman-Fried’s lawyer says FTX fraud trial was “almost impossible” to win: Report

    The lawyer responsible for Sam “SBF” Bankman-Fried’s criminal trial defense has admitted that the case was “almost impossible” to win from the outset. During an interview, Stanford Law School professor David Mills said he recommended the legal defense of SBF admit to the allegations of witnesses and state prosecution and convince the jury that Bankman-Fried intended to save the company. Mills also disclosed that he had agreed to lend his expertise to Bankman-Fried’s defense at the behest of the FTX CEO’s parents, and described Bankman-Fried “as the worst person I’ve ever seen do a cross-examination.”

    Yearn.finance pleads arb traders to return funds after $1.4M multisig mishap

    Yearn.finance is hoping arbitrage traders will return $1.4 million in funds after a multisignature scripting error resulted in a large amount of the protocol’s treasury being drained. The error occurred while Yearn was converting its yVault LP-yCurve — earned from performance fees on vault harvests — into stablecoins on the decentralized exchange CoW Swap. Yearn suffered significant slippage when it received 779,958 DAI yVault tokens from the trade, resulting in a 63% drop in the liquidity pool value.

    SEC pushes deadline for decision on Invesco Galaxy spot Ethereum ETF to 2024

    The United States Securities and Exchange Commission has delayed its decision on whether to approve or reject a spot Ether ETF proposed by Invesco and Galaxy Digital. The companies filed the spot ETH ETF application in September. The proposed spot crypto investment vehicle is one of many being considered by the commission, which, to date, has never approved an ETF with direct exposure to Ether, Bitcoin or other cryptocurrencies.

    Winners and Losers

    At the end of the week, Bitcoin (BTC) is at $42,222, Ether (ETH) at $2,250 and XRP at $0.62. The total market cap is at $1.6 trillion, according to CoinMarketCap.

    Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bonk (BONK) at 131.38%, WOO Network (WOO) at 78.34% and Helium (HNT) at 77.66%. 

    The top three altcoin losers of the week are Terra Classic (LUNC) at -15.84%, Sei (SEI) at -14.48% and Pepe (PEPE) at -12.10%.

    For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

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    Defying Obsolescence: How Blockchain Tech Could Redefine Artistic Expression

    Most Memorable Quotations

    “I’m a big fan of this stablecoin called Tether…I hold their treasuries. So I keep their treasuries, and they have a lot of treasuries.”

    Howard Lutnick, CEO of Cantor Fitzgerald

    “This [blockchain] can be leveraged to ensure proper recycling and handling of waste materials by tracking them from origin to destination.”

    Dominic Williams, founder and chief scientist at Dfinity

    “Digital currencies are the natural evolution of the world’s payment system, and Europe […] is paving the way for this inevitable shift.”

    Michael Novogratz, CEO of Galaxy Digital

    “I thought it was almost impossible to win a case when three or four founders are all saying you did it.”

    David Mills, criminal trial attorney of Sam Bankman-Fried

    “Our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”

    Elizabeth Warren, U.S. senator

    “We have to understand that the Central Bank is a scam. What Bitcoin represents is the return of money to its original creation, the private sector.”

    Javier Milei, president of Argentina

    Prediction of the week

    ‘No excuse’ not to long crypto: Arthur Hayes repeats $1M BTC price bet

    Bitcoin and altcoins are a no-brainer bet in the current macro climate, Arthur Hayes says. In a post on X (formerly Twitter) on Dec. 14, the former CEO of exchange BitMEX said that investors have “no excuse” to short crypto.

    Going long on crypto is the key to success as markets bet on the United States Federal Reserve lowering interest rates next year, Hayes argues. “At this point, there is no excuse not to be long crypto,” part of his post stated.

    “How many more times must they tell you that the fiat in your pocket is a filthy piece of trash,” he wrote. Hayes further reiterated a longstanding $1 million BTC price prediction as a result of macro tides eroding the value of national currencies.

