Category: Cryptocurrency News

Gemini is investigating the root cause behind the suspected price glitch.

The appeals court judge said Robinhood “had the right” to impose restrictions on meme trade purchases.

In a strategic move to bolster the decentralized finance (DeFi) sector, Binance Labs, the venture capital and incubation arm of Binance, has committed a substantial $5 million investment in Curve DAO Token (CRV).  The Ethereum-based CRV token is the backbone of the Curve ecosystem, which has established itself as the largest stable swap and second-largest decentralized exchange (DEX). Related Reading: Rising Star Hedera (HBAR) And Its 11% Climb – A Closer Look Curve and Binance’s BNB Chain Forge Strategic Alliance As part of the partnership, Curve will explore the deployment of its protocol on the BNB Chain, the thriving ecosystem powered by its native token, BNB. This strategic alignment aims to leverage the strengths of both platforms, further fueling the growth of DeFi on the BNB Chain. Yi He, Co-Founder of Binance and Head of Binance Labs, expressed enthusiasm about the collaboration, stating:  Curve is the largest stableswap, and as a key protocol in DeFi, it has contributed to the steady growth of the space in 2023. Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration. We view this cooperation as a starting point and look forward to working together to further propel the growth of the DeFi ecosystem. Curve Founder, Michael Egorov, acknowledged the significance of the collaboration, stating: BNB Chain has earned a significant presence in DeFi and is well-positioned to deploy Curve’s current and future products on its chain. We look forward to collaboratively fostering innovation and growth across the DeFi ecosystem. According to Binance Labs’ announcement, Curve’s Automated Market Maker (AMM) platform has revolutionized liquidity provision in DeFi, offering hundreds of incentivized liquidity pools with low slippage and transaction fees.  With the support and strategic investment of Binance Labs, the protocol seems poised to accelerate its mission to transform DeFi by increasing liquidity, reducing transaction friction, and expanding its ecosystem.  Is Cross-Chain Interoperability The Key To Curve’s Success On BNB Chain? Deploying Curve to BNB Chain brings numerous advantages to both Curve and the BNB Chain ecosystem. One key benefit is enhanced scalability, as BNB Chain offers high throughput and low latency, providing a robust infrastructure for DeFi protocols like Curve. By deploying on BNB Chain, Curve can leverage the network’s capabilities to handle more transactions and accommodate the growing user demand. Another advantage is the lower transaction fees offered by BNB Chain. This cost-efficiency appeals to users seeking to minimize expenses when interacting with Curve. By deploying on BNB Chain, Curve users can enjoy reduced transaction fees, enhancing the overall affordability of using the Curve protocol. The cross-chain interoperability of BNB Chain also enables seamless integration of assets and protocols from different blockchains, creating opportunities for Curve to collaborate with other projects and protocols within the BNB Chain ecosystem.  Related Reading: Aptos (APT) Volume Remains Extremely High, More Gains Ahead? Deploying Curve to BNB Chain can expose the protocol to the extensive Binance ecosystem. Binance, one of the world’s largest cryptocurrency exchanges, operates its ecosystem on BNB Chain.  This exposure opens doors to potential partnerships, collaborations, and increased visibility among Binance users, further strengthening Curve’s position in the market. Overall, deploying the platform to BNB Chain aligns with its goal of expanding its presence across multiple chains and reaching a broader user base.  By leveraging the advantages of BNB Chain, such as enhanced scalability, lower transaction fees, access to a large user base, cross-chain interoperability, and exposure to the Binance ecosystem, the protocol can contribute to the growth and development of the DeFi ecosystem. Featured image from iStock, chart from TradingView.com 

