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Justin Sun says that he’s stepping down from his position of representing the island nation of Grenada at the World Trade Organization with plans to continue his public service as a regulator.
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Binance has introduced Binance Pay in Brazil. According to the recent announcement, Binance customers can now make crypto payments at partner businesses. Binance Pay is a crypto payment method that supports over 70 cryptocurrencies, including BTC, ETH, and USDT. Users can make payments without any fees, while businesses can accept payments using a secure solution that transfers funds from wallet to wallet within seconds. Brazilian businesses can receive payments in Brazilian Real or directly in crypto to their wallets. According to a Deloitte survey, about three-quarters of consumer businesses in the US plan to accept crypto payments by the end of 2023, and 87% agree that it will give them a competitive advantage. Binance Pay has reached over 12 million active users since its initial launch in 2021 and has processed payment volumes exceeding $98 billion to date.
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Bitcoin and Ether fell during Tuesday afternoon trading in Hong Kong, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. BNB, the native token of Binance, has been trading near its yearly low since reports emerged last week about the termination of the partnership between the cryptocurrency exchange and its U.K. payments partner. See related article: Weekly Market Wrap: Bitcoin falls below US$26,000 following Evergrande’s bankruptcy Bitcoin and Ether fall along with all top 10 cryptos Bitcoin traded at US$26,088 as of 4:30 p.m. in Hong Kong after falling to a two-month low of US$25,409 last Friday. Ether inched down 0.11% during afternoon trading in Asia to US$1,665 and was down 9.57% during the past week. According to Phillip Lord, president of the crypto payment app Oobit, the crypto market needs more clarity on Bitcoin exchange-traded fund (ETF) applications to start gaining momentum. The SEC delayed a decision on approving the spot Bitcoin ETF application of Ark Investment Management on Aug. 11, following a 21-day public consultation, a week before the agency announced that it will delay its decision on the pending Bitcoin ETF applications to 2024. The agency has accepted a total of six spot Bitcoin ETFs for review. “The upward momentum will be reinvigorated once the fog of the [Securities and Exchange Commission’s] saga will be dispersed,” wrote Lord. BNB fell 2.17% over the past 24 hours to US$208 on Tuesday, close to its yearly low of US$207 registered on Monday. Binance has reportedly placed euro withdrawal limits in Europe on Sunday, due to mounting issues with its payments partners. Binance announced in June that it will change its euro banking partner, Paysafe Payment Solutions, from Sept. 25. On Aug. 17, London-based payment processor Checkout.com ended its partnership with the exchange due to concerns over money laundering and compliance. Binance contested these reasons, suggesting they might pursue legal recourse. #bitcoin #dyor #cryptocurrency
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Bitcoin (BTC) is still facing mild bear activity as the asset trades at $26.04K after recording a daily decrease of 0.08% and a weekly decrease of 11.2%. However, Bitcoin’s trade volume has spiked by 40% during the same period and is presently at $12.9B. The Bollinger bands are still diverging, indicating that the volatility of Bitcoin is still high as the Relative Strength Index (RSI) still moves below its average level in the oversold region, as bear effects remain felt ahead of the recent dip. Ethereum (ETH) is also seeing some bear activity as the asset now sits on losses of 0.6% within a day of trading, taking it to $1661 as the trading volume dropped by 19% to now sit at $4.7B as of press time. ETH’s volatility levels are still high as the Bollinger bands maintain a divergence. The RSI indicator is still below its average line in the oversold region, again showing bear effects on the market as the MACD indicator also moves in the red zone. #crypto2023 #BTC #cryptocurrency
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When FTX fell apart last year, the repercussions were devastating. The contagion not only caused crypto assets to tumble and damaged the portfolios of professional traders, but it also eliminated a prominent investment pool for blockchain startups. Countless individual investors witnessed their life savings evaporate, and I sympathize with all the victims. While acknowledging past mistakes and repercussions, there is a silver lining that cannot be ignored. Although unpopular in some quarters, the news of a potential FTX relaunch under a new name has sparked a wave of optimism in the crypto community, and with good reason. A relaunch could bring about a range of positive outcomes for the industry, investors and customers alike. Relaunching FTX has its merits One of the most significant advantages of a successful FTX relaunch would be the potential to attract more investors back into the crypto space. Should the exchange re-emerge with a new management team and a realized commitment to rectify past issues, it may garner renewed interest from the wider investing community. And the positive effects would compound. Increased investor participation would infuse the exchange with additional funds, which could then be used to repay users who have experienced losses in the past, again instilling trust in centralized crypto exchanges. While the crypto community is rightly skeptical of the motives behind launching FTX 2.0, there is precedent showing that it is in fact possible to make creditors whole through restructuring. The Bitfinex incident is a great example. In 2016, crypto exchange Bitfinex was hacked, and 120,000 Bitcoins were subsequently stolen. In response to the hack, Bitfinex released the “recovery rights tokens” (RRT), designed to serve as an IOU to affected customers. These tokens promised a share of future profits to compensate for the losses. Within a year, all the tokens were redeemed and customers were repaid. #crypto2023 #cryptocurrency #BTC
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US Judge Lewis Kaplan allowed the former CEO of FTX – Sam Bankman-Fried (SBF), to meet with his lawyers and thus prepare his defense for the October trial. However, the meeting can only proceed between 8.30 am and 3 pm on August 22, with all other previous requests being denied. A Few Hours Out of the Cell As stated in Kaplan’s order, SBF will be able to talk to his counsel in the Marshal’s cell block attorney room. He is allowed to bring one Internet-enabled laptop and a Wi-Fi device. The judge also dismissed all other requests that the fallen crypto tycoon had displayed over the past few weeks. “The balance of the request for August 22 is denied,” the document reads. Spending a few hours outside his prison cell is not exactly what SBF insisted on. His lawyers urged Judge Kaplan to grant freedom for their client during weekdays, claiming that the jail conditions are too restrictive and would not allow him to properly prepare for the upcoming trial on October 2. Despite being accused as the main culprit behind the FTX meltdown, the US magistrates let Bankman-Fried spend several months at his parents’ house under a whopping $250 million bond. However, the following leak of Caroline Ellison’s (former CEO of FTX’s sister company Alameda Research) private diary became a reason for the authorities to send SBF behind bars. The US Department of Justice was the main agency that insisted on prison time, arguing that Bankman-Fried’s actions could have intimidated the woman who is expected to testify against him in less than two months. From a Cozy House to One of the Worst Jails SBF spent nearly eight months at his parents’ $4 million home in Palo Alto, California, leaving many to wonder why a suspect of massive crypto fraud is allowed to live in luxury. In a sudden twist of events, though, the US authorities sent him to jail on August 12 over witness tampering allegations. It is worth mentioning that he will spend the days until his trial in one of the worst prisons in New York City – MDC Brooklyn. #crypto2023 #cryptocurrency
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