    FUD of the Week

    Ledger patches vulnerability after multiple DApps using connector library were compromised

    The front end of multiple decentralized applications using Ledger’s connector were compromised on Dec. 14. Ledger announced that it had fixed the problem three hours after the initial reports about the attack. Protocols affected include Zapper, SushiSwap, Phantom, Balancer and Revoke.cash, stealing at least $484,000 in digital assets. The attacker utilized a phishing exploit to gain access to the computer of a former Ledger employee. The hack sparked criticism about Ledger’s security approach.

    Bitcoin inscriptions added to US National Vulnerability Database

    The National Vulnerability Database flagged Bitcoin’s inscriptions as a cybersecurity risk on Dec. 9, calling attention to the security flaw that enabled the development of the Ordinals Protocol in 2022. According to the database records, a datacarrier limit can be bypassed by masking data as code in some Bitcoin Core and Bitcoin Knots versions. As one of its potential impacts, the vulnerability could result in large amounts of non-transactional data spamming the blockchain, potentially increasing network size and adversely affecting performance and fees.

    SafeMoon falls 31% in five hours after filing for Chapter 7 bankruptcy

    The token of decentralized finance protocol SafeMoon has fallen 31% in five hours after the company behind it filed for bankruptcy. SafeMoon officially applied for Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” on Dec. 14. The latest blow comes only a month after the U.S. Securities and Exchange Commission charged SafeMoon and its executives with violating securities laws in what the regulator described as “a massive fraudulent scheme.” Several former SafeMoon supporters expressed frustration on Reddit regarding the bankruptcy, alleging they were rug-pulled by the SafeMoon developers.

    Read also


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    Features

    Sweden: The Death of Money?

    Top Magazine Pieces of the Week

    Terrorism & Israel-Gaza war weaponized to destroy crypto

    Draconian anti-crypto legislation could soon be passed to solve a terrorism funding “crisis” that many argue is vastly overstated.

    Korean crypto firm raises $140M, China’s $1.4T AI sector, Huobi battle: Asia Express

    Line Next raises $140M, China’s AI market surpasses $1.4T, Sinohope stagnates due to stuck FTX deposit, and more!

    J1mmy.eth once minted 420 Bored Apes… and had NFTs worth $150M: NFT Creator

    NFT collector J1mmy.eth trades like Warren Buffett, his collection peaked at $150 million, and he once minted 420 Bored Apes with Pranksy.

    Editorial Staff

    Cointelegraph Magazine writers and reporters contributed to this article.

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    Cointelegraph by Editorial Staff

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  • BONK Soars 100% Daily to a New ATH After Binance Listing, Market Cap Nears $2 Billion

    BONK Soars 100% Daily to a New ATH After Binance Listing, Market Cap Nears $2 Billion

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    TL;DR

    • Surging Value: Bonk Inu (BONK), a Solana memecoin, has seen a dramatic price increase, with a 100% rise in 24 hours and over 1,000% in the last 30 days.
    • Binance Listing and Risk Warning: Binance listed BONK but cautioned users about its high volatility and the need for careful research before trading.
    • Key Success Factors: BONK’s popularity is possibly driven by the memecoin trend, investor FOMO, and its association with the high-performing Solana network.

    BONK Seems to Have no Limit

    The recent sensation in the cryptocurrency market – Bonk Inu (BONK) – keeps making the headlines, with its price reaching new peaks almost daily in the past few weeks. The Solana memecoin exploded by another 100% in the last 24 hours, while its surge on a 30-day scale surpassed 1,000%. Moreover, it inches closer to the astonishing market capitalization of $2 billion.

    BONK Price
    BONK Price, Source: CoinGecko

    One factor that might stand behind the latest rally is the interaction coming from Binance. The world’s leading cryptocurrency exchange by trading volume announced it will list the asset on its platform on December 15, opening the following spot trading pairs: BONK/USDT, BONK/FDUSD, and BONK/TRY.

    Withdrawals will be available from December 16, while the BONK listing fee will be set at 0 BNB. In addition, Binance plans to add the memecoin as a borrowable asset on its Isolated Margin program on December 17.

    Despite listing BONK on its platform, the exchange warned users that the token “poses a higher than normal risk, and as such will likely be subject to high price volatility.”

    “Please ensure that you exercise sufficient risk management, have done your own research in regards to BONK’s fundamentals, and fully understand the project before opting to trade the token,” it added.

