Kategorie: Crypto Markets

• Binance Coin (BNB) price is traded to lows of $204 after breaking below $210 and $208.
• Declines for BNB come amid strong headwinds around Binance. 
• BNB could drop to lows of $180 nad lower if bulls give up $200 zone.

BNB price has broken below a key level as regulatory headwinds and latest issues around payments partners add to the broader downside pressure around the native Binance coin.

According to data from CoinGecko, BNB traded to lows of $204 on Tuesday, with price down nearly 2% in the past 24 hours as of writing. Binance’s native coin has declined more than 14% in the past week. At current levels BNB is trading below a key technical support line and weakness could see bears push for the crucial $200 area.

The last time BNB decisively broke below the zone was in June 2022 after the Terra and Three Arrows Capital collapse. Prices wicked to lows of $183 then.

Why is BNB price down today?

Binance has faced multiple regulatory hurdles over the past several months. Among them is a lawsuit by the US Securities and Exchange Commission (SEC), which sued the crypto exchange in June. BNB price fell sharply at the time, dropping from highs of $306 to lows of $230.

The cryptocurrency has struggled since, with the latest developments likely to have contributed to the downward pressure being reports that the support for euro deposits and withdrawals had been halted. 

Notably, Binances EUR payments partner Paysafe announced in June that it would be halting support for the company.

As reported here, Binance has also recently suffered a setback after digital payments platform Checkout.com ended its relationship with the crypto exchange.

Binance Coin price outlook

The confluence of Binance-related issues and the weakness across risk asset markets sees BNB price face potential dip to lowest level in more than a year. This scenario is strengthened by the technical outlook for BNB/USD as seen on the weekly chart.

On the 4-hour chart below, the RSI and MACD indicators suggest bearish strength as is the exponential moving average and funding rate. Erroneous 

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• Chancer has seen nearly $1.6 million raised in its presale.
• Interest in the prediction markets crypto project has increased despite recent crypto sell-off.

Is the current crypto market landscape a good time to invest? Experts opine the correction offers yet another opportunity to buy low. The same could apply to new gems in the market – and the Chancer presale suggests investors see value in blockchain-based betting.

Crypto correction sees altcoins slide further

Bitcoin and Ether prices are trading at critical levels after last week’s sell-off pushed BTC to under $25k and ETH to below $1.6k. Bitcoin is currently 11% down this past week, while Ether has shed nearly 10%. 

Despite resilience creeping back into the outlook for the top two coins by market cap, the broader altcoin market is showing fresh weakness across many prices.

Double-digit losses for XRP, BNB, Polygon, Solana and Cardano over the weekly time frame threatens a strengthening of the short term bearish perspective. Analysts point to regulatory and macro headwinds are key factors in coming months.

However, despite the overall weakness, experts see a flip towards a bull market early next year. Potential upside catalysts include spot ETFs and regulatory clarity. The downswings could thus be opportunities for portfolio buffing.

What is Chancer?

Chancer is a new crypto project that could revolutionise not just the betting market but the entire gambling sector. The project offers a decentralised predictions market that takes control from the traditional, centralised bookmaker and hands it to individual bettors.

Chancer’s innovative social betting project is thus seen as a potential game-changer for the entire industry, particularly when it comes to removing the limitations created by traditional platforms’ central “house” approach. 

With Chancer, you can create bets on anything, including sports, elections and local community events. 

$CHANCER token and fast-selling presale

The Chancer ecosystem will be powered by $CHANCER, a utility token to be launched on the Binance Smart Chain.

A presale for the token, which launched to a lot of buzz recently, has already attracted nearly $1.6 million from investors. Currently, the price of $CHANCER is $0.011 and will increase throughout the offer period to $0.021.

The Chancer team has made it easier for investors to buy $CHANCER by adding support for BNB, ETH, USDT and BUSD

Why buy $CHANCER amid the current market downturn?

While you cannot predict what happens in the markets down the road, possible scenarios for market outlook can be drawn from possible tailwinds and headwinds. The pain witnessed during the crypto winter is not fully dissipated, but as noted above, analysts are increasingly bullish on crypto.

Also, Chancer’s roadmap suggests the platform’s launch might slot in nicely with the uptick in crypto market returns.

It is a case scenario that sees investors eye the opportunity in a blockchain technology project that promises to bring transparency to the global sports betting industry. 

Per a recent forecast report for the industry, significant growth is expected over the next decade. Experts also contend that decentralised sports betting is gearing for a major adoption curve. Chancer could spearhead the P2P betting revolution.

In terms of what Chancer actually offers, the whitepaper outlines more than just a currency to creating bets, playing and winning payouts.

Holders will also have passive income opportunities, including via staking and a Share2Earn feature that allows them to promote their bets to the global community. The more one shares with friends and family, the greater the rewards in $CHANCER tokens.

Are you interested in learning more about this project? Visit Chancer.com.

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• The Shiba Inu (SHIB) token has been on a bear trend following the unsuccessful Shibarium launch.
• SHIB’s value has dropped by 22.3% over the last seven days almost erasing all the last month’s gains.
• The increased burn rate has caused an increased curiosity within the ecosystem.

Shiba Inu (SHIB) has experienced a startling 800% rise in burn rate, resulting in the massive removal of almost two billion SHIB tokens from circulation. The cryptocurrency ecosystem is ablaze with rumours and curiosity following this abrupt increase in the burn rate.

