Category: Cryptocurrency News

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Rachel Conlan, the new VP of Marketing at Binance, says that “critical” times in the industry call for major companies to emphasize community, clarity and simplicity.

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In a market heavily influenced by Bitcoin (BTC) and Ethereum (ETH), their slight price decline recently has been overshadowed by a more substantial fall in larger altcoins. Notably, Cardano (ADA), BNB (BNB), Polygon (MATIC), and Solana (SOL) have seen a more than 10% drop over the past week. This downturn traces back to regulatory actions taken by the US Securities and Exchange Commission (SEC) against industry titans Binance and Coinbase. Regulatory Pressure And The Crypto Market This heightened market volatility follows charges laid by the SEC on Tuesday against Coinbase for facilitating the trading of crypto assets they labeled as unregistered securities. The list of implicated assets includes FLOW, VGX, MATIC, and ADA. A similar charge was filed against Binance, where these assets, among others like BNB, BUSD, SOL, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI, were categorized as securities. It’s interesting to note that the SEC did not include tokens with substantial trading volumes such as ETH, USDC, USDT, LTC, and BTC. Charles Hoskinson, the founder of Cardano, responded to these charges by suggesting that the regulatory crackdown was a move to pave the way for a Central Bank Digital Currency (CBDC). In his view, the government aims to leverage the CBDC as a tool to assert control over people’s finances, facilitated by a selection of influential banks. Hoskinson noted: With respect to Binance, I’m reading through the SEC complaint. It’s over 130 pages, but seems like the next in a series of steps to implement chokepoint 2.0 in the United States. The end goal is a agenda based CBDC partnered with a handful of massive banks and end-to-end control over every aspect of your financial life. The Market Impact On ADA, BNB, MATIC, And SOL In the wake of this regulatory scrutiny, ADA’s price has seen a market downtrend, falling by 15% over the past 7 days, with a further 2.8% loss in the past 24 hours alone. At the time of writing, ADA is trading at $0.31, a significant drop from its pre-regulation price. In spite of the price drop, ADA’s trading volume surged from $228 million to over $400 million between last Friday and yesterday, indicating a high sell pressure. It is worth noting that over the past week, more than $2 billion have been subtracted from the asset’s market capitalization.  Related Reading: Cardano (ADA) Declines As Market Recovers Amid Security Charges Similarly, other altcoins such as Polygon (MATIC), Binance Coin (BNB), and Solana (SOL) have mirrored ADA’s price action. In the past week, MATIC, BNB, and SOL have recorded downward turns of 13.6%, 15.7%, and 11.4% respectively. Notably, among the global crypto market capitalization, ADA currently ranks 8th with SOL and MATIC ranking below Dogecoin (DOGE). Meanwhile, despite the large impact on BNB, the asset still ranks 3rd in the global crypto market. This turbulent market activity, however, underscores the substantial influence of regulatory entities on the cryptocurrency market.  Featured image from iStock, Chart from TradingView

HSBC recently released a document titled “Distributed Ledger Technology in the Capital Markets Game Changers – Future Trends in Securities Services.” In this document, HSBC had a section of "Digital Ledger Technologies" in capital markets. In it they made specific mention of XRP and its utility in real-time cross-border settlements. made specific mention of XRP…
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BNB is currently displaying bearish signs that suggest a possible continuation of the ongoing downtrend, surpassing the expectations of many investors.  Despite initial hopes for a swift recovery, the persistence of these bearish signs compels investors to explore the implications and brace for the possibility of a more prolonged downturn, provoking further scrutiny of the future of BNB and its impact on the wider cryptocurrency ecosystem. But what exactly are these signals telling us about the future of BNB? Related Reading: ApeCoin Holders Suffer Financial Pain As 95% Endure Negative Returns BNB Recent Downturn Coincides With Surge In Trading Volume According to a recent tweet by Santiment, BNB has experienced a notable downturn of -15% since June 4. The decline in BNB’s price coincided with a surge in its trading volume, reaching a level not seen in the past five weeks.  📉 #BinanceCoin has been hammered compared to the rest of the markets these past couple days. Now -15% since Sunday, social dominance has surged as the asset has become quite polarizing. $BNB trading volume is at 5-week high levels as well. https://t.co/E7sU59lkRe pic.twitter.com/FL0Er5vmQa — Santiment (@santimentfeed) June 7, 2023 This increase in trading activity suggests that market participants are actively engaging with BNB during its price decline, possibly seeking buying opportunities or adjusting their positions in response to the market movement. The higher trading volume indicates heightened market interest and the potential for increased price volatility as investors closely monitor BNB’s performance.  BNB market cap currently at $40.5 billion. Chart: TradingView.com This confluence of factors, with BNB experiencing a significant decrease in value alongside a surge in trading volume, presents a dynamic and evolving situation for traders and investors, warranting careful attention and analysis of the underlying market dynamics. Amidst the volatility of the cryptocurrency market, BNB’s price on CoinGecko stands at $260.59, reflecting a mere 0.8% drop in the past 24 hours. However, a more concerning trend emerges when we consider its seven-day decline, which amounts to a significant 15.1%. Source: Coingecko Open Interest Up, Whale Transactions Down Adding to the prevailing bearish sentiment surrounding BNB, its chart analysis reveals additional causes for concern. Notably, BNB’s open interest has gained upward momentum, indicating an influx of new or additional capital entering the market. This increase in open interest suggests that the current market trend may persist for a longer period, without any imminent reversal. Source: Coinalyze However, a bearish indication came from the Market Value Realized Value (MVRV) Ratio, which showed a considerable decrease. This decline suggests that the average profit or loss of BNB holders is currently lower, reflecting the downward pressure on the coin’s value. Related Reading: Pepecoin 15% Drop Sparks Speculation: Will Further Pain Follow? In line with the bearish trend, whale interest in BNB has also waned, evident from the decrease in the number of whale transactions. This decline in whale activity signifies a reduced involvement of large-scale investors or entities, potentially adding to the market’s cautious outlook.  Furthermore, BNB’s velocity, representing the frequency at which the coin is used in transactions within a given timeframe, registered a decline. This decrease in velocity suggests that BNB is being utilized less frequently for transactions, possibly indicating a decrease in overall market activity. Featured image from Tradedog

The growth of DeFi has happened in spite of the CEXs’ stranglehold, with users relying on non-custodial wallets to access even the most basic of DeFi products.