    It is worth mentioning that Binance is not the first crypto exchange to announce support for Bonk Inu. Prior to that, Coinbase put the asset on its “roadmap” program and then listed it on its platform. 

    What Else Stands Behind BONK’s Price Explosion?

    Another factor playing a role in the token’s impressive price performance could be the ongoing memecoin frenzy. Leading assets of that type, including Dogecoin (DOGE) and Shiba Inu (SHIB), are well in the green on a monthly basis, albeit charting not as substantial gains as BONK.

    The FOMO (“Fear of Missing Out”) effect should also be mentioned. It is possible that many investors have joined BONK’s ecosystem after simply observing its price jump and not by conducting proper due diligence. 

    Last but not least, the memecoin’s success could be attributed to its connection with Solana. The latter has been among the top performers in the market this year, experiencing a price increase of 650% since January 1.

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  • Binance exit in Russia causes 20% traffic surge on top exchanges

    Binance exit in Russia causes 20% traffic surge on top exchanges

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    Russian traffic increased up to 20% on several tier-1 crypto exchanges in November, as Binance recorded significantly slower trading volume growth than its major competitors. 

    According to the latest CEX data from WuBlockchain, most of November’s traffic inflow on top crypto exchanges such as Huobi, Deribit, Bitget, and Bybit came from Russian users. These exchange benefits significantly from Binance’s exit from the Russian market. Nearly 20% of Bybit’s traffic last month came from Russian users – most from a single geographical location. This was also reflected in the exchange’s spot trading volume, as Bybit saw a 62.5% increase in November. 

    Bitget also saw 10% of its traffic generated from Russia, which became its leading traffic source in Europe, and the platform also recorded a nearly 60% increase in its trading volume. Binance’s exit seemingly didn’t impact Russia’s crypto activities, as cryptocurrency transactions increased by 53.9% in the country this year. According to the Bank of Russia, nearly 90 million Russian users visited crypto trading platforms in the second and third quarters of 2023. 

    Binance impacted despite bull market

    Although every crypto exchange saw a substantial spike in trading volume due to the current bull market, Binance’s growth was notably lower than that of Coinbase, KuCoin, and OKX. 

    KuCoin and OKX experienced massive 109% and 93% increases in their spot trading volume, whereas Binance only saw a 54% increase. This shows that withdrawing from Russia and the recent criminal charges from the U.S. Department of Justice has significantly impacted the leading exchange’s growth. 


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    Mohammad Shahidullah

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  • Important Binance Announcement Affecting Bitcoin (Bitcoin) and Ethereum (ETH) Traders

    Important Binance Announcement Affecting Bitcoin (Bitcoin) and Ethereum (ETH) Traders

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    TL;DR

    1. Binance Withdraws Ruble Pairs: Binance is ending support for several P2P trading pairs with the Russian ruble, including BTC/RUB and ETH/RUB, effective January 31, 2024, following its exit from the Russian market.
    2. Transition Options for Users: Russian users can switch to CommEX for continued ruble trading or use Binance’s options for withdrawing or converting rubles before the deadline.
    3. New Listings and Margin Trading: Binance added new tokens like PIVX and trading pairs to its Margin Trading program, allowing leveraged trades with higher profit and risk potential.

    Binance to Exit Russia

    The world’s largest cryptocurrency exchange by market capitalization – Binance – announced it will no longer support certain P2P trading pairs tied to Russia’s national currency – the ruble. 

    Those pairs include BTC/RUB, ETH/RUB, USDT/RUB, BNB/RUB, FDUSD/RUB, BUSD/RUB, and RUB/RUB, as the amendments are scheduled to take effect from January 31, 2024. 

    Binance’s move follows the previous decision to exit the Russian market by selling the entirety of its local business to the crypto platform CommEX. 

    “Therefore, users can continue P2P trading with Russian ruble (RUB) free of charge on the CommEX platform,” the exchange explained.

    Those willing to jump on board need to register with a CommEX account and connect it to the corresponding Binance one. Alternatively, clients have the option to withdraw their Russian rubles via Binance’s fiat partners before January 31, 2024, convert RUB into digital assets, or trade RUB for crypto on the Binance Spot market. 

