Tag: Binance

Amid Withdrawals, Binance CEO Warns of Bumpy Months Ahead

Posted on By Lubomir Tassev

Amid Withdrawals, Binance CEO Warns of Bumpy Months AheadBinance founder Changpeng Zhao (CZ) has reportedly told staff to expect some difficult months as the leading cryptocurrency exchange is seeing customer withdrawals. The warning comes while the crypto industry is facing challenges after high-profile bankruptcies and amid tightening regulations. $3 Billion Pulled Out From Binance at Peak, Nansen Data Shows Binance, the world’s largest […]

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US House Committee to Investigate and Hold Bipartisan Hearing on FTX Collapse

Posted on By Jamie Redman

US House Committee to Investigate and Hold Bipartisan Hearing on FTX CollapseThe U.S. House Financial Services Committee is planning to investigate the FTX collapse, according to a joint press release published by the committee’s chair Maxine Waters and representative Patrick McHenry. Furthermore, a congressional hearing is scheduled to take place in December, according to the joint statement. Bipartisan Congressional Hearing to Be Held in December Over […]

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Crypto.com CEO Shares Company’s Crypto Reserve Addresses in the Wake of FTX Bankruptcy

Posted on By Jamie Redman

Crypto.com CEO Shares Company's Crypto Reserve Addresses in the Wake of FTX BankruptcyOn Nov. 11, 2022, the CEO of Crypto.com Kris Marszalek shared the company’s proof-of-reserves addresses that hold leading crypto assets like bitcoin and ethereum. Marszalek says a “proof-of-reserves audit preparation is underway” and the wallet addresses shared are the company’s cold wallets. Crypto.com CEO Kris Marszalek Shares Company’s Cold Wallet Addresses, Promises Full Audit Soon […]

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Terra Classic Notches 5% Spike In Last 24 Hours – Can LUNC Maintain Positive Momentum?

Posted on By Christian Encila

Terra Classic is showing some signs of life thanks to a system that is being implemented by leading cryptocurrency exchange platform, Binance. Binance burns another 3 billion LUNC, brings total of burned units to 17.9 billion LUNC briefly exhibits upward price rally, up by 5% in the past 24 hours at one point A 12% dip might bring Terra Classic price all the way to $0.00018 It can be recalled that on September 26, 2022, the company decided to burn all spot and margin trading fees on LUNC transactions by sending them to a specific wallet address. This was Binance’s response to the proposal of the Terra Classic community to maintain good trading experience for its users. Since then, around 17.9 billion LUNC tokens have been burned. The latest process initiated by the crypto exchange led to the destruction of 3 billion units of the crypto. There was an apparent positive response to this development, as Terra Classic notches 5% spike in the last 24 hours. But can LUNC step up and gain more? Not A Smooth Sailing For Terra Classic It would appear the digital token failed to capitalize on what is now considered short-lived gain following another massive burning courtesy of Binance. LUNC rice is now eyeing a 12% discount and investors are now wondering if they should buy the dip. At press time, according to tracking from Coincodex, LUNC is changing hands at $0.000277 and is now down by 7.55% for the past 24-hours as it quickly relinquished its 5% spike earlier. Related Reading: Quant Price Watch: Crypto Looking At 20% Rally This Week With This Pattern Source: TradingView The recent Binance burn activity made buyers busy as they exerted effort in trying to rally the asset to continue its price recovery and close in on the $0.00036 resistance level. Sellers, however, were quick to make their counter move by putting a lot of selling pressure. As a result, the LUNC coin once again exhibited bearish signals. The crypto could be looking at a 12% drop all the way to the $0.000271-$0.00026 demand zone. Failure to hold this level would mean significant price slashing, putting the asset’s trading price to $0.00018. LUNC’s Lingering Struggles Over the past year, Terra Classic dealt with a lot of struggle. Aside from the given fact that it has been outperformed by heavyweights Bitcoin and Ethereum, it has also been outperformed by all of the top 100 crypto assets. It has also lost 100% of its all-time high value of $119.01 that was attained on April 5 this year and is sitting on a yearly inflation rate that is 1,534,969.16%. Its investors are currently pinning their hopes on the idea that LUNC is trading on Binance and is oversold and thus may rise soon. However, if the current burning mechanism being implemented by the crypto exchange doesn’t successfully push the token’s price, investors might start to move away from it no matter how much discount there is. Related Reading: Solana Shines In Trending Searches In Last 7 Days – But SOL Price A Different Story LUNC market cap at $1.7 billion | Featured image from Criptokio, Chart: TradingView.com

