Category Archives: Binance
Floki Surges Over 10% as Binance Adds It in Metaverse Section – CoinGape
Binance, one of the worlds largest cryptocurrency exchanges, has enabled further adoption for popular memecoin Floki through its inclusion in special categories. The exchange announched addition of $FLOKI to its Metaverse and Gaming categories, price action followed in last 24 hours.
Official Twitter account of memecoin Floki took to Twitter and shared:
#Binancehas added $FLOKI to the #Metaverse and #Gaming categories on its exchange!
Binance by including $FLOKI to its Metaverse and Gaming categories allowed millions of users to trade Floki alongside other prominent metaverse and gaming cryptocurrencies such as $SAND, $MANA, $AXS, $IMX, $GALA, and $ENJ. Added are screenshots from Binance categories:
The decision by Binance to include Floki in its Metaverse and Gaming categories is a significant validation for the meme coin. Binance is renowned for its rigorous listing process and careful selection of cryptocurrencies, ensuring the inclusion of reputable and promising projects.
CoinGape reported yesterday how Binance delisted PEPE from its Flexible Loans as it was no longer a reliable asset, adding to whale dumping of PEPE tokens.
Floki, the fourth-largest meme coin by market capitalization, has been gaining momentum in recent times. It got listed on Bitci, one of Turkeys top crypto exchanges with over 5 million registered users. Also in a strategic partnership unveiled two weeks ago, the Floki team aims to drive adoption through an extensive marketing campaign that leverages Binance Pay to incentivize users.
Binance exchange announced Floki listing on April 24 this year and it went live the next day to its millions of users.
Floki continues to demonstrate positive momentum in the market, showcasing gains over the past 24 hours and the past week. With a 3.09% increase within one hour, it gained 5.28% gain over 24 hours upon announcement. It has also surged over 10% as we write over the course of the past week, indicating a positive trend in the coins performance.
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Floki Surges Over 10% as Binance Adds It in Metaverse Section - CoinGape
Binance to Support Major Terra Classic Upgrade to Bring LUNC to … – The Crypto Basic
Binance announces support for the much-awaited Terra Classic v2.1.0 upgrade seeking to bring LUNC to parity with Luna 2.0 and Cosmos.
Binance recently disclosed that it will support the Terra Classic (LUNC) upgrade to v2.1.0. The highly-anticipated upgrade, which is set to go live today, represents one of the most important LUNC updates since the ecosystem implosion, as it aims to bring Terra Classic to parity with the Luna 2.0 and Cosmos blockchains.
Binance announced its support for the network upgrade in a press release today. The exchange noted that the upgrade is expected to occur at the Terra Classic block height of 13,215,800. The timing for this block height is approximately 14:00 (UTC) today, but this is liable to change.
As a result, Binance revealed that it would suspend deposits and withdrawals on the Terra Classic network at 13:00 (UTC) today. This suspension is necessary to ensure that market participants do not face issues pertaining to deposits or withdrawals as a result of the instability of the network during the upgrade.
The exchange further confirmed that the suspension will not affect internal trades for tokens on the Terra Classic network. Users can continue with their spot and futures positions as usual. Binance will lift the suspension on deposits and withdrawals once they have ascertained that the network is stable enough after the upgrade. They will announce this in another statement.
The v2.1.0 upgrade is an integral aspect of the ultimate Terra Classic revitalization plan. Its significance is due to the fact that it will eventually bring LUNC to parity with the Cosmos network and the Luna 2.0 blockchain. This development will introduce more utility to Terra Classic by allowing builders from those chains to bring their projects to LUNC.
The upgrade is coming up after the passing of Proposal 11561 which sought community consensus on implementing it. LuncBurnArmy (LBA), the project manager of the L1 Joint Task Force (L1JTF), submitted the proposal eight days ago.
