Binance Introduces BNSOL for Secure Solana Staking
Binance, the global leader in blockchain technology and the largest cryptocurrency exchange by trading volume, has just announced the launch of its much-anticipated Solana staking product, Binance SOL Staking. According to The BIT Journal, the staking service is expected to go live later this September, providing users with a seamless way to stake their Solana (SOL) tokens while maintaining complete control over their assets.
This new offering from the crypto exchange allows users to stake SOL tokens and, in return, receive BNSOL, a liquid staking token that represents their staked assets. This move is expected to reshape how Solana holders can participate in decentralized finance (DeFi) while still earning staking rewards.
The crypto exchangeâs new staking product aims to address one of the key challenges faced by cryptocurrency users: asset liquidity. Traditional staking methods lock usersâ assets, making it impossible to trade or use them in other DeFi applications. However, with the crypto exchange SOL Staking, users will be able to enjoy the benefits of staking while retaining liquidity.
Vishal Sacheendran, Head of Regional Markets at Binance, commented on the announcement, stating:
âAs one of the first crypto exchanges to offer SOL liquid staking, Binance is providing a seamless and flexible way to earn rewards while allowing users to maintain full control over their staked asset. Unlike native staking, which locks up assets, BNSOL allows users to unlock liquidity, enjoy continuous reward accumulation, and seamlessly participate in both the Binance platform and the broader DeFi ecosystem, making it an ideal solution for those looking to maximize the potential of their staked Solana tokens.â
The new Binance staking solution will allow users to obtain BNSOL, which can be used across the crypto exchangeâs ecosystem and other DeFi platforms. This makes it easier for users to continue earning rewards from their staked SOL while having the flexibility to sell, lend, or even spend their assets as they see fit. This innovative product is a game-changer for users who want to earn rewards without sacrificing liquidity.
Binance Expands DeFi Access
The crypto exchange SOL Staking doesnât just offer flexibility. The BIT Journal reports that this new product will enhance usersâ access to DeFi platforms, further expanding their ability to invest, trade, and lend using their staked assets. BNSOL holders will benefit from dynamic rewards that adjust with the on-chain Solana staking rewards, providing competitive returns to users.
The BNSOL token also boasts a flexible redemption process, allowing users to redeem their tokens by trading them or waiting for a set redemption period. This flexibility is designed to give users more control over their assets while continuing to earn rewards.
Every two days, the BNSOL:SOL conversion ratio will adjust, reflecting the rewards accumulated over time. This ensures that the value of BNSOL grows relative to SOL, providing a transparent and user-friendly staking experience for both new and experienced users.
The crypto exchangeâs focus on security has also been highlighted in this product launch. The Solana staking product is built on the Solana Labs Stake Pool Program, which has undergone rigorous audits by security firms. The crypto exchangeâs use of this program ensures that usersâ assets remain safe while they enjoy the benefits of staking.
Binance Set to Revolutionize Solana Staking
With the introduction of Binance SOL Staking, users will have more freedom and flexibility in managing their staked SOL tokens. The ability to participate in DeFi, while still earning rewards, marks a significant step forward in how users can maximize their cryptocurrency investments.
The crypto exchange SOL Staking offers several advantages to users, including:
Dynamic Rewards: Users will receive staking rewards that adjust with the growth of Solana on-chain staking.
Increased Liquidity: BNSOL holders can freely trade, invest, and lend their tokens across multiple platforms.
Flexible Redemption: Users can redeem their staked assets with ease.
User-Friendly Staking Process: Staking with Binance SOL is as simple as a single click.
The BIT Journal reports that the crypto exchange plans to release more information, including the official launch date, through its social media platforms and announcement channels. This news has sparked excitement within the crypto community, as the crypto exchange continues to innovate and provide users with new ways to maximize their assets.
The crypto exchange has once again proven why it is a leader in the crypto space by offering this flexible, user-friendly staking option. By allowing users to stake Solana while still maintaining control over their assets, Binance SOL Staking opens up new possibilities for DeFi participation and reward accumulation.
The BIT Journal will continue to follow this story closely, keeping users updated on the official launch and how to get started with Binance SOL Staking.
$DOGS - Have You Sold Yet? đ Iâm personally holding because things are a bit tricky right now. Let me break it down for you.
đ Two Possible Scenarios from Here:
1. **Support Holds**: If $DOGS finds support on that trendline, we could see a continuation to the upside. The current resistance is at **$0.0014**, as it's been rejected multiple times around this area. A breakthrough here could send it up to **$0.0018**.
2. **Trendline Breaks**: If the trendline fails, expect a test of **$0.0012** support, followed by **$0.0011**. In the worst case, we might see it drop to **$0.0010**, which would be a critical zone where new support might form.
