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Binance introduces zero-fee trading for BTC/FDUSD and ETH/FDUSD

  • Binance has added zero-fee trading for BTC/FDUSD and ETH/FDUSD pairs.
  • Trading for the two pairs opens at 08:00 UTC on August 4, 2023.

Binance has announced trading support for the First Digital USD (FUSD) stablecoin against both Bitcoin (BTC) and Ethereum (ETH).

The exchange, the world’s largest by trading volume, will also provide zero-fee spot and margin trading for the two pairs – BTC/FDUSD and ETH/FDUSD.

BNB discounts will not apply 

According to a notice published August 3, Binance is adding the zero maker and taker fees feature for the BTC/FDUSD pair via its Zero-Fee Bitcoin Trading Program. This feature is effective at 08:00 UTC on August 4, 2023.

“During the promotion period, trading volume on the BTC/FDUSD spot and margin trading pairs will be excluded from the VIP tier volume calculation and all Liquidity Providers program. BNB discounts, referral rebates, and any other adjustments will not apply to the BTC/FDUSD spot and margin trading pairs during the promotion,” Binance announced.

Meanwhile, customers will benefit from zero maker fee for ETH/FDUSD via the FDUSD Zero Maker Fee Promotion and the standard taker fee, with this applicable as per a user’s VIP level.

Binance’s conditions for the promotion include the exchange’s “right to disqualify trades that are deemed to be wash trades or illegally bulk registered accounts.” The company also reserves the right to disqualify trades deemed to be market manipulation or self-dealing.

The introduction of zero-fee trading for BTC/FDUSD comes a few months after Binance ended the zero-fee trading for BTC. The exchange also halted the zero-maker fee program for the stablecoin Binance USD (BUSD), with the promotion opening for TrueUSD (TUSD).

The exchange’s overall market dominance suffered a blip following these moves, with market share and trading volume shrinking by as much as 50%. The outlook also impacted crypto prices as liquidity shrunk.

The post Binance introduces zero-fee trading for BTC/FDUSD and ETH/FDUSD appeared first on CoinJournal.

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Bitcoin price outlook as Shiba Memu’s presale hits $1.5M

Key takeaways

  • Bitcoin is still trading around $29k per coin and could dip lower in the near term.

  • Shiba Memu’s presale has hit %1.5 million after selling more than 52 million SHMU tokens. 

Bitcoin has been underperforming in recent weeks, down from the $31k level it achieved last month. The world’s leading cryptocurrency by market cap is struggling around the $29k region, and market experts believe it could dip lower in the near term.

Shiba Memu has continued to set new records with its presale despite the bearish market conditions. 

BItcoin Stays Around $29k

The cryptocurrency market has been bearish since the start of the month. The prices of most cryptocurrencies are trading in the red zone despite the positive performance recorded earlier this week.

Bitcoin has lost more than 1% of its value so far this week and is now trading at $29,119 per coin. Ether, Dogecoin, Solana, XRP, and other leading cryptocurrencies are all down by more than 2% so far this week. 

Despite the bearish trend, Shiba Memu’s presale continues to set new records. The team has raised more than $1.5 million so far, with more than 52 million tokens sold. 

What is Shiba Memu?

Shiba Memu is an exciting project in the cryptocurrency space that seeks to combine the powers of blockchain technology and artificial intelligence. With the rise of AI, their applications have become vast globally. 

Shiba Memu is a project that wants to leverage AI and blockchain to make it easier for people and organisations to create content and roll out marketing campaigns. 

In their whitepaper, the team explained that Shiba Memu could handle the task of numerous marketing agencies. As an AI tool, Shiba Memu is always active and will work 24/7 to find the best work going on in creative advertising, consuming it and generating better content marketing. 

The idea to launch as a meme token has to do with the recent popularity of meme projects in the cryptocurrency space. Within the space of two years, the market cap of meme coins grew from practically $0 to $20 billion in 2022. 

However, what makes Shiba Memu different from other meme token projects is that it has an excellent use case. Shiba Memu can be regarded as a self-sufficient marketing tool powered by AI technology.

Shiba Memu can be able to create marketing strategies, roll out PR schedules, and promote campaigns on relevant forums and social media platforms. At the moment, Shiba Memu is available on the Ethereum and BNBChain blockchains. 

Shiba Memu’s presale hits $1.5M

Shiba Memu’s presale has been going on excellently despite the bearish trend in the market. The presale has been around for roughly a month now, and the team has raised $1.5 million so far. 

The Shiba Memu project has sold over 52 million SHMU tokens to raise $1.5 million. The team intends to use the funds to develop some of its products and services. 

