OPEN INTEREST ALMOST 20B DOLLARS AND THIS MAKES ME LITTLE WO | Alesta Aka Mertcan on Binance Square

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OPEN INTEREST ALMOST 20B DOLLARS AND THIS MAKES ME LITTLE WORRIED
GM FOLKS LETS CHECKS CHARTS TODAY
#Bitcoin #btc 

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Shiba Inu Price Rockets 20%, Brett and Pepe Also Pumping - Time to Buy Meme Coins? The meme coin market is heating up again, with Shiba Inu (SHIB) seeing a 20% price jump since yesterday. Not to be outdone, the Boy’s Club-inspired duo, Brett (BRETT) and Pepe (PEPE), aren’t far behind – racking up some impressive gains of their own. Meme Coin Powerhouse Shiba Inu Rallies Once More SHIB is on a tear right now. It has surged in the past 24 hours, now sitting at $0.0000191. The token has also seen $1.3 billion in spot trading volume – making it the second most-traded meme coin behind Dogecoin (DOGE). But it’s not just SHIB’s price and volumes that are grabbing attention. Open interest in the token has rocketed by 78%, reaching $29.5 million. So, what’s driving all this hype? One possible factor is the 33,000%+ daily increase in SHIB’s burn rate, with nearly 2 billion tokens sent to a null address. The goal behind this burn system is to reduce SHIB’s circulating supply. And the developers take this system seriously – over 410 trillion SHIB have already been burned. That means there’s just over 583 trillion left in circulation. On top of that, Shiba Inu’s Layer-2 scaling solution, Shibarium, is still performing well. It recently passed the 7 million block milestone and has processed 418 million total transactions. #Binance #MemeCoins #Bitcoin #Pepe #Flokı

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Bitcoin Tops $66K as Inflation Cools, $9.67M in Shorts Liquidated Bitcoin prices continued climbing this week, reaching an intraday peak of $66,456 per unit at 10:35 a.m. ET on Friday, marking a 2.4% boost against the U.S. dollar today and a solid 5% gain over the past seven days. Bitcoin Jumps to $66,456 Following U.S. PCE Report On Friday, Sept. 27, 2024, bitcoin crossed the $66,000 threshold, a notable rise since the first U.S. Federal Reserve rate cut earlier this year. As of now, BTC is trading at $66,234, with a market valuation sitting at $1.3 trillion. In just the past 24 hours, bitcoin has racked up a global trade volume of $39.65 billion. The surge followed the release of the U.S. Personal Consumption Expenditures Price Index (PCE) report. In response to the PCE data, David Russell, Global Head of Market Strategy at Tradestation, commented, “Weakness is spreading.” He further noted, “Not only was the price index cool, but so were personal income and spending. The inflation story could get even more dovish from here, given the recent drop in energy prices. These numbers confirm the Fed’s easing path. Weaker spending and income validate Powell’s recent pivot to employment.” Bitcoin’s latest leap caused $9.67 million in BTC shorts to be liquidated in four hours. Over the past 24 hours, a total of 72,219 traders were liquidated across the entire crypto derivatives market, according to coinglass.com data. Year-to-date, BTC has risen by more than 56%, and over the last 12 months, it has soared 151% against the U.S. dollar. As bitcoin’s momentum builds, broader economic indicators are shaping market behavior. With inflation cooling and signals from the Federal Reserve turning dovish, traders are navigating shifting market sentiments. These trends hint at a potentially pivotal time for the cryptocurrency world, where price action increasingly aligns with macroeconomic factors. #Binance #Bitcoin #ETH #btc #crypto $BTC