Regardless of what happens, panic selling wonât help hereâmarket sentiment is at its peak. Once Pavel is out of detention, the Ton ecosystem could explode. Even a 5th grader would see that coming.
For now, Iâm waiting to see the priceâs next move. If it dips, I might add more since I'm currently just holding my airdrop tokens.
*This is not investment advice. Always do your own research before making any trades.*
Medical Aid Across Borders: How Binance Pay Saved a Life
In a compelling testament to the power of cryptocurrency, Binance Pay played a crucial role in saving a life by bypassing traditional banking delays. The story, involving two families from Algeria and France, highlights the practical and transformative value of digital assets in urgent situations.Imed Idrissi (a pseudonym), a professional P2P merchant from Algeria, recalls his initial encounter with cryptocurrency through Binance Pay. His experience began with a simple test transaction but later evolved into a life-saving tool that would cement his loyalty to the platform.A Life-Changing ExperienceIn the summer of 2022, Imedâs parents, Mr and Mrs. Idrissi, travelled from Algeria to France for their annual vacation. While visiting Alain, a close family friend, tragedy struckâAlainâs young son was involved in a near-fatal car accident, requiring emergency surgery. Despite Franceâs robust healthcare system, the necessary operation was costly and beyond Alainâs financial reach due to the lack of private insurance.Determined to help, Mr. Idrissi attempted to transfer 10,000 euros from his bank in Algeria to Alainâs account. However, strict banking regulations and lengthy processing times made this transfer nearly impossible within the urgent timeframe.Binance Pay to the RescueIn a desperate bid to expedite the process, Mr. Idrissi contacted his son Imed, who suggested using Binance Pay. Within the same day, Imed helped his father set up a Binance Pay account, complete identity verification, and transfer the required funds in USDT stablecoins.Imed guided his parents through converting the stablecoins to euros and withdrawing the fiat currency using fintech service providers. Thanks to Binance Payâs instant and fee-free transactions, the funds were made available immediately, allowing the family to settle the hospital bills quickly.A New Perspective on CryptocurrencyThe successful operation saved Alainâs sonâs life, leaving both families with a newfound respect for the utility of cryptocurrency. What began as scepticism toward digital assets transformed into an appreciation for their ability to revolutionize traditional finance and offer real-world solutions.âBinance Pay means freedom to me,â said Imed. âIt allows me to access and use my funds whenever and wherever I want, without the delays and fees associated with traditional banking.âToday, both the Idrissi and Alain families regularly store and use cryptocurrency in their Binance accounts, especially when travelling. This experience has reshaped their understanding of digital assets, proving that cryptocurrency is not just a speculative investment but a powerful tool for financial freedom and security.
This new ETF will track the CME CF Solana Dollar Reference Rate, developed in collaboration with CF Benchmarks, powered by the Chicago Mercantile Exchange (CME). This step proves once again how important an asset Solana has become in the eyes of investors, leaving major cryptocurrencies like Bitcoin and Ethereum behind throughout 2024. QR Assetâs chief investment officer Theodoro Fleury emphasized that they are reinforcing Brazilâs goal of becoming a global leader in regulated crypto investments.
đ„đ„đ„ Brazil is consolidating its global leadership in crypto investments, leading to wider adoption of innovative assets like SolanaâŒïž #Bitcoin #escoin #Bitcoin #elg $SOL $BTC $ETH
- The information contained in this article is never investment advice, but is for accurate and up-to-date information purposes. STAY TUNED. Be sure to do your own research.
What Happened in Crypto Today: Another Bitcoin Dump Incoming?
What Happened in Crypto Today: Another Bitcoin Dump Incoming?
Crypto just took another unexpected plunge.
But here's something interesting: while most were caught off guard, our spidey senses were tingling.
But truth be told, no one could predict the exact catalyst for today's dive after Trumpâs optimistic speech.
So, letâs explore whatâs moving the market today (and causing this panic)!
TLDR:
The US government making moves with $2 billion worth of Bitcoin. Are they trying to sell them now?
Bitcoin fees hit rock bottom while prices soared this weekend. Is this the calm before the storm? đȘïž
Solana's fee revenue outpaces Ethereum. So what's behind this Solana surge? Is this growth stable or just a temporary pump? đ„
Ronin Network's user base just hit 2 million active users. Whatâs causing this surge on the network all of a sudden? đ
A new Doge-inspired token named Neiro takes off. Wanna know which Neiro token is still shining? đ
And in the end, we'll serve up some market analysis. What's really going on, and where are we headed?
Now, let's dive in...
The Reason Market Took a Dive Today!
The U.S. government made a $2 billion Bitcoin move - a news that spread like a wildfire in the crypto community.
Arkham Intelligence reports that Bitcoin seized from the infamous Silk Road has been transferred to an unknown wallet. That's a lot of digital gold on the move.