According to their whitepaper, most of the funds generated in the presale would be directed towards developing the Shiba Memu AI technology. By leveraging AI technology, Shiba Memu can provide exciting marketing services to its users. 

The Shiba Memu platform would also have a robotastic dashboard, allowing users to interact with the AI, provide feedback, make suggestions, and ask questions.

Click here to find out more about Shiba Memu’s presale event.

Shiba Memu price prediction

Predicting Shiba Memu’s price would be impossible at the moment since the SHMU token is still in its presale stage. At the moment, 1 SHMU = 0.017650 USDT. 

According to the team, SHMU’s price increases every day at 6 pm GMT. In a few hours, the token will go for 0.017875 USDT. 

SHMU began trading at $0.011125 when the presale began and will trade at $0.0244 when the presale ends. The SHMU token can be purchased using Ethereum, USDT, BNB and BUSD

Should you buy Shiba Memu today?

Shiba Memu could be an excellent project for investors to get into. The fact that it is still in its early stage means that it could generate impressive ROI for investors in the medium to long term. 

As a project, Shiba Memu is combining AI and blockchain technology, making it an interesting meme token. With the right level of adoption, SHMU’s price could rally over the next few months and years. 

In addition to that, a Bull Run by the broader crypto market could see SHMU’s price also rally higher. So far, Bitcoin and other major cryptocurrencies are up by over 40% year-to-date. 

A combination of excellent adoption and a Bull Run by the broader crypto market could make SHMU one of the best performers in the market over the coming months. 

The post Bitcoin price outlook as Shiba Memu’s presale hits $1.5M appeared first on CoinJournal.

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BTC/GBP and GBP/USD diverge after the BoE rate decision

  • The Bank of England delivered another interest rate hike.

  • The BTC/GBP and GBP/USD pair diverged after the report.

  • It has formed a bullish flag pattern on the daily chart.

The BTC to GBP pair moved sideways after the latest Bank of England (BoE) interest rate decision. Bitcoin was trading at £23,000 on Thursday, where it has been in the past few days. This price is about 7.2% below the highest level this month. On the other hand, the GBP/USD pair slipped to a low of 1.2625, the lowest level since June 30th.

Bank of England decision

The BTC/GBP pair moved sideways after the latest interest rate decision by the BoE. In a statement, the bank decided to hike interest rates again by 0.25% to a 15-year high of 5.25%.

The committee did that in a bid to fight the elevated inflation. In a statement, Governor Andrew Bailey said that the hike was necessary to combat the stubbornly high inflation. In a statement, he said:

“Inflation is falling and that’s good news. We know that inflation hits the least well-off hardest and we need to make sure that it falls all the way back to the 2% target. That’s why we’ve raised rates to 5.25% today.”

The most recent data showed that the headline consumer inflation dropped from 8.3% in May to 7.9% in June while wage growth jumped by 7.7%. There are signs that the British economy is slowing. 

For example, data published this week by Nationwide showed that the country’s house price index plunged at the fastest pace in over a decade. Still, the bank believes that the UK will narrowly avoid a recession this year.

Bitcoin reacts moderately to the actions of central banks like the Bank of England (BoE), the European Central Bank (ECB), and the Bank of Japan (BoJ). It also reacted mildly to actions of the Federal Reserve, which delivered its last rate hike of the year.

BTC/GBP technical analysis

The daily chart shows that the BTC/GBP pair rose to a key resistance level at 24,711 in July. This was an important price since it was the highest point in April. A closer look shows that the pair has formed a bullish flag pattern. Also, it has risen above the 25-day and 50-day moving averages.

Therefore, the BTC to GBP price will likely have a bullish breakout in the coming weeks. If this happens, the next level to watch will be at 24,711.

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The post BTC/GBP and GBP/USD diverge after the BoE rate decision appeared first on CoinJournal.

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Bitcoin volume falls to 3-year low as summer activity sags

  • Crypto volumes are sagging amid summer lull
  • In dollar terms, the amount of Bitcoin moving on-chain is at three-year lows
  • Trading activity commonly dies down in trad-fi markets at this time of year
  • However, falling crypto volumes have been realised consistently over the last year, while the dropoff has been starker than other asset classes

On-chain activity is rather muted right now. The seven-day moving average of transfer volume on the Bitcoin network is currently at its lowest level since August 2020. 

On the one hand, the falling volume represents a traditional summer lag in trading activity. However, the lowly activity is not far out of place with what we have seen thus far this year, with liquidity and volume markedly lower since the FTX collapse in November. 