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Turkey Scraps Planned Crypto Tax Turkey has decided not to move forward with a new tax targeting stock market and cryptocurrency gains, according to Vice President Cevdet Yilmaz. While previously discussed, the plan has been dropped, with the government focusing instead on reducing tax exemptions. This shift follows concerns about the stock market and broader efforts to stabilize the economy and reduce inflation. Turkey Halts Stock and Cryptocurrency Tax Plan Amid Economic Reforms Turkey has decided to halt plans for introducing a new tax package targeting stock market and cryptocurrency gains this year, according to Vice President Cevdet Yilmaz. In an interview with Bloomberg, Yilmaz clarified that the government does not currently have a stock tax on its agenda. He mentioned that while the proposal had been discussed earlier, it is no longer being considered, stating: ''We don’t have a stocks tax on our agenda. It was discussed previously and fell from our agenda.'' Instead, the focus will shift to reducing tax exemptions in the coming period, he clarified. Earlier this year, talks of a potential stock market tax, aimed at addressing inflation, led to unease among investors, pushing equity trading volumes down. Treasury and Finance Minister Mehmet Simsek had already indicated in June that the plan would be reassessed. Turkey is facing the challenge of lowering its inflation rate, which currently stands at 52%. Addressing this, Yilmaz noted that improving the country’s public finances remains a priority. Additionally, he mentioned that offshore swap regulations limiting lira liquidity would eventually be lifted, depending on market conditions, as part of broader economic reforms aimed at stabilizing the currency and reducing inflation. #Bitcoin #Binance #ETH #btc #ETH

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P2E Games 'Normalize' Crypto in Emerging Markets Play-to-earn blockchain games are driving crypto adoption in emerging markets, particularly in Southeast Asia, Latin America, and Africa. Experts attribute this growth to their accessibility, economic opportunities, and community-building benefits. One expert believes play-to-earn games can serve as a bridge to mass crypto adoption by leveraging the popularity of gaming and introducing users to the financial aspects of Web3. Normalization of Crypto Despite an apparent decline in user interest in some regions, play-to-earn (P2E) blockchain games have continued to grow in popularity in emerging markets, as evidenced by the latest Chainalysis Crypto Adoption Index. Experts suggest that this trend is contributing to the normalization of crypto in these regions. The experts also argue that P2E blockchain games have helped create a generation for whom tokens are as familiar as “touchscreens or the internet.” Commenting on the apparent rise of P2E games, particularly in Southeast Asia, Latin America, and Africa, Victor Yu, the chief operating officer of CARV, said the resulting increased crypto awareness “could reshape the financial landscape for millions of people.” Yu, whose platform is developing an identity and data layer (IDL) for gaming, artificial intelligence (AI), and other applications, explained that P2E games offer a unique opportunity for the financially excluded to earn, store, and transfer digital assets. He added that such games are especially valuable in regions with high unemployment or economic instability. The COO asserts that P2E games are beneficial for the blockchain and crypto industry because they can be played by users with limited technical knowledge.” “P2E games make earning and using cryptocurrencies accessible to a broader audience. With the proliferation of mobile-first platforms, users can dive into the world of blockchain without needing advanced knowledge of wallets, exchanges, or decentralized finance (defi) tools.” Yu said. #Bitcoin #ETH #Binance #btc #USDT

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-PayPal Now Allowing US Business Accounts To Trade Crypto- payPal is set to allow U.S. merchants to purchase, hold, and sell cryptocurrency directly through their PayPal business accounts. PayPal announced this move as part of its strategy to increase cryptocurrency’s role in everyday transactions for millions of businesses in the U.S. At launch, this service will not be available for businesses in New York. Since 2020, PayPal and its subsidiary Venmo have allowed consumers to buy, sell, and hold crypto like Bitcoin and Ethereum. Now, the company is extending these capabilities to business account holders, reflecting increased demand from merchants who want the same access to digital assets as consumers. -PayPal’s Crypto Embrace PayPal business accounts will be able to transfer cryptocurrencies to external wallets, allowing merchants to send and receive digital tokens on blockchain networks. For those unfamiliar with cryptocurrency, this announcement means that PayPal is making it easier for U.S. merchants and businesses to use digital assets in their operations. Businesses can now handle digital currencies much like traditional currency, with PayPal acting as the bridge between conventional finance and the growing world of cryptocurrency. In August 2023, PayPal launched its stablecoin, PayPal USD, becoming the first major financial company to do so. PayPal USD debuted on the Ethereum blockchain and is backed by U.S. dollar deposits and short-term Treasuries. After expanding to Solana, PYUSD’s weekly transaction volume jumped to over $500 million in May, up from $150 million. The total supply of PayPal USD across Solana and Ethereum reached $534 million, with 74% on Ethereum and 25% on Solana. #PayPal #Bitcoin #ETH #Binance #btc

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