We often say to each other that it is very bullish once big companies start to invest in Crypto as they have massive amounts of cash that are all set to be invested, but the bear market showed how the big companies that invested in 2021 just followed the buzz and hype like most of…
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Blockchain bridges serve as the key infrastructure facilitating cross-chain transactions, asset transfers, and data exchange. The verification methods employed by these bridges determine their reliability and trustworthiness. External Verification Method: Externally verified bridges rely on external actors to attest to the correctness of transported data. These actors can include multisig arrangements, trusted validator sets, oracles,…
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Representatives French Hill and Dusty Johnson suggested the SEC may have undertaken certain actions on crypto “seemingly timed to coincide with related Congressional activity”.
I'm hard pressed to see any reason to use FTX when it re-opens. One of the few arguments that I could see, is that it's under new leadership, probably with a ton of regulatory oversight. Personally I evaluate an exchange on it's track records, because bankruptcy is bar far my biggest concern when it comes…
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Binance, the world’s largest cryptocurrency exchange, just completed its quarterly BNB burn, destroying $480 million worth of its native BNB token. According to the company’s blog post, 1,991,854.33 BNB was recently burned in its 24th quarterly BNB burn, with 747.51 BNB going through the Pioneer Burn Program. Binance Completes 24th Quarterly BNB Burn BNB Chain’s token-burning events are not new and have become somewhat of a routine. BNB has an auto-burn protocol that removes a predetermined amount of BNB from the crypto market every quarter of the year. Related Reading: USDC Market Cap Drops As Redemptions Climb To $1.4 Billion The number to be burned each quarter is determined by the price of BNB and the number of blocks mined on the BSC blockchain. With the circulating supply of BNB now at 153.8 million, the latest 24th burn represents 1.2% of the total supply. The initial total supply of BNB was 200 million BNB, but the supply is gradually decreasing due to the regular coin burn events. According to Binance, the auto-burn protocol will continue until its total supply is 100 million BNB. Earlier today, #Binance completed the 24th quarterly #BNB token burn of 1,991,854 BNB through BNB Auto-Burn. Not sure what the BNB Auto-Burn is? Give this a read 👇 https://t.co/C5wlki9Lmb — Binance (@binance) July 19, 2023 $480 Million In BNB Destroyed: The Impact On Price And Supply For BNB holders, token burns are usually a reason to celebrate since they reduce the total BNB supply and should make the cryptocurrency more valuable. In the days following the burn, the BNB price may increase slightly as the circulating supply drops. However, these price spikes are often temporary. At this time, the BNB price barely budged despite the burn. BNB price fails to move despite latest burn | Source: BNBUSD on TradingView.com After hitting an all-time high of around $600 in September 2021, BNB has declined along with the rest of the crypto market. At its peak, the market cap of BNB went over $90 billion, making it the third-largest cryptocurrency behind Bitcoin and Ethereum. Now, the cryptocurrency has been ranging between $300 and $200 since the beginning of the year, bringing its market cap to $37.1 billion. With its current market cap, the coin is now the 5th-largest cryptocurrency after XRP overtook it to claim the fourth position. With less BNB floating around, the remaining tokens should become more scarce and valuable. However, scheduled or routine coin burns tend to have a negligible impact on price over the long run, as evidenced by BNB’s performance over the last day. Related Reading: ARK Invest CEO Says Firm Is Still Bullish On Coinbase Despite Selling COIN Stocks While the burn is meant to be a bullish event for BNB holders, the price hasn’t skyrocketed immediately as many investors had hoped. Considering the price of BNB is affected by various market conditions, past burns have had different outcomes on BNB. The cryptocurrency is currently trading at $241.84 and is down by 2.39% over a 7-day timeframe. Trading volume in the past 24 hours is also down by 17.91% to $585 million. Featured image from Currency.com, chart from TradingView.com
Investing in authenticity: Here’s how Cointelegraph’s Historical Collection combats AI’s impact on information.
Bitcoin mining is becoming more sustainable thanks to things like hydro-cooling farms and associated petroleum gas — undermining environmental criticism.
Hi everyone, I don't even know what to say. Last night, I decided to exchange my 5200$ (usdt trc) to Ethereum at a very favourable rate for me, I myself am not that long familiar with cryptocurrency. But after I tried to transfer my money to an exchange, all my cryptocurrency was frozen due to…
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