The upgrade, which was initially set for May 31, was pushed back to June 14 to allow the L1JTF to make further tests. The postponement would also allow the team to include a feature to limit minimum validator commission to 5%. On May 31, the L1 Team successfully upgraded the rebel-2 testnet to v2.1.0. This signaled that the upgrade is without issues and a mainnet update was next in line.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Binance to Support Major Terra Classic Upgrade to Bring LUNC to ... - The Crypto Basic
Ripple, Binance and Coinbase score partial wins against US SEC, mark milestone in crypto history – FXStreet
June 13 marked a key milestone in the crypto ecosystems history. After engaging in la ong legal battle with the Securities and Exchange Commission (SEC), Ripple successfully got Hinman's emails publicly released. XRP price hit a peak of $0.5649 on Tuesday before pulling back to $0.5015 on Binance.
Meanwhile, the judge presiding over Binance's hearing urged the SEC and Binance to reach common ground and negotiate, setting a deadline of June 15 for the next update. BNB price recouped its losses as sentiment among holders turned bullish.
Coinbase received the SECs response on rule-making in crypto. The regulator highlighted that there are no new decisions on crypto rules and did not commit to another deadline in the case. COIN climbed 4.42% as of June 14, recovering from its losses from the past week.
Also read: XRP price settles above $0.50, wiping out gains from Hinman documents release
The release of the Hinman documents landed two wins in the crypto ecosystem. One, Ripples legal team argued that the SEC had no clear understanding of what constitutes a security and used made-up tests to infer that Ethereum is a non-security, strengthening its defense that the regulator has provided no clarity or guidance before claiming that XRP is a security.
For updates on the documents, their relevance and impact on XRP, check this post.
The second win is defense for crypto exchanges that are suffering allegations of the sale of unregistered securities. The SEC has no new rules on classification or identification of securities and non-securities, therefore showing the underlying weakness in their allegations against the two leading crypto exchanges.
Binance and Coinbase are two of the largest cryptocurrency exchanges in the crypto ecosystem. Both platforms were slammed by lawsuits by the US financial regulator, accusing them of the sale of unregistered securities and several other counts of violations of securities laws.
Binances hearing on Tuesday saw presiding Judge, Amy Berman Jackson, suggesting that the exchange and the regulator negotiate an agreement and file an update by Thursday, June 15. According to a New York Times report, the judge called out the SEC for being inefficient and cumbersome in its lawsuit against Binance, tipping the scales in the exchanges favor. For more information on the hearing, check this update.
Coinbases Chief Legal Officer, Paul Grewal, tweeted an update on the exchanges partial win against the regulator. Grewal pointed out that the SEC accepted that no decision was made on new crypto rules.
The regulator failed to commit to a deadline despite explicit orders from the court. The SECs response to last weeks Third Circuit was therefore inadequate to provide clarity on crypto asset regulation.
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Crypto Analyst Details Potential Reversal Levels for Ethereum, Binance Coin and Litecoin Amid Altcoin Correction – The Daily Hodl
A closely followed analyst is outlining key price levels where he believes crypto bulls would step in and ignite trend reversals for Ethereum (ETH), Binance Coin (BNB) and Litecoin (LTC).
In a new video update, analyst Michal van de Poppe tells his 163,000 YouTube subscribers that Ethereum is at risk of further downside unless it can reclaim support at $1,785.
This entire area of $1,785 is something we need to sustain. Otherwise, we are going to look at a case that I think we are going to retest the area around $1,600 and have the reversal taking place.
At time of writing, ETH is trading for $1,751. A move toward Van de Poppes reversal area suggests an over 8% decline for leading altcoin.
Looking at Binance Coin, the utility token of the worlds largest crypto exchange, Van de Poppe says that BNBs failure to stay above support at around $270 suggests that the altcoin is likely en route toward $200, where it could potentially reverse.
We need to reclaim the area of [$270] in order to prevent a market breakdown. We did have this market breakdown, and now were looking at potentially taking this liquidity beneath the low here for Binance Coin before we are most likely going to reverse. So Im looking at bids in this range ($200) if were going to get that.
At time of writing, BNB is worth $237.
As for the peer-to-peer payments network Litecoin, Van de Poppe says that LTC may be close to ending its correction.
I think if we are going to have a reversal taking place, this is the range that were looking at, perhaps towards $70 to $73. If that is going to be the case, then I think were going to have a swift rally back up.
