Category Archives: Ethereum
Binance Converts $1 Billion BUSD Into Bitcoin, BNB, and Ethereum … – Bitcoin News
On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement.
Binance CEO Changpeng Zhao (CZ) announced on Monday that the company had converted $1 billion BUSD into bitcoin (BTC), BNB, and ethereum (ETH). Given changes in stablecoins and banks, Binance will convert the remaining $1 billion from the Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH. Some fund movements will occur onchain. Transparency, Zhao said.
After tweeting the announcement, CZ shared an address for the Industry Recovery Initiative and a transaction explorer link for the transfer that the exchange handled. One person replied to CZs Twitter thread and said: People who are a bit unnerved by recent stablecoin developments will feel much more reassured. The Binance CEO responded that he didnt even think about it that way. I was just discussing how to keep the funds in a safe asset. But that works too.
At the time of writing, Binance holds 7.56 billion BUSD stablecoins, according to Nansens exchange portfolio tool. CZs announcement comes as USDC had troubles this weekend holding parity with the US dollar after the failure of Silicon Valley Bank (SVB). Furthermore, US regulators forced Paxos to stop issuing BUSD, and billions of BUSD tokens have been removed from circulation since.
While BUSD has faced regulatory scrutiny, the stablecoin managed to stay within the $0.99 to $1 range most of the time. On March 11, 2023, BUSD slightly dipped to the $0.9848 range for a short period of time, but remained stronger than five other stablecoins that deviated from $1 parity over the past weekend.
What are your thoughts on Binances decision to convert $1 billion BUSD into bitcoin, bnb, and ethereum? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Binance Converts $1 Billion BUSD Into Bitcoin, BNB, and Ethereum ... - Bitcoin News
Why Bitcoin Cash And Ethereum Classic Are Ripping Higher – Benzinga
March 14, 2023 2:45 PM | 1 min read
Bitcoin Cash (CRYPTO: BCH) andEthereum Classic(CRYPTO: ETC)aretrading higher by 4.90% to $133.60 and 5.56% to $20.77 Tuesday afternoon. Shares of several altcoins are trading higher on continuedupward momentumin cryptocurrencies.
Crypto may be trading higher in sympathy with the broader U.S. market after CPI data for February met analyst expectations. Our Benzinga team reportedthe headlineCPIrose 6% in February, downfrom 6.4% in January, according todatafrom the Labor Department.
Crypto may also be higher in sympathy with the broader U.S. market after President Joe BidenMonday morning reassured Americans about the stability of the financial sector on Monday morning following the recent collapse of SVB Financial Group,Signature Bank and Silvergate Capital Corp.
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Our Benzinga team reported, in his address, Biden emphasized that all bank customers will have access to their funds.
"All customers who had deposits in these banks can rest assured they'll be protected, and they'll have access to their money as of today, Biden said. "No losses will be borne by the taxpayers. Instead, the money will come out of the fees the banks pay into the deposit insurance fund."
See Also:Biden Addresses FDIC Bank Takeovers: 'The Banking System Is Safe'
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Why Bitcoin Cash And Ethereum Classic Are Ripping Higher - Benzinga
How To Stake Ethereum On Coinbase? – CoinGape
Making money through cryptocurrencies is possible in multiple ways. One is the conventional method of keeping the token until its value increases. Making money passively, or while you sleep, is another method of generating income. Using your cryptocurrency to generate passive income, you can collect without ever selling your position, much like dividend stock shareholders receive regular payments. By staking crypto, you can earn money in the same way as your savings account yields interest.Unlike Ethereum, Bitcoin does not permit staking. One of the most popular cryptocurrency exchanges worldwide is Coinbase. Therefore, the most widely used stakeable coin and the largest exchange in the nation are good places to start if youre considering using your cryptocurrency for staking.
In this article, learn more about Ethereum staking on Coinbase. Lets dig in.
In contrast to proof-of-work or PoW-based blockchains, the PoS-powered blockchain bundles 32 blocks of transactions during each round of validation, which lasts, on average, 6.4 minutes. Collectively, these blocks are known as epochs. An epoch only reaches finality when the blockchain adds two more epochs after it, making it irreversible.
Stakeholders are divided into a committee of 128 by The Beacon Chain, which assigns them randomly to a particular shard block. Each committee has a designated slot. Each epoch has 32 slots, so 32 committees must complete the validation process.
One member is accessible to the sole authority to suggest a new block of transactions after a committee has been assigned to a block of transactions. The remaining 127 members, on the other hand, vote on the proposal and vouch for the transactions.
