Recently, some friends have been discussing what coins should and should not be listed on Binance. I will try to explain: The cryptocurrency world is a free market. The liquidity and trading volume of CEX and CEX, CEX and DEX, and various trading platforms are a total pool. CEX is not a closed market. Even if Binance does not list these projects, these projects still exist. Trading volume and funds will also be diverted to the corners of the entire industry. In addition to the unlocking of VC-invested projects, Meme coins, chain-based local dogs, wool-pulling, and capital plates will all be diverted. After the ETF is approved, the traditional financial market will also divert funds that flow directly to the cryptocurrency world. Let's look at VC again. Some VCs are indeed the core reason for the inflated prices, but VCs generally raise funds from LPs for a 7-year lock-up period of 4+3 years, collecting management fees + dividends; VCs are generally unlocked one year after TGE (not all), so many VCs in the cryptocurrency circle are also going bankrupt, and some VCs' LP investments in the cryptocurrency circle may also return to zero; and project parties that have received large amounts of financing have more possibilities to cross the bubble cycle, but the fundamentals of the currency price and governance model are determined by the project party, and there is no standard answer. Therefore, before investing, everyone needs to do a more in-depth analysis of the project tokens, such as token application scenarios, release cycles, holding ratios, and initial circulation. There is no standard answer.
The rise of Defi has brought more liquidity to the industry and increased freedom, which has increased the difficulty for CEX to try to formulate rules, but this is precisely the charm of the free market in the cryptocurrency circle. DYOR

🙂 Chicago-based trading firm DRW Holdings said it holds $195 million in spot cryptocurrency ETFs

Specifically, DRW holds more than $150 million in the Grayscale Ethereum Trust (ETHE).

The rest of the assets are in Bitcoin ETFs.
#ETH #binance #Ethereum $ETH

Bitget Wallet user count exceeds 30 million

🔺Bitget Wallet reports user count growth to 30 million.
🔺In just four months, the app's customer base has increased by 50%.
🔺Also in July, Bitget Wallet set a record for downloads, surpassing MetaMask.#MarketDownturn $USDC #BTC #BNB #binance #Bitcoin

🙂 Cosmos-based Canto blockchain has been down for 24 hours

Developers reported that the network had a problem with consensus.

An update to fix the problem will be implemented this afternoon.

❤️ Ethereum network fees hit a nearly five-year low

🔺On August 11, Ethereum network fees fell to 1 Gwei.
🔺This is a nearly five-year low.
🔺The daily Ethereum burn volume on the network also hit its lowest level in years.#ETH #Ethereum #binance $ETH

🤓 Venezuelan government blocks access to cryptocurrency exchange Binance and various social media platforms

The blockages come amid unrest over the presidential election.

Binance has assured that its users' funds are safe.

Venezuelans often use Binance P2P to get rid of the highly inflationary bolivar.#MarketDownturn #binance

🤓 Bankrupt Celsius Files Lawsuits Against Tether, Badger DAO, Compound, and Bancor

In the case of Tether, Celsius claims that some payments it made before the bankruptcy were unfair and should be returned. Specifically, the company is demanding the return of $2.4 billion in BTC. Tether denies this and calls the lawsuit an attempt to “extort money.”

The lawsuits against Badger DAO, Compound, and Bancor are related to allegations of poor management, which caused Celsius to suffer losses.

Thus, Celsius is trying to get the funds back through the courts to pay off its debts to creditors.#MarketDownturn

🤓 Bitgo Announces Changes in Control of WBTC

Bitgo will transfer control of WBTC to a joint venture with BiT Global.

Asset custody will be distributed across multiple jurisdictions, including Hong Kong and Singapore, instead of the current US holding.

This change is also due to the partnership with Justin Sun and the Tron ecosystem.

Sun will have significant influence or control over the new joint venture that controls WBTC.

Many users have begun to express concerns about Sun's involvement due to his failures with TUSD, stUSDT, etc.

Users are also concerned that Bitgo is in financial trouble.