The timing? It's raising eyebrows.
This shuffle comes just two days after Trump promised a "strategic Bitcoin stockpile" at the Bitcoin 2024 conference.
The market didn't take kindly to the news. Bitcoin dropped from $69K to $66.5K within a few hours.
But how many Bitcoins are these? Are they trying to sell them now? Read the full story!
The Bitcoin Paradox
Around weekend, Bitcoinâs price flirted with all-time highs (before taking a panic-selling dive), transaction fees hit rock bottom.
According to Bitinfocharts, the average Bitcoin transaction fee dropped to $0.73. That's the lowest we've seen since August 2023. It's since crept up to $0.903, but that's still crumbles in crypto.
The coinâs price even touched $70,000 on Monday after Trump's Bitcoin 2024 conference speech.
His promise of a "strategic Bitcoin stockpile" got investors excited, but the price couldn't quite stick the landing above $70k (similar to what we mentioned in our analysis yesterday).
So what makes this situation unique?
Typically, when Bitcoin's network gets busy, fees go up. Users end up in a bidding war for faster transactions, and miners cash in. But right now? It's like rush hour with no traffic.
So what does this exactly mean? Since we are continuously running into unprecedented situations, whatâs the estimated price impact? Read the full story!
Solana's Outpacing Ethereum
Solana just outpaced Ethereum in weekly fees for the first time ever.
During the week of July 22, Solana raked in $25 million in revenue, leaving Ethereum's $21 million behind.
Dan Smith from Blockworks broke it down for us. 58% of Solana's haul came from MEV tips, with another 37% from priority transaction fees.
As he puts it, "Solana validators and stakers are absolutely eating this cycle."
So what's behind this Solana surge? Is this growth stable or just a temporary pump? Read the full story!
Ronin Network Is Quietly Building
On July 29, Token Terminal announced that Ronin's enjoying two million daily active users. That's not just good - it's chart-topping.
They're outpacing giants like Tron and Solana.
So what's behind Ronin's rise? It's all about the games!.
Their mid-year review paints a pretty picture. The Mavis Market NFT marketplace is booming, and RON's listing on Binance opened the floodgates to "gamers country."
But there is a specific game that pushed Ronin in the big leagues. Read more to find out!
Neiro - The Next Memecoin Gem?
Remember Kabosu, the OG Doge meme Shiba Inu? Her owner, Kabosumama, just adopted a new pup named Neiro, and the crypto market's gone absolutely crazy.
Kabosumama tried to nip it in the bud, saying she's only backing OwnTheDoge. But you know how crypto is - it's like trying to herd cats.
Right after the announcement, Solana was flooded with Neiro tokens. One hit an $89 million market cap in just three hours.
The interesting bit? Crypto Twitter erupted in a full-on dogfight over which Neiro token was the real deal.
While some Neiro tokens rugged their holders after hitting millions, others gave early investors enjoyed sweet returns within a few hours.
Wanna know which Neiro token is still shining? Read the full story!
Where Is the Market Headed? An Analysis
The recent 4.5% dip below $67,000 has got everyone concerned.
But let's not hit the panic button just yet.
This drop coincides with a $2 billion transfer from a U.S. government wallet. Historically, large government movements have rattled markets. Remember last month, when German government moved thousands of seized Bitcoins and investors started panic selling, even before the sell-off happened?
The recent $2 billion transfer isn't just a blip on the radar. It's part of a larger trend we've seen before.
These moves often lead to short-term volatility as traders try to anticipate potential sell-offs.
But here's the thing: not all government wallet movements lead to immediate selling. Sometimes, it's just about moving funds for security or administrative reasons. The key is to watch for patterns and official announcements.
What Should You Do?
Keep a sharp eye on these key events that have historically shaken up the crypto market:
FOMC Meeting
Looking ahead, we've got a packed week.
The FOMC meeting and rate decision on Wednesday could shake things up. In the past, these events have been catalysts for significant price movements.
Wondering how these events impact crypto prices so you can anticipate the next move? Here is the full guide!
Token Unlocks to Watch
Keep an eye on token unlocks this week. $368.19 million worth of tokens are set to hit the market. Wormhole, Optimism, and Sui are the big players here.
These unlocks can cause short-term volatility, so stay alert.
Pro tip: You can always track upcoming unlocks on CoinMarketCap to stay ahead of the curve. It's crucial to keep tabs on these events as they can significantly impact token prices and overall market sentiment.
Now, The Bigger Picture
Now, let's zoom out a bit. The global crypto market cap is sitting at $2.4 trillion, down from 2.7T in Q1.
But don't let that number fool you. The 24-hour trading volume is up by triple digits in the same period.
The market's showing some mixed signals. Bitcoin dominance is at 54%, which doesn't scream "altcoin season" just yet.