The Beacon Chain will manage the validators, from tracking their stake contributions to dispensing rewards and penalties. The Ethereum network has numerous sub-sections known as shards through sharding. Each shard would exist in its state with its account balances and smart contracts.
Once the majority of the committee approves, the new block is added to the blockchain, and a cross-link is created to authenticate its insertion. The staker selected to suggest the new block is the only one to receive payment after that.
During cross-linking, individual align shard states with the primary chain, or the Beacon Chain. The Beacon Chain must reflect each shards final state through cross-linking.
In a distributed network, a transaction hits finality only when it has an unalterable block. In proof-of-stake, Casper, a finality protocol, achieves this by requiring validators to concur on the state of a block at specific checkpoints. Two-thirds of the validators must concur for the block to complete.
You must register for a Coinbase account, add Ether (ETH) to your digital wallet, and confirm that you meet the exchanges residency requirements before you can begin staking ETH on Coinbase. Ether must already be in your digital wallet for you to begin. The ecosystem of Ethereum uses ether as its native currency. If you dont already have any ETH, you can keep things straightforward by buying some on the Coinbase exchange.
Its important to note that while Coinbase is accessible throughout the majority of America, residents of Hawaii cannot yet use the exchange. Although it is accessible in New York, residents of that state are prohibited from staking several cryptocurrencies, including ETH.
For various cryptocurrencies, Coinbase has different requirements and employs various reward structures. The exchanges policies on ETH staking are the most benevolent of all, though only you can decide if its worthwhile. With six cryptocurrencies, including ETH, Coinbase permits staking. The others are Solana, Cardano, Tezos, Cosmos, and Algorand.
In contrast to the other five, Ethereum has no minimum balance requirements. Furthermore, the reward payout schedules for the other five are delayed. For Tezos, Cardano, and Cosmos, the reward payout rate is three days, five days, and seven days, respectively. Algorand pays out rewards only once every three months, making it the slowest. While Ethereum rewards are distributed every day.
Ethereum prices are infamously unstable, much like all cryptocurrencies. Ethereum offers payout rewards on staking. Hence, only if you think Ethereum will rise in value is staking ETH a wise investment. Your initial investment and any reward yield earned depend on the ETH tokens success unless you decide to exchange them for another cryptocurrency or cash them out.
Staking ETH exposes one to the possibility of slashing, a punishment imposed at the protocol level. Slashing, which may result in the loss of staked assets, may be brought on by circumstances beyond Coinbases control. Before you can begin staking, you must accept the terms of the Coinbase user agreement, which includes a list of all the hazards, including slashing. Before you start, thoroughly read it. Finally, remember that staking payouts over $600 are essential for IRS reporting.
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Bitcoin, Ethereum Technical Analysis: BTC Above $20000, ETH … – Bitcoin News
Bitcoin rose back above $20,000 on Saturday, despite markets still being spooked by the collapse of yet another banking institution. Silicon Valley Bank was shut down by U.S. regulators on Friday, causing many institutions to lose access to capital. This includes USDC issuer Circle, which led to a USDC depegging. Ethereum also rebounded on Saturday.
Bitcoin (BTC) rose back above $20,000 on Saturday, despite overall volatility in financial markets being at historic highs.
This comes as the Federal Deposit Insurance Corporation (FDIC) confirmed it was shutting down Silicon Valley Bank.
Despite this, BTC/USD raced to an intraday high of $20,792.53, less than 24 hours after trading at a low of $19,628.25.
Overall, todays marginal rally in price comes as the 14-day relative strength index (RSI) found a floor at the 27.00 level.
At the time of writing, the index is tracking at 28.46, with bitcoin at $20,279.45, as earlier gains have eased.
Market volatility will likely remain higher in the coming days, leading to bitcoin moving above and below $20,000 throughout the weekend.
Ethereum (ETH) was also significantly higher to start the weekend, as prices rose back above $1,400.
Following a two-month low at $1,378.53 yesterday, ETH/USD moved to a peak at the $1,481.32 level on Saturday.
The move comes as ethereum bulls bought yesterdays dip, as price strength moved deep into oversold territory.
Friday saw ethereums RSI fall to 28.30, which was its weakest point since last June, however the index has since rallied.
As of writing, it is now tracking at 32.26, and appears to be heading towards a long-term floor at 34.00.
Should it reach this point, there is a strong possibility that ethereum will be back above $1,500.
