Kategorie: Crypto News

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Paxos terminates relationship with Binance as it halts BUSD issuance

  • Paxos has also halted the minting of new BUSD tokens as ordered.
  • Existing BUSD will however remain fully-backed and redeemable via Paxos until at least February 2024
  • Binance CEO says exchange will continue to support BUSD 

Paxos, the blockchain and tokenization platform that also issues the stablecoin Binance USD (BUSD), has announced it is terminating its relationship with global cryptocurrency exchange Binance.

According to a Paxos press release on Monday, the company has ended its partnership with Binance with respect to the branding of the BUSD stablecoin. Today’s announcement means the company won’t continue using the Binance brand for the stablecoin. 

As highlighted by CoinJournal, the development comes after the New York Department of Financial Services (NYDFS) directed Paxos to cease issuing new BUSD. 

The SEC is also reportedly suing Paxos for issuing unregistered securities, something that has the crypto community questioning how that applies to a stablecoin.

Paxos ceases BUSD issuance

In ending their relationship with Binance, Paxos also announced it will, effective 21 February 2023, stop minting new BUSD tokens as it looks to comply with the NYDFS order.

“Paxos has always prioritized the safety of its customers’ assets. That was true at our founding and remains true today. BUSD will remain fully supported by Paxos and redeemable to onboarded customers through at least February 2024,” the firm wrote.

Customers who want to exit the stablecoin can choose to redeem their money in US dollars or they can convert BUSD tokens to Paxos’ other stablecoin Pax Dollar (USDP).

On Monday, Binance CEO Changpeng Zhao said that the crypto exchange will continue to support the BUSD token. However, the platform will also look to a new stablecoin, including the option of a non-USD token.

The negative news around the stablecoin has seen the price of Binance Coin slip as BUSD holders migrated to other stablecoins. BNB price is currently changing hands around $294, nearly 5% down in the past 24 hours.

The post Paxos terminates relationship with Binance as it halts BUSD issuance appeared first on CoinJournal.

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BNB coin price slips amid Binance outflows, BUSD woes

  • Binance Coin has made a strong bearish breakout in the past few hours.

  • Paxos was ordered by US regulators to stop minting BUSD.

  • Binance has seen significant outflows in the past 7 days.

Binance Coin (BNB) price pulled back on Monday, becoming the worst-performing big-cap coin, as regulatory concerns continued. BNB price plunged to a low of $287, which was ~14% below the highest point this year.

Paxos to stop minting BUSD

The main catalyst for the Binance Coin price is the latest news by Paxos, the giant American company. In a statement, Binance said that Paxos had been directed by New York regulators to stop minting the stablecoin. This is notable because BUSD is created by Paxos and given Binance’s brand name, as we wrote here.

According to Binance, the market cap of Binance USD will only continue falling as Paxos continues servicing its obligations. Like Tether and USD Coin, Binance Coin is backed by real assets, including US dollars and other securities. 

The announcement is notable because of the important role that BUSD plays in the crypto industry now that it is the third-biggest stablecoin in the world after Tether and USD Coin. However, it is still unclear whether this crypto news will have a major impact on the coin. 

Meanwhile, Binance has continued seeing outflows from its exchange. According to DeFi Llama, the total amount of assets in the exchange stands at $70 billion. Outflows in the past 24 hours stand at $343 million. In the past seven days, outflows stand at over $400 million. This is a sign that investors are cautious about the situation.

The situation of inflows and outflows in exchanges is mixed. OKX, Huobi, Swissborg, and Binance US have seen over $10 million worth of infflows in the past 24 hours. Others, like Bitfinex, Crypto.com, and Kucoin have had outflows.

Binance Coin price is also bracing for the upcoming American consumer price index (CPI) scheduled for Tuesday. These numbers will provide a clear picture of what to expect from the Fed.

Binance Coin price prediction

BNB chart by TradingView

The hourly chart shows that the BNB coin price has been in a strong bearish trend in the past few days. It moved below the key support level at $301, the lowest point on February 10. It also crashed below the 23.6% Fibonacci Retracement level.