    Binance’s Latest Listing

    Besides removing certain trading pairs, the leading marketplace has expanded some its offerings with more tokens. 

    Last week, it added PIVX (PIVX) as a new borrowable digital asset on Cross Margin and Isolated Margin. It also included ADA/FDUSD and DOGE/FDUSD, among other trading pairs, in its Isolated Margin program.

    Binance Margin Trading allows eligible clients access to funds from the exchange for use in leveraged trades. Thus, traders can deal with greater sums and adjust their positions appropriately. 

    It is worth mentioning that margin trading could bring greater profits in the case of successful trades. Nonetheless, it could lead to more significant losses if the market moves in the opposite direction.

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  • Binance Research Report Reveals 110% Surge in Crypto Market Cap YTD

    Binance Research Report Reveals 110% Surge in Crypto Market Cap YTD

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    A recent report from Binance Research reveals a remarkable surge in the total cryptocurrency market capitalization, which has climbed by about 110% year-to-date, adding over $870 billion in capital, with a notable 55% increase observed in Q4 alone.

    This growth follows a period of stagnation after the 2021 crypto highs, marking a potential shift in market dynamics.

    Stablecoins and Bitcoin NFTs Fuel Crypto Market Revival

    A significant finding highlighted in the report is the first positive shift in the quarterly net change of the supply of the top five stablecoins since Q1 2022. This indicates a growing interest and influx of capital into cryptocurrencies.

    Moreover, there has been a notable resurgence in trade volumes of NFTs, particularly in Bitcoin NFTs, breaking the previous year-long downtrend. NFT trade volume resurgence reflects a renewed market sentiment and a revival in speculation.

    The study also highlights a surge in fees generated by leading crypto projects in November, suggesting the maturation of these platforms into revenue-generating businesses, with Ethereum leading in fee generation.

    Among the emerging trends, the report identifies the comeback of the DeFi sector, with a 25% increase in total value locked since the year’s start and Ethereum maintaining its dominance.

    Bitcoin’s market cap increased by 162% in 2023, with factors like the anticipated U.S. spot Bitcoin ETF and the upcoming Bitcoin halving driving this growth. Alternative Layer-1 platforms, particularly Solana and Toncoin, have shown promising performance, highlighting the growing diversity in the blockchain ecosystem.

    SocialFi, ZK Tech, and RWA Tokenization Gain Momentum

    The report acknowledges the rise of SocialFi, led by platforms like friend.tech, marking a new development in integrating social media and blockchain, attracting significant attention and fees.

    It also points to the increasing tokenization of real-world assets (RWAs), with MakerDAO at the forefront, and Chainlink’s Cross-Chain Interoperability Protocol (CCIP), aiming to bridge traditional finance and crypto for further RWA integration.

    Zero-knowledge technology is also gaining momentum, which is evident through recent launches of ZK-rollups and heightened efforts and discourse on ZK co-processors.

    The report concludes by mentioning macroeconomic factors, suggesting that lowering global interest rates could redirect investments towards high-growth sectors like cryptocurrency, potentially boosting the market.

    The indicators and trends outlined by Binance Research paint an optimistic picture for the crypto market, with a mix of technological advancements, regulatory developments, and macroeconomic factors suggesting potential for continued growth and innovation in the coming months. However, it’s too early to declare a bull market definitively.

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    Wayne Jones

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  • Binance’s CZ must stay in US, Elon Musk seeks $1B for AI, and other news: Hodler’s Digest, Dec. 3-9

    Binance’s CZ must stay in US, Elon Musk seeks $1B for AI, and other news: Hodler’s Digest, Dec. 3-9

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    Top Stories This Week

    Binance founder CZ must stay in US until sentencing, judge orders

    Binance founder Changpeng “CZ” Zhao has been ordered to stay in the United States until his sentencing in February, with a federal judge determining there’s too much of a flight risk if the former crypto exchange CEO is allowed to return to the United Arab Emirates. On Dec. 7, Seattle District Court Judge Richard Jones ordered Zhao to stay in the U.S. until his Feb. 23, 2024 sentencing date. He faces up to 18 months in prison after pleading guilty to money laundering on Nov. 21 and has agreed not to appeal any potential sentence up to that length.

