Schlagwort: crypto markets

• COW and CETUS tokens spiked after Binance added support for spot trading.
• Gains also came as  Bitcoin led crypto prices higher amid markets bounce on Donald Trump election victory.

The price of Cow Protocol (COW) and Cetus (CETUS) have spiked sharply in the past 24 hours after crypto exchange Binanace made a huge announcement.

Cow Protocol offers a fully permissionless trading and automated market maker. On the other hand, Cetus Protocol is a pioneer decentralized exchange and concentrated liquidity protocol on Sui and Aptos blockchains.

Binance lists COW and CETUS

COW and CETUS were up 76% and 85% respectively in the 24-hour period as the broader crypto market celebrated Donald Trump’s win in the US election.

While this bullish sentiment across the altcoin market helped the two tokens higher, it’s Binance’s announcement that the exchange will list COW and CETUS that likely catapulted prices higher. According to Binance, spot trading for the two coins will go live at 12:00 UTC.

Binance Will List @CoWSwap $COW and @CetusProtocol $CETUS with Seed Tag Appliedhttps://t.co/xbEtrGoxzZ pic.twitter.com/DgOyPT8fBV

— Binance (@binance) November 6, 2024

Market reaction to the news saw both tokens explode, with Cow Protocol price rising to $0.47 and Cetus Protocol to $0.33.

Daily trading volume for CETUS jumped 1,236% to over $181 million. Meanwhile, COW recorded a staggering 3,860% spike in daily volume, and was seeing about $13.7 million at the time of writing.

Binance has applied the seed tag to the COW and CETUS tokens, indicating that the cryptocurrencies are likely to witness wild volatility. This is notable given the market conditions and the potential for some traders to seek profits.

However, with Trump’s win, experts say crypto may yet go parabolic.

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• VanEck has launched PYTH ETN on Euronext Amsterdam and Paris for 15 EU countries.
• The PYTH ETN tracks the Pyth token, held in custody by Bank Frick for full collateral.
• VanEck aims to expand DeFi access, adding PYTH ETN to its crypto investment options.

VanEck, a global asset manager known for its investment products in the digital asset space, has launched an exchange-traded note (ETN) in Europe that tracks the Pyth Network’s native token, PYTH.

The VanEck Pyth ETN now trades on Euronext Amsterdam and Euronext Paris and is available to investors in 15 European countries, including major markets such as Germany, France, Norway, and Switzerland.

The ETN is fully collateralized with PYTH tokens, held by the Liechtenstein-based Bank Frick, and is designed to align with the MarketVector Pyth Network VWAP Close Index, ensuring it mirrors the performance of the Pyth token.

The Pyth Network itself is an innovative decentralized oracle protocol that connects smart contracts to real-world data sources, bridging the gap between blockchain-based applications and external data.

Oracles like the Pyth Network are essential in decentralized finance (DeFi) because they enable smart contracts to access off-chain information and communicate with other blockchain networks. This capability has become increasingly relevant, especially as DeFi applications gain traction globally.

PYTH, the governance token of the Pyth Network, boasts a fully diluted market cap of approximately $3.4 billion, further underscoring its significance in the crypto ecosystem.

Martijn Rozemuller, CEO of VanEck Europe, highlighted the potential of oracles like the Pyth Network to serve as a foundational infrastructure for DeFi applications. Rozemuller remarked that as smart contracts find new applications within finance, oracle networks become crucial in enabling real-world use cases for this technology.

By listing the PYTH ETN, VanEck provides European investors with more options to gain exposure to cutting-edge blockchain assets.

VanEck’s crypto investment products in the US and Europe

VanEck has a strong track record of pioneering crypto investment products in Europe.

In addition to the PYTH ETN, VanEck has launched over a dozen digital asset ETNs across a diverse range of cryptocurrencies, including Solana and Chainlink.

In the United States, VanEck has also introduced two spot crypto exchange-traded funds (ETFs) focused on Bitcoin and Ethereum while filing for additional ETF approvals covering various altcoins like Solana, XRP, and Litecoin.

With this latest addition, VanEck continues its commitment to expanding investor access to innovative blockchain technologies and supporting the growing adoption of decentralized financial infrastructure.