Dogecoin has been one of the cryptocurrencies to watch in the past few weeks. However, the token’s price appears to be slowing down after recording significant bullish momentum. Interestingly, there might be renewed optimism around the DOGE price, as a crypto analyst has offered insight on what to expect from the meme coin in the coming weeks. Related Reading: Dogecoin Falls While Others Rally, Is It Decoupling From The Market? Dogecoin To Experience A 20% Price Rally?   On Thursday, August 10, crypto analyst Ali Martinez shared data from IntoTheBlock, suggesting that DOGE might witness a positive price movement soon. This suggestion is based on the similarities in the price history of both Shiba Inu (SHIB) and Dogecoin.  According to his post on X (formerly Twitter), there is a “strong” positive correlation of 0.74 between the two meme coins over the past two months. This indicates that when SHIB’s price shifts, the price of DOGE often moves in the same direction.  Source: TradingView/ali_charts Interestingly, this hasn’t happened in the past few days, as the DOGE price has not taken significant action. The value of SHIB, on the other hand, has surged by 22% in the last seven days. However, Ali Martinez noted that “given their high correlation coefficient,” a bullish price movement might still be on the horizon for DOGE. So, investors might want to keep a keen eye on the token’s performance in the coming days. DOGE Price Stuck In A Range – Price Overview Dogecoin has struggled to maintain the momentum garnered from Elon Musk’s support a few weeks ago. The meme coin has been trading mainly within a range since then, recording a mere 3.1% gain in the past week. After reaching a 7-day high of $0.07658 on Saturday, August 5, the DOGE price shed all its gain to trade below $0.073. However, the token’s price is back up, hovering around its weekly high. Related Reading: Dogecoin Falls While Others Rally, Is It Decoupling From The Market? This price action underscores the meme coin’s unsuccessful attempts at breaking the $0.08 resistance level. DOGE trades about 5.5% down from the significant $0.08 zone after failing to breach it on July 31. As of this writing, the Dogecoin price is $0.075739,  having leaped by 0.3% in the last 24 hours. With a nearly $10.7 billion market cap, DOGE ranks as the 8th-largest cryptocurrency. CoinGecko data reveals that there has been a substantial boost in DOGE’s market activity, with a 17.6% increase in its daily trading volume. The cryptocurrency currently has a 24-hour trading volume of over $430.2 million. DOGEUSDT approaching the $0.08 level on the daily timeframe | Source: DOGEUSDT chart from Tradingview Featured image from iStock, charts from TradingView

Task Force Lima will look into how artificial intelligence can be used across the U.S. defense, including warfighting capabilities.

Despite today’s macroeconomic developments, the price of Bitcoin continues to move sideways and seems likely to stay on this path. The number one crypto by market cap has seen its volatility drop to fresh lows as its price is trapped at current levels. Related Reading: Ethereum Price Prints Bullish Technical Pattern, Why Close Above $1,880 Is Critical At the time of writing, Bitcoin trades at $26,600 with sideways movement in the last 24 hours. Over the past seven days, the cryptocurrency has recorded some profits but has been unable to break above or below the $28,000 to $30,500 range. A New Normal For Bitcoin? Volatility Likely To Decline Until This Changes Analyst Dylan LeClair pointed out that operators in the derivatives sector have dominated the current Bitcoin price action. In that sense, the BTC spot-to-derivative trading volume ratio followed volatility and declined to all-time lows. As seen in the chart below, this ratio shows that the spot market has been suppressed by the derivatives sector, with traders “chopping each other to oblivion.” LeClair stated the following: (…) spot bears have mostly run out of coins & spot bulls are either fully deployed or are sidelined TradFi waiting for ETF approval. With the U.S. Federal Reserve (Fed) out of session until September and low uncertainty in the short term, the price of Bitcoin seems poised to keep chopping around its current levels. In this environment, derivatives traders will likely profit from selling volatility via different financial instruments. Data from the derivatives platform Deribit shows an uptick in call (buy) contracts on the options sectors for October to December expiry. A report posted by this platform from Rogue Trader Academy highlights the need for a catalyst to push BTC out of its current range. The market is positioning itself for a Bitcoin spot Exchange Traded Fund (ETF) approval in Q4, 2023, thus why players on the options markets are accumulating calls. Selling volatility has been a profitable strategy in July. Still, as the metric hovers around historical lows, traders become more resilient to dump their contracts on the derivatives sector, further suppressing BTC’s price. Rogue Trader Academy stated: (…) those selling volatility (gamma sellers) are growing hesitant to offload at such historically low implied vol levels, especially with significant economic data like the US Consumer Price Index (CPI) on the horizon for this week. Related Reading: PEPE Coin Makes Minor Gains With 3.5% Spike – Sign Of Recovery? In this low volatility, low liquidity environment, only a catalyst will push BTC beyond $30,000 and beyond $40,000 by the end of the year. Something seems apparent in this context: Bitcoin seems ahead of any bullish narrative and likely to outperform in the sector for the remainder of 2023. Cover image from Unsplash, chart from Tradingview