    House committee passes bill to ‘preserve US leadership’ in blockchain

    A United States Congress committee has unanimously passed a pro-blockchain bill, which would task the U.S. commerce secretary with promoting blockchain deployment and thus potentially increase the country’s use of blockchain technology. The act covers an array of actions the commerce secretary must take if passed, including making best practices, policies and recommendations for the public and private sector when using blockchain tech. The bill will now go to the House for a vote. If passed, it must also pass in the Senate before returning for final congressional and presidential approval.

    SEC pushes deadline to decide on Grayscale spot Ether ETF

    The United States Securities and Exchange Commission has delayed its decision on whether to approve or reject a spot Ether exchange-traded fund (ETF) offering from asset manager Grayscale. In a notice, the SEC said it would designate a longer period for considering a proposed rule change that would allow NYSE Arca to list and trade shares of the Grayscale Ethereum Trust. Grayscale first filed with the SEC to convert shares of its Grayscale Ethereum Trust into a spot Ether ETF in October, adding its name to the list of companies awaiting a decision from the regulator.

    Elon Musk’s xAI files with SEC for private sale of $1B in unregistered securities

    Elon Musk’s X-linked artificial intelligence modeler, xAI, has an agreement for the private sale of $865.3 million in unregistered equity securities, according to a filing with the United States Securities and Exchange Commission made on Dec. 5. The company is seeking to raise $1 billion. XAI’s product, a chatbot called Grok, has recently rolled out to X’s Premium+ subscribers. Musk announced the launch of xAI in July and claimed its goal was to “understand the universe.” 

    Bitcoin new high set for late 2024, Binance to lose top spot — VanEck

    Bitcoin will hit a new all-time high in late 2024 because of a long-feared United States recession and regulatory shifts after the next U.S. presidential election, asset manager VanEck predicts. The firm is confident that the first spot Bitcoin ETFs will be approved in the first quarter of 2024. However, it also made a gloomy prediction for the general U.S. economy. VanEck is among several firms, including BlackRock and Fidelity, that are vying for an approved spot Bitcoin ETF. VanEck also believes that the BTC halving, due in April or May, “will see minimal market disruption,” but there will be a post-halving price rise.

    Winners and Losers

    At the end of the week, Bitcoin (BTC) is at $44,402, Ether (ETH) at $2,364 and XRP at $0.66. The total market cap is at $1.65 trillion, according to CoinMarketCap.

    Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bonk (BONK) at 203.10%, ORDI (ORDI) at 134.34% and BitTorrent (BTT) at 114.32%. 

    The top three altcoin losers of the week are Maker (MKR) at -6.48%, UNUS SED LEO (LEO)  at -6.22% and Kaspa (KAS) at 4.98%.

    For more info on crypto prices, make sure to read Cointelegraph’s market analysis. 

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    Monero-Mining Death Metal Band from 2077 Warns Humans on Lizard People Extinction Scheme


    Features

    ZK-rollups are ‘the endgame’ for scaling blockchains: Polygon Miden founder

    Most Memorable Quotations

    “The expected approval of the ETF will be positive news for the crypto market, likely leading to significant growth.”

    Adam Berker, senior legal counsel at Mercuryo

    “The only true use case for it [crypto] is criminals, drug traffickers, money laundering, tax avoidance.”

    Jamie Dimon, CEO of JPMorgan Chase

    “Jamie Dimon is in no position to criticize Bitcoin with this sort of track record.”

    Gabor Gurbacs, strategy adviser at VanEck

    “So, for us, I think Bitcoin is our central bank. With that in mind, I think of Ethereum as our investment bank.”

    Robby Yung, CEO of Animoca Brands

    “The ETF is certainly a key driver in sentiment.”

    Jon de Wet, investment chief of Zerocap

    “It takes a community and the whole industry to figure out how to better educate people. That’s the hard part. It’s not a technology issue; it’s an operational problem.”

    Eowyn Chen, CEO of Trust Wallet

    Prediction of the week

    ‘Early bull market’ — Bitcoin price preps 1st ever weekly golden cross

    Bitcoin is lining up an “early bull market” as a unique chart feature plays out for the first time in history.