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• Binance seeks to dismiss the SEC’s amended complaint that targets AXS, FIL, ATOM, SAND, MANA and BNB.
• The SEC alleges these tokens are securities, which Binance disputes as flawed.
• The legal battle could set crucial precedents for the regulation of cryptocurrencies.

Binance, the world’s largest cryptocurrency exchange, and its former CEO, Changpeng Zhao, have filed a motion to dismiss an amended complaint from the US Securities and Exchange Commission (SEC).

This legal motion, submitted on November 4, aims to counter allegations surrounding the classification of certain cryptocurrencies as securities, particularly focusing on the secondary market resale of these digital assets.

The SEC’s amended complaint

The SEC’s amended complaint, filed in September, targets additional tokens, including Axie Infinity Shards (AXS), Filecoin (FIL), Cosmos’ ATOM, The Sandbox’s SAND, and Decentraland’s MANA.

The regulatory body has alleged that these tokens fall under securities laws, a claim that Binance vehemently disputes.

However, in the amended complaint, the SEC clarified that its claims do not pertain to Binance’s initial coin offering (ICO) of its BNB token, where buyers were aware they were purchasing directly from Binance Holdings.

Instead, the SEC alleges that BNB was sold in “blind transactions,” where buyers lacked full knowledge of the asset’s source, a scenario described as common in the crypto industry due to the complexities of smart contracts and crypto wallets.

Binance argue SEC assertions are wrong

In their motion, Binance’s legal team argues that the court previously ruled against the SEC’s attempt to equate crypto assets with investment contracts, establishing that each transaction involving these assets must be assessed on an individual basis to determine compliance with securities regulations.

Binance’s lawyers assert that the SEC’s arguments are flawed, claiming the agency’s position amounts to a “failure as a matter of law.” They contend that the SEC is attempting to misinterpret the court’s ruling, which acknowledged that crypto assets themselves are not inherently securities.

Instead, Binance argues that secondary market transactions—those occurring long after the initial distribution by developers—should not be classified as securities transactions.

The SEC’s broad assertion that nearly all crypto asset transactions involve securities is described by Binance’s defence as overly simplistic and not aligned with legal precedent.

The ongoing legal battle between Binance and the SEC represents a critical moment in a year-long dispute that began with the SEC’s lawsuit in June 2023.

The outcome could have significant implications not only for Binance but for the broader cryptocurrency market as regulators continue to scrutinize digital asset transactions and their classifications under US law.

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• The Global Dollar is issued out of Singapore by Paxos and is “substantially compliant” with the MAS
• Tether’s USDT stablecoin accounts for more than 75% of the market
• Kraken’s co-founder said there is a “lack of competition” in the stablecoin market

A group of cryptocurrency and financial technology companies have introduced a joint stablecoin, the Global Dollar (USDG), to accelerate global stablecoin adoption.

Initial partners of the Global Dollar Network include Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood. According to an announcement from Paxos, the Global Network is “revolutionizing” the stablecoin market with a “trusted stablecoin that provides proportionate economic benefits to all partners.”

Pegged to the US dollar, the USDG stablecoin is issued out of Singapore by Paxos and is “substantially compliant” with the Monetary Authority of Singapore’s upcoming stablecoin framework, the announcement noted.

The introduction of the USDG stablecoin comes at a time when Tether’s USDT and Circle’s USDC stablecoins make up a majority of the stablecoin market. In September, it was reported that USDT accounted for more than 75%.

More competition needed

It’s this “lack of competition” in the stablecoin market that’s stopping the “industry from reaching its full potential,” according to Arjun Sethi, Co-CEO at Kraken.

“USDG upends this dynamic with a more equitable model that will bring mainstream participants into the ecosystem and accelerate new stablecoin use cases, “Sethi added.

Charles Cascarilla, CEO and co-founder of Paxos, said that stablecoins are changing “how people interact with US dollars and payments,” adding:

“However, the leading stablecoins are unregulated and retain all the reserve economics. Global Dollar Network will return virtually all rewards to participants and is open for anyone to join.”

“It is designed to incentivize global stablecoin usage and accelerate societal-wide adoption of this technology.”

Users of Anchorage Digital, Galaxy Digital, Kraken, and Paxos can get USDG right away; however, USDG will soon be available across all named distribution partners. DBS Bank, Southeast Asia’s largest bank, will serve as the primary banking partner at launch for cash management and custody of USDG reserves.

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