At time of writing, LTC is trading for $78.78.
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Top 3 cryptocurrencies seeing uptick in social volume: Ethereum, XRP, Binance Coin – FXStreet
Social media attention has recently turned to Ethereum (ETH), XRP and Binance Coin (BNB) at the expense of Bitcoin, a sign of increasing confidence in these altcoins among crypto traders even as the price of the most popular cryptocurrency holds above the $25,000 level.
Recent news affecting these altcoins is the main reason behind the surge in social media mentions. Binances hearing on Tuesday marked an important milestone for holders of BNB, the exchanges native token. Judge Amy Berman Jackson, of the D.C. District Court, asked the Securities and Exchange Commission (SEC) and Binance to continue negotiating and to submit a status update by Thursday.
BNB price rallied 10.5% in response to the hearing.
Similarly, the release of the so-called Hinman emails, key documents for Ripples defense against the SEC, fueled a temporary bullish sentiment among XRP holders.
Also read: XRP volatility surges as Hinman documents support Ripple's case against the SEC
Bitcoins social volume declined after the assets price rally in March, according to data from crypto intelligence tracker Santiment. Social volume is built on top of social data collected by the tracker. The platform combs text documents containing the asset name at least once, on Twitter, Telegram and Reddit.
As seen in the chart below, Bitcoin social volume increased sharply in mid-March, weeks before reaching its recent price peak of $30,899.76 in April.
ETH, XRP and BNB social volume
A spike in social volume is typically followed by a rally in the assets price in the weeks following a spike in social volume.
ETH, XRP and BNB registered an increase in social volume after Tuesdays events. The Hinman documents, key to Ripples defense against the SEC, were unveiled for public view. Their content fueled a bullish sentiment among XRP holders and the altcoin yielded 6% gains before pulling back. Find out more here.
The Hinman documents shed light on the regulators stance on Ethereum and why the asset was considered a non-security, putting the second-largest altcoin by market capitalization under the spotlight too. ETH price held above key support at $1,724, trading at $1,739.57 at the time of writing.
On Tuesdays hearing, Judge Amy Berman Jackson asked the SEC and Binance to continue negotiating to arrive at a compromise. The Judge asked the two parties to submit a status update by Thursday.
In the court hearing, the Judge expressed skepticism about the US financial regulators move to enforce its powers on Binance and called it inefficient and cumbersome, according to a report from the hearing by The New York Times. These comments fueled hopes among Binances native token holders, pushing BNB price higher.
BNB price climbed from $228.90 to $252.90, or 10.5%, since Tuesdays hearing. The exchanges native token is therefore on track to recoup its recent losses and yield gains for holders ahead of Thursdays update.
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Top 3 cryptocurrencies seeing uptick in social volume: Ethereum, XRP, Binance Coin - FXStreet
Binance suspends deposits for bridged tokens, seeks clarity from Multichain team – Cointelegraph
Crypto exchange Binance suspended deposits for 10 bridged tokens on May 25 following days of stuck transactions that sparked uncertainty surrounding the Multichain protocol.
Affected token pairs include Polkastarter (POLS), Alpaca Finance (ALPACA), Travala.com (AVA), Spell (SPELL), Fantom (FTM), Alchemy (ACH), Beefy (BIFI), SuperVerse (SUPER), Harvest Finance (FARM) and DeXe (DEXE). The move impacts users of bridged tokens on the BNB Smart Chain, Fantom, Ethereum and Avalanche blockchain networks.
According to Binances deposit page, withdrawals of these tokens and deposits on other networks are still available.
Multichains(MULTI) silence about the ongoing issues has been fueling uncertainty. As reported by Cointelegraph, transactions on the protocol have been delayed across multiple cross-chain bridges.
In a tweet from May 24, Multichain said that some cross-chain routes were unavailable due to force majeure," noting that the time for service restoration was unclear. It was the last communication from the protocol on the social media platform. Previously, the delay was attributed to a backend node upgrade.