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Will todays rebound extend into the remainder of the weekend? Leave your thoughts in the comments below.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Bitcoin, Ethereum Technical Analysis: BTC Above $20000, ETH ... - Bitcoin News
Why Ethereum Classic And Litecoin Are Diving – Benzinga
March 9, 2023 3:38 PM | 1 min read
Litecoin (CRYPTO: LTC) and Ethereum Classic (CRYPTO: ETC)are both facing selling pressure andtrading lower Thursday afternoon. The broader cryptocurrency market is experiencing marked weakness asSilvergate Capital Corp'splanned liquidation has weighed on banks with crypto exposure.
See Also: PreMarket Prep Covers Potential Concerns For Regional Banks
So What's Going On With Silvergate?
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Silvergate shares are plunging and taking crypto down with it Thursdayafter thecompany saidit will wind down operations and voluntarilyliquidate Silvergate Bank. Several top cryptocurrencies are selling off alongsidethe crypto-linked company.
Silvergate'sliquidation planincludes full repayment of all deposits. The company alsosaid it'sconsidering how best to resolve claims and preserve the residual value of its assets.
According to data fromBenzinga Pro:
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Polygon (MATIC) CEO Announces Ethereum (ETH) As The Layer 1 Future. HedgeUp (HDUP) Intends To Lead Web 3. – Benzinga
The world of cryptocurrencies is a rapidly changing and evolving space, with new technologies and platforms constantly emerging. Polygon (MATIC) and HedgeUp (HDUP) are two of the latest developments in the industry.
Recently, the CEO of Polygon, Sandeep Nailwal, announced that Ethereum (ETH) would be the future of Layer 1. At the same time, HedgeUp (HDUP) aims to lead the Web 3.0 alternative cryptosphere.
Let's take a closer look at these two exciting projects and explore their potential impact on the future of cryptocurrencies.
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HedgeUp (HDUP) is a new cryptocurrency project that has emerged to be at the forefront of developing Web 3.0 alternatives in the cryptosphere. This project aims to provide a comprehensive solution that combines the best features of traditional financial systems and the decentralized nature of cryptocurrencies.
HedgeUp (HDUP) aims to offer a range of features to users, including a decentralized exchange, staking, and farming. These features will allow users to earn rewards for participating in the network while also providing various investment opportunities. HedgeUp is also designed to be user-friendly, making it easy for anyone to get started with cryptocurrencies.
One of the standout features of HedgeUp (HDUP) is its focus on security. The platform has implemented a range of security measures to protect users' funds and ensure the integrity of the network. This includes multi-factor authentication, biometric login, and cold storage for users' assets.
HedgeUp is committed to environmental sustainability, with plans to become the world's first carbon-negative cryptocurrency. The platform will achieve this by offsetting its carbon emissions through various initiatives, including investing in renewable energy projects.
With these use cases, this new and exciting HedgeUp project is well-positioned to become a significant player in the industry and offer a comprehensive solution for the Web 3.0 alternative cryptosphere.
While HedgeUp (HDUP) is a relatively new player in the cryptocurrency space, Polygon (MATIC) is an established project that has gained significant traction in recent years.
Polygon is a Layer 2 scaling solution for Ethereum that addresses some of the network's key issues, including high gas fees and slow transaction times. The company aims to make Ethereum scalable, faster, and cheaper by building a network of side chains that can handle high volumes of transactions.
Polygon's CEO, Sandeep Nailwal, recently announced that Ethereum would be the future of Layer 1, with Polygon as the Layer 2 scaling solution. According to Nailwal, Ethereum is the most secure and decentralized blockchain. This announcement has significant implications for the industry's future, as it suggests that Ethereum will remain the dominant player in the space.
Nailwal also stated that he sees Polygon (MATIC) as a complementary technology to Ethereum rather than a replacement. He believes that the two technologies can work together to create a more efficient and decentralized ecosystem for the crypto industry.
The announcements from HedgeUp (HDUP) and Polygon (MATIC) are significant developments in cryptocurrency. These latest projects are making waves in the industry, with the former aiming to lead the development of Web 3.0 alternatives that could revolutionize the way we use the internet and the latter highlighting the importance of Ethereum.
While the industry's future remains uncertain, it is clear that cryptocurrencies will continue to play a significant role in the global economy. HedgeUp is worth keeping an eye on as it continues developing new technologies and platforms that could change how we use and think about cryptocurrencies.
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This post was authored by an external contributor and does not represent Benzinga's opinions and has not been edited for content. This content contains sponsored advertising content and is for informational purposes only and not intended to be investing advice.
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