Looking at dollar volume, as per the above chart, also takes into account the rampant volatility in the BTC/USD price over the years. If we assess activity in BTC terms, the dropoff is even more stark. Measuring in Bitcoin, the seven-day moving average is it at its lowest point since 2014, when Bitcoin was a niche Internet asset trading for a few hundred dollars.

The dropoff is not limited to Bitcoin. Crypto exchanges have seen volume decimated in the last couple of years. According to data from the Block, there was $984 billion of trading volume in March 2022. Last month, that figure read $413 billion, a fall of 58%. The chart shows the aggressive spike up in 2021, followed by a long and steady downtrend to today.

This follows in line with the shift in monetary policy. The $984 billion of trading volume in March 2022 came in the same month that the Federal Reserve first hiked rates. Since then, the increases have come thick and fast, with investors dumping risk assets relentlessly.

While there has been a bounceback this year as inflation has cooled and optimism over the end of the tightening cycle approaching picks up, prices remain far below the peaks of 2021. So too do volumes, liquidity and overall activity in the space. 

“The pace of interest rate rises from the Federal Reserve has been relentless”, says Max Coupland, director of CoinJournal. “This impacted risk assets across the financial landscape last year, and of course crypto prices are an obvious reminder of this. But while prices have begun to bounce back in 2023, volumes and liquidity in the industry are still trending down, to the point we are now at levels last seen in 2020”. 

It’s hard to understate how much of an impact the collapse of FTX in November had in this area. Sister firm of the fallen exchange, Alameda Research, was one of the biggest market makers in the space; with its demise, there is a massive hole in order books that has not yet been filled.

The other big push factor for many has been regulation. We saw prominent market makers Jump Crypto and Jane Street announce a scaling back of their operations earlier this year as US lawmakers put the squeeze on the industry, while last month both Binance and Coinbase were sued by the SEC. 

On a positive note, derivatives have not seen quite as stark a dropoff in liquidity. Looking at data from The Block, we see the spot-to-futures volume ratio has fallen sharply in 2023, having risen in the second half of 2022. 

However, there is no denying that on an overall basis, liquidity and volume in the space are declining. Prices remain far below the mania of the bull market, regulators are squeezing hard, and people are now going outside to touch grass, in contrast to a big portion of the bull market when the COVID pandemic locked everybody in without much to do beyond trade some of these funny things called caryptocurrencies.

There is also the reputational damage suffered by the space, and it doesn’t feel too outlandish to speculate that some users simply grew tired of all the shenanigans. But while Bitcoin transfer volume falling to three-year lows is ominous, this is the middle of summer and hence a lag in activity is to be expected. As a result, we may see volumes pick up a tad after summer. Even if this is the case, the scale of the capital outflow has been remarkable, and crypto has a long way to go yet before getting back to the good old days, a.k.a. 2021 – at least as far as liquidity and on-chain volume goes.  

If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research.

The post Bitcoin volume falls to 3-year low as summer activity sags appeared first on CoinJournal.

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Robinhood reports an 18% sequential decline in its second-quarter crypto trading revenue

  • Robinhood Markets reported its Q2 financial results on Wednesday.
  • Mizuho analyst Dan Dolev sees upside in “HOOD” to $14 per share.
  • Robinhood stock lost roughly 8.0% in after-hours trading today.

Robinhood Markets Inc says it swung to a profit in its fiscal second quarter. Shares still lost about 8.0% in after-hours trading.

A quick overview of Robinhood’s second quarter

The sell-off in extended hours isn’t entirely unjustified. There sure were pockets of weakness in its quarterly performance.

For one, the online trading platform brought in $31 million from crypto trading in its recently concluded quarter. That was down 18% sequentially. Crypto trading made up 16% of its total revenue in Q2.

Still, Mizuho analyst Dan Dolev sees upside to $14 a share in Robinhood. Explaining why, he said on CNBC’s “Closing Bell”:

They’re gaining share from Coinbase. We’ve proved it in April and May in crypto. They’re crushing it on options. Contract prices are coming down because VIX is coming down.

What else was noteworthy in Robinhood’s Q2 results

Robinhood ended the quarter with $11.5 million worth of crypto under custody – roughly unchanged versus the prior quarter. Despite the after-hours sell-off, its shares are up more than 40% year-to-date.

Overall, the financial technology company earned 3 cents a share in its second quarter on $486 million in revenue. Analysts, in comparison, had called for a cent of loss and $473 million of revenue.

On the downside, though, Robinhood lost 1 million users in Q2, as per the earnings press release. Still, Mizuho’s Dolev told CNBC today:

Retirement is a big initiative. If they do well on retirement, if they give you a few data points on retirement, this is going to make the stock work really well.

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