Binance was not the only company to take steps amid the unexplained downtime. A wallet address linked to the Fantom Foundation reportedly removed 449,740 MULTI ($2.4 million) from liquidity on the decentralized exchange SushiSwap. Also, on May 24, blockchain analytics firm Lookonchain reported MULTI outflows related to smart money accounts worth $3 million.
On Twitter, rumors circulated that Multichains team had been arrested by the Chinese police, with $1.5 billion of smart contract funds under authorities control. Cointelegraph reached out to Multichain but did not receive an immediate response.
Binances venture arm is one of Multichains investors. In December 2021, the cross-chain protocol raised $60 million in a seed funding round led by Binance Labs, along with other venture capital investors such as Sequoia China, IDG Capital, Primitive Ventures, DeFiance Capital, Circle Ventures, Hypersphere Ventures, HashKey and Magic Ventures.
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Binance suspends deposits for bridged tokens, seeks clarity from Multichain team - Cointelegraph
Binance Pulls The Plug: Token Deposits Suspended Due To Multichain Mayhem – Benzinga
May 25, 2023 2:19 PM | 1 min read
Cryptocurrency exchange Binance has temporarily halted deposits of 10 specific tokens Thursday, a move prompted by ongoing problems with the Multichain Bridge initiative.Tokens impacted by this suspension are primarily used on the BNB Smart Chain (CRYPTO: BNB), Fantom (CRYPTO: FTM), Ethereum (CRYPTO: ETH), and Avalanche (CRYPTO: AVAX)blockchain networks.
The list includes tokens like AVA-ETH, SPELL-AVAXC and FTM-ETH.
Binance stated that deposits of these digital assets on alternative networks are unaffected, and users should consult the exchange's deposit page for more details.
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Also Read:Sam Altman's Worldcoin Secures $115M In VC, Hopes To Grow From 2M Users To Billions
Binance made a public statement noting, "We are temporarily suspending deposits for the following bridged tokens-network while we await clarity from the Multichain team."
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This temporary halt trails a five-day crisis that Multichain users endured, severely affecting transaction processing and resulting in numerous stalled transactions.
Several of Multichains cross-chain bridge routes, encompassing Kava (CRYPTO: KAVA), zkSync, and Polygon (CRYPTO: MATIC) zkEVM, are yet to be restored.
Initially, the Multichain project attributed the disruption to technical complications.
Nevertheless, as users' frustration amplified, the issue's cause was revised to a vague "force majeure."
Read Next:The Next Crypto Sensation: Base's Mainnet Launch And What It Means For You
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2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Binance Pulls The Plug: Token Deposits Suspended Due To Multichain Mayhem - Benzinga
Stablecoins Are the ‘Glue’ Between the Real Economy and Blockchain: Binance Japan General Manager – CoinDesk
Takeshi Chino, speaking ahead of Binance's re-entry into Japan via its acquisition of regulated crypto exchange Sakura Exchange BitCoin, described how volatility of crypto prices may lead to profit opportunities but will not help stimulate broader demand for cryptoassets.
"We believe that stablecoins will serve as the glue between the real economy, the blockchain economy, and the Binance ecosystem," Chino said. "When you do something stably, price fluctuations become noise."
Stablecoins are pegged to the value of traditional assets, usually fiat currencies such as the U.S. dollar, and therefore are designed to be free of the price swings that often afflict cryptocurrencies like bitcoin (BTC).
Chino said crypto winter may be hampering the traditional model of a crypto exchange business, given how lower valuations and trading volume will diminish revenue from fees. He said that Binance's vision for "freedom of money" through crypto and blockchain technology supersedes the exchange business model and the present market conditions.
"The ecosystem has many facets," he said. "For example, we will provide various services from a different angle to finance, and we will also provide various IP (intellectual property) contents in the form of Web3."
Binance's move back into Japan this summer will come two years after the exchange received warning from the country's Financial Services Agency (FSA) that it was operating there without permission.
Chino described how one of the keys to gain regulatory acceptance in Japan is ensuring understanding of how its products work in order to gain trust, something he admits may be a challenge.
"We are confident about our product and technology, but we are still a long way off in terms of whether the company Binance and its activities are properly understood," he said.