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Brazilian Tax Authority Records 12,000 Institutional Crypto Holdings

Posted on By Sarah

Crypto is becoming mainstream in Brazil, with 7.8% of the country’s population (about 16 million people) owning cryptocurrency. As a result, exchanges such as Binance, Crypto.com, and Coinbase are soaring in Brazil. Brazil is becoming the primary crypto market of Latin America as records show over 12,000 Brazilian companies have crypto holdings. Brazilian Tax authority released August figures showing the highest number of holdings ever recorded. In addition, amid high inflation rates in the country, cryptocurrencies saw increased adoption in August. Related Reading: LUNC Community Clamors For Coinbase Listing, Can It Reach $1? According to reports, Receita Federal do Brazil (RFB) recorded 12,053 companies that declared crypto in the balance sheet in August 2022. From the RFB release, Bitcoin is the highest among the crypto holdings, with Tether stablecoin tailing closely after BTC. In addition, the August numbers are the highest so far, with a 6.1% increase from the July number of 11,360. Rundown Of Brazil’s August Crypto Transaction Records While the number of institutional investors increased, individual crypto investment reduced from July to 1.3 million in August. However, the total number of holdings reduced, with August showing $2.1 billion, which may be due to the current bear market. Tether stablecoin USDT got the highest transaction volume, with over $1.42 billion moved across 80,000 transactions in August. This value is approximately $17,500 per transaction on average. BTC followed closely behind Tether with nearly $270 million in transactions and the highest volume of over 2.1 million in August. But BTC had a lower average transaction of $130 than Tether. The Stablecoin USDC fell from third place to fifth in value transacted from July to August. USDC lost to Tether and Brazilian Digital Token (BRZ). BRZ is a real-pegged ERC-20 token. Brazilians Maintain High Trust On Digital Assets Bitstamp Crypto Pulse reports that Brazilians maintain a bullish stance on cryptocurrency, with 77% declaring their trust in digital assets in September. In addition, several financial companies in Brazil, such as XP Inc. and PicPay, have begun to offer crypto services. Both PicPay and XP Inc. integrated crypto exchange services in August. Related Reading: XRP Price Hits Target Of $0.5, But Can It Break This Key Resistance? Furthermore, Binance has increased its operations in Brazil, doubling its steam in March, and opened two new offices on October 4. With the increased mainstream crypto adoption, Binance is looking to spread its net and tap into the emerging market. Recently, Binance announced two new offices in Sao Paulo and Rio de Janeiro, with over 150 employees to cover operations. The crypto exchange also operates with the approval of Brazilian Regulations. The increasing crypto adoption in Brazil could be due to the macroeconomic situation in the country. In April, inflation rates in Brazil saw a 12.1% increase, the highest in 26 years. However, the latest Data from the Statistics Agency in Brazil shows the rates have gone down to 8.7% in August. Featured Image From Pixabay, Charts From Tradingview

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Binance Licensed in Kazakhstan as Provider of Crypto Exchange and Custody Services

Posted on By Lubomir Tassev

Binance Licensed in Kazakhstan as Provider of Crypto Exchange and Custody ServicesAuthorities in Kazakhstan have granted Binance a license to operate as a digital asset platform and provide an array of relevant services. While working out of the nation’s financial hub in the capital Nur-Sultan, the crypto exchange will offer registration to customers from other countries as well. Crypto Exchange Binance Receives License to Operate From […]

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