    In a post on X (formerly Twitter) on Dec. 7, entrepreneur Alistair Milne noted that should current performance continue, Bitcoin will witness a crossover of two weekly moving averages (MAs), which have never delivered such a bull signal before. 

    The 50-week and 200-week MAs are key trendlines for Bitcoin traders and analysts alike. The latter is the ultimate bear market support level, and it has so far never decreased in value.

    BTC price strength is on the way to taking the 50-week MA trendline above the 200-week counterpart. Known as a “golden cross,” on lower timeframes, this is considered a classic bullish signal, and for Milne, the impetus is that considerable upside could be in store should the phenomenon play out. 

    “The 50-week moving average will now soon cross back above the 200-week MA making a ‘golden cross’ for the 1st time. QED: Early bull market,” he wrote.

    FUD of the Week

    Crypto is for criminals? JPMorgan has been fined $39B and has its own token

    JPMorgan Chase CEO Jamie Dimon is being criticized by the crypto community after claiming Bitcoin and cryptocurrency’s “only true use case” is to facilitate crime. However, according to Good Jobs First’s violation tracker, JPMorgan is the second-largest penalized bank, having paid $39.3 billion in fines across 272 violations since 2000. About $38 billion of these fines came under Dimon’s watch, who has been CEO since 2005.

    British regulator adds Justin Sun-linked Poloniex to warning list after $100M hack

    The United Kingdom’s Financial Conduct Authority (FCA) has added crypto exchange Poloniex to its warning list of non-authorized companies. The Seychelles-based exchange is one of the three companies owned by or affiliated with entrepreneur Justin Sun that have suffered four hacks in the last two months. The warning to Poloniex was published on the FCA’s website on Dec. 6. It doesn’t offer a reason but says that “firms and individuals cannot promote financial services in the UK without the necessary authorization or approval.”

    US senators target crypto in bill enforcing sanctions on terrorist groups

    A bipartisan group of lawmakers in the United States Senate introduced legislation aimed at countering cryptocurrency’s role in financing terrorism, explicitly citing the Oct. 7 attack by Hamas on Israel. The bill would expand U.S. sanctions to include parties funding terrorist organizations with cryptocurrency or fiat. According to Senator Mitt Romney, the legislation would allow the U.S. Treasury Department to go after “emerging threats involving digital assets.”

    Read also


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    Can blockchain solve its oracle problem?


    Features

    Cleaning up crypto: How much enforcement is too much?

    Top Magazine Pieces of the Week

    Lawmakers’ fear and doubt drives proposed crypto regulations in US

    If the Digital Asset Anti-Money Laundering Act were to become law, many cryptocurrency providers would have to learn how to comply with the same regulations as traditional financial institutions.

    Expect ‘records broken’ by Bitcoin ETF: Brett Harrison (ex-FTX US), X Hall of Flame

    Brett Harrison taught a promising young Sam Bankman-Fried programming for traders at Jane Street, but wasn’t so impressed with the man SBF became.

    Web3 Gamer: Games need bots? Illuvium CEO admits ‘it’s tough,’ 42X upside

    Games overrun with bots just show bot owners care, claims Pixels founder. Plus we review Galaxy Fight Club, chat to Illuvium’s CEO and more.

    Editorial Staff

    Cointelegraph Magazine writers and reporters contributed to this article.

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  • VanEck Predicts No BTC-ETH Flippening, Doubles Down on Post-Halving Scene

    VanEck Predicts No BTC-ETH Flippening, Doubles Down on Post-Halving Scene

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    Investment management firm VanEck has unveiled its 2024 predictions, forecasting not only record-breaking highs for Bitcoin but also an anticipated peak in the NFT market, signaling a significant transformation in the industry.

    The introduction of spot Bitcoin ETFs is expected to align with the prolonged anticipation of a U.S. recession, while the forthcoming halving event may not generate as much impact as previously anticipated.

    New Peak for Bitcoin But No Flippening for Ethereum in 2024

    Bitcoin may hit an all-time high in Q4 of 2024, according to VanEck’s prediction. With increased optimism for the dismantling of the SEC’s adversarial regulatory stance, Bitcoin could reach a new high on November 9th, exactly three years from its last peak in November 2021.