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BNB drops below this key support level as Binance halts – AMBCrypto News
The Binance Smart Chains native cryptocurrency has been on a bearish trajectory for six weeks. Its performance in the last two days has been particularly noteworthy because of its ascending support line. Should investors anticipate more BNB price weakness after failing to secure bullish momentum?
Read BNB price prediction for 2023/2024
Lets take a look at some of the most noteworthy observations regarding Binance before assessing BNBs prospects. According to the latest Binance announcement, the BSC temporarily suspended deposits from multiple networks in the last 24 hours at the time of writing.
Binance did not disclose whether the decision was based on a threat to its operations or whether it was due to routine maintenance. However, it did reveal later that it resumed deposits from Ethereum and FTM.
We observed a significant dip in the number of active addresses in the last 24 hours in hours after Binance made the announcement. This was followed by a sharp bounce back presumably due to the reactivation of deposits.
The likelihood that the halting of deposits may have had an impact on BNBs price action was quite low. This was because the cryptocurrency maintained the same bearish momentum it was on 24 hours prior to the announcement about the temporary suspension of deposits.
BNBs price action was particularly notable because the selling pressure in the last two days broke through a key ascending support line. It traded at $304 at press time which is slightly above its 200-day moving average.
The 200-day MA will likely act as the next support range to bear the $300 price level. This was largely because the MA may act as a psychological buy zone and the fact that the same price is within a zone of short-term support. Also, what was worth noting was that the MFI indicated that buying momentum was already building up.
Is your portfolio green? Check out the BNB Profit Calculator
Some on-chain data also backed the bullish expectations. For example, the mean coin age has been on a steady upward trajectory for the last seven days. This confirmed that most investors were still holding their tokens. Additionally, investor consensus expectations have been on the rise for the last seven days indicating bullish expectations.
Based on the above analysis, buying pressure was slowly building up and might soon lend favor to the bulls. However, this outcome was still subject to overall market conditions which may pull a surprising instance of capitulation if BNB fails to secure enough bullish momentum.
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BNB drops below this key support level as Binance halts - AMBCrypto News
Binance’s CZ says China is ‘buzzing’ after bitcoin seen in TV segment – The Block – Crypto News
Binance CEO Changpeng "CZ" Zhao said that Chinese-speaking communities are "buzzing" after state broadcaster China Central Television appeared to broadcast a segment about cryptocurrencies that featured the Bitcoin logo.
"It's a big deal," he wrote on Twitter. "Historically, coverages like these led to bull runs. Not saying past predicts the future. And not financial advice."
Zhao shared a link to CCTV's website that showed a segment that featured what appeared to be a Bitcoin ATM in Hong Kong. Besides a large blue logo, an option that said "Buy Bitcoins" was visible. NFTs were also highlighted in the segment.
The segment, dated May 23, focused on a Hong Kong licensing system for virtual asset trading platforms. China prohibited the use of cryptocurrencies in 2021.
Bitcoin was down 3.4% on Wednesday, falling to $26,295, according todata on TradingView.
Honk Kong's Securities and Futures Commission on Tuesday released consultation conclusions about proposed regulatory requirements for virtual asset trading.
"A significant majority of respondents agreed to our proposal to allow licensed trading platform operators to serve retail investors," the commission said. "The SFC will implement a number of robust measures to protect these investors including ensuring suitability in the onboarding process, good governance, enhanced token due diligence, admission criteria and disclosures."
The "Guidelines for Virtual Asset Trading Platform Operators" will become effective on June 1. The rules will cover "safe custody of assets, segregation of client assets, avoidance of conflicts of interest and cybersecurity standards and requirements expected of licensed trading platforms."
"Hong Kongs comprehensive virtual assets regulatory framework follows the principle of 'same business, same risks, same rules' and aims to provide robust investor protection and manage key risks," SFC CEO Julia Leung said in a statement. "This will enable the industry to develop sustainably and support innovation.
2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Binance's CZ says China is 'buzzing' after bitcoin seen in TV segment - The Block - Crypto News