In the last 7 days, there have been a total of 1,840,593,165 $SHIB tokens burned and 255 transactions. #shib pic.twitter.com/6r179JulIu

— Shibburn (@shibburn) August 20, 2023

This increased burn rate may be caused by a number of circumstances. One of the main causes could be community-led efforts to decrease the amount of SHIB in circulation, which would increase scarcity and thus increase the token’s value. The price of SHIB has dropped by 22.3% over the last seven days, dropping from $0.00001027 to $0.000007976 in just seven days.

Restoring confidence in Shiba Inu

The Shiba Inu community may have been motivated to take proactive actions to rebuild faith in the token as a result of the recent disastrous launch of Shibarium, in which more than 1,000 ETH became stranded in the project’s ETH Bridge.

However, it is important to remember that while burning tokens can make them scarce, it does not always result in a price increase. Shiba Inu, which was at press time trading for around $0.000007976, has recently endured quite some difficulties and has demonstrated tenacity on the market.

The obvious decline in whale activity on the SHIB network is one of these difficulties. From a peak of 120 large transactions, there are now just 20 large transactions. This decrease in whale activity has potential drawbacks.

On the one hand, it can suggest significant holders lack confidence, which might result in price instability. However, it might also lead to a more decentralized distribution of SHIB tokens, minimizing the price impact of significant sell-offs.

The burn rate and its potential effects on the price of SHIB must be considered in light of other market factors. Although the Shibarium launch failure and the ETH bridge problem that followed were setbacks, the community’s proactive approach to burning tokens shows how committed it is to the success of the meme coin.

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• Previously, Coinbase only assumed a minority role as a distributor and promoter of the Circles USDC project.
• Buying a stake in Circle means Coinbase is taking a more hands-on approach to the project.
• The size of Coinbase’s stake in Circle has, however, not been revealed.

According to CoinGecko, the market capitalization of Circle’s USD Coin (USDC) increased dramatically over the course of the last five years, rising from just $500 million to about $26 billion.

The stablecoin was developed through the Centre Consortium, which provides governance over the token. It is competing for market supremacy with Tether’s USDT and, the more recently launched PayPal stablecoin.

Coinbase’s prior collaboration with Circle

Initially, Coinbase played a limited role as the project’s distributor and advocate at the time, with Circle providing the majority of the labour and capital required for the project.

In accordance with earlier accords, Coinbase and Circle agreed to split revenue based on USDC ownership and each company’s statistics for coin minting and distribution.

Coinbase new agreement with Circle

Coinbase has made the decision to step up and adopt a more active strategy. The two have reached a new agreement which will place more emphasis on holdings, particularly those on third-party DeFi wallets, and less on the business operations of the partners.

The news of the new partnership broke soon after Circle declared that the Centre Consortium would be disbanded. According to Circle CEO Jeremy Allaire, the Center, which has been a key component of Circle’s initiative ever since the beginning of USDC, is no longer required. The consortium’s original purpose was to facilitate governance sharing among several companies.

However, the anticipated collaborations with other businesses never happened, leaving Centre as nothing more than a conduit for negotiations between Coinbase and Circle. The two companies concurred to disband the consortium because they were already carrying out all tasks required for maintaining and promoting USDC.

Although Allaire said that Coinbase’s stake was a modest, minority stake and that Circle will still be largely in control of the project, the extent of Coinbase’s new holding in Circle still remains a secret.

Following the formalities, Circle intends to keep enhancing USDC’s capabilities in an effort to generate additional money. Circle also intends to introduce USDC on six new blockchains in the near future, albeit they have withheld the names of those blockchains for the time being.

Circle has already introduced a Euro-backed stablecoin on Avalanche and is working on cross-chain functionality and programmable wallets to make USDC more appealing to developers.

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• Recur announced the gradual wind down of its operations and functionality on August 18, 2023.
• All NFT activity will be disabled by November 16, with metadata migrated to IPFS.
• The startup had secured a $50 million series A funding round in 2021.

Recur, an NFT startup that attracted over $50 million in its series A financing round in 2021, is shutting down.

The platform announced the deprecation of its Web3 functionality on Friday, telling users that the gradual shut down will end with complete disabling of all metadata and migration to IPFS on November 22, 2023.

Recur shut down timeline

Details of the eventual closure indicate a timeline that began on August 18, 2023 with the disabling of RECUR-powered functionality including primary and secondary NFT sales.  However, end users will still be able to withdraw NFTs to on-chain wallets as well as cash out balances accumulated before August 31, 2023.

Starting November 9, 2023, Recur will disable NFT deposits and other functionality, including withdrawals and USDC cash outs, a week later.

According to the Recur team, NFT metadata and graphical assets transitioned to IPFS will be accessible and retrievable. 

IPFS, short for InterPlanetary File System, is a peer-to-peer file sharing protocol that enables data retrieval without the need for the Recur platform. Users will also get the details on Filecoin’s decentralized storage network, the startup announced.

Recur’s challenges and the turn of events come less than two years after the financing round, with this the latest NFT-focused startup to fold amid the effects of the prolonged crypto winter. 

We want to extend our heartfelt thanks to each and every one of you for being an integral part of the RECUR community. It is with a deep sense of gratitude that we look back on the moments, both the triumphs and the challenges, that have shaped RECUR.

— RECUR (@RecurForever) August 18, 2023

In 2021, the startup raised $50 million at a valuation of $333 million to become NFT’s largest series A round. Metaverse-focused investment platform DIGITAL led the financing.

Declines in NFT sales across the market have contributed to the downturn in fortune for Recur and other platforms, reflected by the dip in sales volume on Ethereum.

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