But here's the interesting part: According to CMC H1 2024 report, the stablecoin supply is up by 20% since the start of 2024. Historically, that's been a bullish indicator. It suggests fresh capital is entering the crypto markets.
Institutional vs. Retail Interest
We're in an interesting spot. Institutional money is flowing in, but retail interest has been lagging in H1. Google trends and app store rankings suggest the average Joe hasn't jumped on the crypto train yet.
This divergence between institutional and retail interest is noteworthy. In previous cycles, like the 2017 bull run, retail FOMO (fear of missing out) played a significant role in driving prices to new highs.
The fact that we're seeing strong institutional interest without the retail crowd could mean there's still room for growth.
Looking for more alphas? Feel free to dive into According to CMC 2024 H1 report!
And that concludes our piece today. See you tomorrow with more stories!
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Bitcoin Rejected At 70k â Altcoins Holding Strong!
A couple of days ago, I posted the chart below, discussing my view that Bitcoin had reached its dominance peak in April and would not go higher.
Recent developments have shown that I was wrong about this expectation. Bitcoin soared to a dominance of almost 57% and closed at that level. Therefore, the chart below was invalidated at this time.
However, today provided some interesting insights. Although Bitcoin was massively rejected at 70k and was down almost 5% from today's top, many altcoins didn't follow. Conversely, many altcoins are still in the green and jumped 5% or more.
Even Ethereum (so far) has been able to hold above the 3.3k level.
Probably nothing. Or probably a first sign that altcoins will finally leave their bottom regarding their Bitcoin pairs. The next days will tell.
210m users in 7 years. This achievement is only possible because of your trust and support. Thanks for standing by us through the ups and downs. We have emerged stronger with every challenge.
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đȘTelegram's Notcoin (NOT) set for a 100% price rallyđš
đ„Notcoin (NOT) has fallen 50% over the last month from its high of around $0.029. Despite this, the Telegram-linked cryptocurrency is now showing signs of a possible rally.
đA classic bullish pattern called the inverse head and shoulders is forming, which could signal a possible recovery. Notcoin (NOT) forms a bullish inverse head and shoulders pattern.
đAn inverse head and shoulders (IH&S) pattern is identified by three troughs: a lower low, known as the head, situated between two higher lows, the shoulders. This pattern is completed when the price breaks through the neckline, drawn connecting the peaks at the end of the left and right shoulders, accompanied by substantial trading volume. The price is expected to increase by an amount equal to the distance between the valley of the head and the neckline.
đ±As of July 12, Notcoin (NOT) is in the process of forming the right shoulder of its IH&S pattern and is poised for a break above the neckline resistance around $0.017
đ€ŻIf this breakout occurs, NOT's price target could rise to around $0.031, marking a potential upside of over 100% from current levels.
đąConversely, if the price falls below the lowest point of the right shoulder, around $0.0133, it could drop to $0.011, which was a support level in May.
đ„ Notcoin (#NOT ) Surges 60% as Bulls Re-emerge to Control Market
NOT, the token that powers the Telegram-based game Notcoin, has seen a spike in its price since July 6. Trading at $0.016 at press time, the altcoinâs price has since surged by 60% since then.
An assessment of some of the tokenâs key technical indicators reveals that the bulls have regained market control, hence the price rally.
đž#Notcoin Bulls Make an Entry
Readings from Notcoinâs (NOT) Directional Movement Index (DMI) indicator confirm the resurgence in bullish bias toward the altcoin.
The indicator measures an assetâs price trend and direction. It consists of the Positive Directional Indicator (+DMI), the Negative Directional Indicator (-DMI), and the Average Directional Index (ADX).
The +DMI measures the strength of upward price movements, while the -DMI measures the strength of a price downtrend.
NOTâs +DMI line crossed above its -DMI on July 7. This crossover is regarded as a bullish signal because it indicates that the assetâs price uptrend is becoming stronger than its downward movements. It often signals a shift in momentum towards a price rally.
On the same day, NOTâs price crossed above its 20-day exponential moving average (EMA) and 50-day small moving average (SMA).
An assetâs 20-day EMA measures its average price over the past 20 trading days, while the 50-day SMA tracks the average closing price of an asset over the past 50 days.
When an assetâs price rises above these key averages, it indicates bullish momentum. It suggests the asset is experiencing an uptrend and positive sentiment among traders.
đž NOT Price Prediction:Â The Bulls Maintain Their Grip
As of this writing, the tokenâs weighted sentiment is above the zero line at 0.05. This metric tracks the overall mood of the market regarding an asset. It considers the sentiment trailing the asset and the volume of social media discussions.
When the value of an assetâs weighted sentiment is above zero, most of its discussions on social media platforms are fueled by positive emotions.
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