    Ether is not expected to surpass Bitcoin in performance until post-halving and may outperform for the year, a complete, however, “flippening” is not anticipated. Despite posting a strong performance in 2024, Ether is projected to experience a decrease in market share as other smart contract platforms, like Solana, gain traction due to a clearer and less uncertain scalability roadmap.

    Meanwhile, the introduction of the first-ever spot Bitcoin exchange-traded funds (ETFs) could potentially coincide with the US recession.

    VanEck also said the 4th Bitcoin halving slated for April 2024 will occur with minimal drama. As the issuance of new coins is halved, unprofitable miners are likely to disengage, allowing those with cost-efficient power sources to gain a larger market share.

    Despite this, the public markets are expected to experience minimal distress owing to the improved financial positions of listed miners, currently controlling approximately 25% of the global hash rate. Post-halving, it is expected that at least one publicly traded miner will experience a tenfold increase by the end of the year.

    Turning Points for Binance and DEXes

    Following Binance’s $4 billion settlement with US regulators, it is anticipated to relinquish its position as the top centralized exchange by volumes. Competitors such as OKX, Bybit, Coinbase, and Bitget, backed by substantial funding, are poised to contend for the leading spot.

    As Binance undergoes a rigorous three-year DOJ examination, VanEck predicted that Coinbase’s international futures market would thrive, surpassing a daily volume of $1 billion, a significant increase from approximately $200 million per day in November 2023.

    The market share of spot cryptocurrency trading on Decentralized Exchanges (DEX) is expected to reach unprecedented levels, driven by the enhanced on-chain trading experience facilitated by high-throughput chains like Solana.

    Simultaneously, the adoption of significantly improved wallets, which integrate “account abstraction” as a crucial feature enabling automated payments, will contribute to more users engaging in on-chain transactions and embracing self-custody solutions.

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  • Binance's Market Share Shrinks While OKX and Bybit Hit All-Time Highs: Data

    Binance's Market Share Shrinks While OKX and Bybit Hit All-Time Highs: Data

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    Bybit and OKX have achieved record highs in their combined Derivatives market share. According to the latest Exchange Review by CCData, Bybit now holds an aggregated market share of 11.94%, while OKX dominates with 20.2%, totaling over 32% in November.

    This surge in market share comes when industry giant Binance is experiencing a decline in its dominance despite an overall increase in trading volumes.

    Binance Leads in Derivatives Volume as OKX, Bybit Show Growth

    November has seen Binance maintain its position as the largest derivatives exchange in monthly volume, trading $1.26 trillion, up 30.5% from October.

    However, OKX and Bybit showed the most significant growth, with increases of 53.8% and 42.9%, trading at $660 billion and $375 billion, respectively.

    In a year-to-date analysis, Upbit, Bybit, and OKX have shown significant gains in spot market share. Upbit increased its dominance by 6.39% to 9.20%, Bybit by 4.89% to 5.80%, and OKX by 3.86% to 7.41%. In contrast, Binance, BeQuant, and Crypto.com have experienced the highest declines in spot market share.

    Regarding derivatives volumes, OKX and Bybit saw the highest increase in market shares. OKX’s market share rose by 2.75% to 24.9%, and Bybit’s by 0.61% to 14.2%, while Binance’s market share dipped by 2.30% to 47.6%, marking its lowest since October 2020.

    CME Leads in BTC Futures Open Interest

    In other related news, the CME exchange reported a surge in derivatives trading volume, rising 18.4% to $67.9 billion, the highest since November 2021.

    BTC futures trading increased by 16.6% to $51.4 billion and ETH futures by 13.9% to $13.9 billion, the highest since February 2022.

    Meanwhile, the open interest of BTC Futures on the CME overtook Binance, making CME the largest derivatives exchange by open interest for the first time since October 2021.

    In general, November saw centralized exchanges reaching their highest trading volumes since March 2023. Spot trading volume rose by 52.8% to $965.8 billion, marking the highest recorded figure since March 2023.

    Derivatives trading also increased, rising 37.3% to reach $2.58 trillion. Notably, derivatives now account for 73.3% of the total crypto market volume, slightly down from 75.4% in October.

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