Binance Coin has moved below the 25-period and 50-period moving averages. It is also forming a bearish flag pattern. Therefore, the coin will likely continue falling as buyers target the key support level at $270. A move above the key resistance point at $300 will invalidate the bearish view.

How to buy Binance Coin

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BNB with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy BNB with Binance today

The post BNB coin price slips amid Binance outflows, BUSD woes appeared first on CoinJournal.

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Blockchain Company Paxos Trust ordered to stop issuing Binance USD

  • The NYDFS has ordered Paxos Trust Co. to stop issuing BUSD stablecoin.
  • This comes after the SEC issued Paxos with a wells notice on the same.
  • The SEC alleges Binance USD is an unregistered security.

Just hours after the US Securities and Exchange Commission (SEC) issued a wells notice to Paxos, the New York Department of Financial Services (NYDFS) has Paxos Trust Co. to stop issuing the Binance USD (BUSD) stablecoin on its exchange itBit.

According to the wells notice issued by the SEC, Binance USD is an unregistered security and Paxos violated investor protection laws by listing and issuing the stablecoin. Normally, firms have the opportunity to respond in writing to convince the SEC why it should not continue with a lawsuit after a wells notice.

Redemptions of the Paxos product to continue

While the NYDFS has asked Paxos to stop creating any more BUSD, Binance has issued a statement saying that Paxos will continue to manage the redemption of the product.

Only last week, the SEC said that crypto staking violated securities laws and forced crypto exchange Kraken to shut down its crypto staking product after agreeing on a $30 million settlement deal for issuing the product without first seeking authorization. Coinbase which had said that the SEC was planning to crack down on crypto staking, has decided to take up the fight and defend its crypto staking offering in court if need be.

The securities debate within the crypto industry has been there for some years now and has been in focus since the US SEC filed a lawsuit against Ripple Labs, three years ago, arguing that its Ripple (XRP) token is a security. The case is still ongoing with speculations that it could be ruled in favour of Ripple after a US Court recently ruled that another token, LBRY Credits (LBC), is not a security.

The post Blockchain Company Paxos Trust ordered to stop issuing Binance USD appeared first on CoinJournal.

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Crypto price predictions: Hedera (HBAR), Oasis (ROSE), Viberate

Cryptocurrency prices had a mixed week amid elevated risks. Bitcoin price plunged to a low of $21,820, the lowest level since January 20. AI coins like SingularityDAO, Fetch.ai, and Ocean Protocol soared and then plunged. This decline was also in line with that of American stocks, including the Dow Jones and Nasdaq 100 indices. Here are the top crypto price predictions for some of the top coins like Hedera Hashgraph, Vibrate (VIB), and Oasis Network (ROSE).

Hedera Hashgraph price prediction | HBAR

Hedera Hashgraph price has been in a strong bullish trend in the past few days. HBAR price has formed an ascending channel shown in blue. The coin is slightly below the upper side of this rising channel. It is approaching the lower side of the Andrews Pitchfork tool. Also, the coin has moved above the 23.6% Fibonacci Retracement level.

HBAR price has moved above the 25-period and 50-period exponential moving averages. At the same time, the Relative Strength Index (RSI) and the MACD have continued rising. Therefore, Hedera has room for more upside as buyers target the upper side of the channel at $0.0803, which is a few points above the current level.

How to buy Hedera Hashgraph

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy HBAR with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy HBAR with Bitstamp today

Oasis Network price prediction | ROSE

Oasis Network is a leading smart contract platform that makes it possible for developers to create dApps. Some of the top dApps built in the network are Geniish, Covalent, and MetaMirror among others. ROSE price had a strong comeback this week, pushing it to a multi-month high of $0.076. On the 4H chart, Oasis Network price has moved below the 23.6% and 38.6% Fibonacci Retracement level.

ROSE has moved below the 25-period and 50-period moving averages. It has moved below the key support level at $0.060, the highest point on January 28. Therefore, the outlook for the coin is bearish, with the next key level to watch being at $0.055, which is ~10% below the current level.