Justin Sun has stated that he does not control the private keys of WBTC and that his involvement is only strategic.$USDC
#MarketDownturn $BTC

​​🤓 Tether CEO Paolo Ardoino expressed concerns that the EU's MiCA regulation could pose a threat to stablecoins and the banking system

According to MiCA, at least 60% of stablecoin reserves must be held in EU bank accounts. Ardoino pointed out that financial institutions operate on a fractional reserve basis, so only a portion of deposits are available for withdrawal at any given time.

He also noted that in the EU, cash deposits are only insured up to $100,000.

He cited the 2023 collapse of Silicon Valley Bank, which served as the reserve bank for USDC and caused USDC to lose parity with the dollar, as an example.

🤓 Tether to double its workforce over the next year to better meet regulatory requirements

The company expects to reach 200 employees by mid-2025.

Tether is very cautious about expanding its workforce too aggressively, according to Paolo Ardoino.$USDC #MarketDownturn

🤓 Franklin Templeton запустил свой фонд OnChain U.S. Government Money Fund (FOBXX) на Arbitrum

Инвесторы могут получить доступ к FOBXX через платформу Benji Investments Franklin Templeton и токен BENJI.#MarketDownturn #BTC #BNB #binance #Bitcoin

🥇 Bitcoin (BTC) is worth $57.0 thousand.
🥈 Ethereum (ETH) is trading at $2.4 thousand.
🥉 BNB (BNB) is $487

📈 Of the top 100 cryptocurrencies by capitalization over the past day, XRP (XRP) showed the largest growth - 19.9%

📉 Render (RENDER) has fallen the most over the past 24 hours - 6.6%$BTC
$ETH
$BNB

🤓 Solana-based Andrena Raises $18M in Series A Funding

The round was led by Dragonfly, with participation from CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures, and ParaFi.

Andrena is developing a DAWN (Decentralized Autonomous Wireless Network) to provide decentralized internet services. #CMT #BTC #BNB #binance #Bitcoin

Donald Trump Raises $25 Million in Donations at Bitcoin 2024 Conference

🟡Trump collected about $25 million in donations from participants in the Bitcoin 2024 conference. 🟡The conference was held from July 25 to 27 in Nashville. 🟡Trump made a number of high-profile statements at the event, including a promise to fire Gary Gensler and stop government sales of Bitcoin.#Bitcoin #BTC #Web3 $BTC

The Trust Wallet team announced a partnership with TON

🔺The Trust Wallet crypto wallet team announced its collaboration with The Open Network (TON).
🔺As part of the partnership, it is planned to make the TON ecosystem and the Telegram application even more accessible to Trust Wallet users.
🔺The developers reported that the cooperation involves the integration of the TonKeeper wallet into Trust Wallet in the coming weeks..#Web3 #TON #binance

DEX Market Share Compared to CEX Reaches All-Time High

🟢Monthly trading volume on DEX relative to CEX has updated its all-time high by 14.22%.
🟢For July, this figure amounted to $139.47 billion.
🟢The previous record figure was recorded in May 2023 at 13.7%.
🟢The largest trading volume on DEX is accounted for by Uniswap ($48.52 billion), Raydium ($27.78 billion) and PancakeSwap ($17.25 billion).#BTC #CEX #$DEXE
$BNB

🤓 The Compound Finance community suggests that the DAO has been attacked

Compound Finance accepted Proposal #289, which would allocate 5% of the $24 million treasury to the yield protocol developed by the Golden Boys.

The proposal was passed with a slight majority of votes in favor.

The community called it an attack on governance, accusing a small group of people of pushing the proposal after purchasing tokens on the open market.

Moreover, this proposal has already been rejected by the DAO previously.

🥇 Bitcoin (BTC) costs $69.5 thousand.
🥈 Ethereum (ETH) is trading at $3.37 thousand.
🥉 BNB (BNB) is $594

📈 Of the top 100 cryptocurrencies by capitalization over the past day, the largest growth was shown by Bitcoin Cash (BCH) - 13.6%

📉 Pyth Network (PYTH) fell in price the most over the past 24 hours - 1.69%