How to buy Oasis Network

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy ROSE with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy ROSE with KuCoin today

Viberate price forecast | VIB

Viberate, the music-focused blockchain project, has done well in the past few days. VIB crypto price soared to a high of $0.148, which is about 130% above the lowest point in December. The coin rose above the key resistance point at $0.1127, the highest point on January 23rd. It has jumped above all moving averages.

The Relative Strength Index (RSI) has moved above the overbought level. Therefore, the coin will likely resume the downward trend and retest the key support level at $0.10. A move above the key resistance point at $0.13 will invalidate the bearish view.

The post Crypto price predictions: Hedera (HBAR), Oasis (ROSE), Viberate appeared first on CoinJournal.

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If all Bitcoin was sold today, the profit would be $2,500: An on-chain analysis


Key Takeaways

  • The net unrealised profit/loss of all Bitcoins is currently 0.11 BTC, or $2,500
  • The profit has been positive since January 13th, having been negative for most of the prior 6 months
  • Two-thirds of the Bitcoin supply is in profit, despite prices remaining nearly 70% off all-time highs

Whatever you think of Bitcoin as an asset, the public ledger that is the blockchain makes it a lot of fun to get a bit nerdy and look into the analytics behind the asset. Love it or hate it, we have a wealth of information via on-chain analytics that we simply don’t have for most other assets. 

Today, let’s do a quick little piece assessing Bitcoin’s unrealised profit. In simple terms, what would the profit or loss be if all Bitcoins were sold right now? Obviously, this would tank the market, and everybody’s net worth would go poof. But hey, don’t ruin the party. It’s still a reasonably indicative metric. 

After all, if Bitcoin is ever to perform as a store-of-value, it has to satisfy the definition of that term – that is, protect one’s wealth.

Majority of Bitcoin is still profit-making

First step is simple. Let’s look at how much of the Bitcoin supply is profit and supply. The below chart plots this, as the total supply of Bitcoin climbs mechanically via its pre-determined schedule towards its final supply cap of 21 million coins. 

The merciless effects of the bear market are clear to see. That’s a whole lot of red appearing on the right side of the chart, with over 10 million bitcoins in loss in November 2022. Thanks, Sam. 

The little renaissance that 2023 is has kicked that number back down, with 6.6 million bitcoins currently at a loss. 

The next chart shows this in a different way – tracking the percentage of the total supply in profit. 

We can see that with two-thirds of the total supply in profit, it is likely that Bitcoin’s total unrealised profit is a positive number, i..e if everybody sold at the current price, the difference between that current price and the price at which the bitcoins were purchased would be positive. 

And it is. A profit of 0.114 BTC, or about $2,500 at current prices. 

The profit number flipped positive on January 13th of this year, having been negative for most of the second half of 2022, as Bitcoin found out the hard way how much tougher things are when the money printer is turned down and interest rates are no longer zero.

What does this all mean?

So, what does this all mean? Well, nothing. Sort of. 

On-chain metrics are fun to play around with, and certainly some can be nice indicators. But the above charts are just a fancy way of looking at price, really. Price go up, profit go up. Price go down, profit go down. 

Not to mention, the market right now is clearly following macro news, essentially a leveraged bet that the words of Fed chairman Jerome Powell will be kind. 

I did have a play around with layering the price over various charts, trying to ascertain whether there was an impact. But, nah.

Nevertheless, despite the lack of predictive power here, it is an interesting way to view the dynamics of Bitcoin and gauge the overall sentiment of the market. 

The uptick in profit metrics is clear since the start of the year, even if prices are still a magnitude below bull market levels. Whether the market continues to bet on the Federal Reserve loosening rates, or if inflation and employment numbers give it a reason to hesitate and pull back, remains to be seen. 

It’s a macro world, and Bitcoin is just living in it. Stay tuned for more on-chain pieces, and we will try nail down into this relationship a bit more. 

The post If all Bitcoin was sold today, the profit would be $2,500: An on-chain analysis appeared first on CoinJournal.