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💬Paxos is in talks with the SEC about the Binance USD stablecoin
Paxos Trust, the issuer of the Binance Stablecoin, is still in a difficult situation due to the claims of the U.S. Securities and Exchange Commission (SEC), demanding to register the token as a security. Paxos CEO Charles Cascarilla said he is in talks with the SEC and is ready to initiate legal action if necessary.
Stablecoins have gained recognition in the cryptocurrency market because they allow traders to get in and out of volatile cryptocurrencies such as bitcoin. They also act as a hedge against inflation.
Stablecoin transactions do not require bank settlements, which drag out the process for days and result in missed trading opportunities.
Perhaps that's why the growing stablcoin industry is under regulatory scrutiny, and the New York Department of Financial Services has forced Paxos to stop issuing BUSD.
The New York financial regulator also found that Paxos failed to conduct regular risk assessments and due diligence on Binance and customers holding BUSD.
⚡️I will be honest with you: I didn't think I ever buy PEPE!
However the chart is just too good to ignore!
The price has broken the descending resistance and also reclaimed previous lows!
I buy at market and set some buy orders in the blue zone, expecting a smooth pump!
🙋Set to launch on June 22, the pair will release the limited-edition, product-linked Trefoil Flower Mint Pass, offering NFT holders the opportunity to redeem their pass for a complimentary pair of artist-designed Campus 00s sneakers.
The shoes, which feature the recognizable Adidas Originals silhouette, have been reimagined in Fewocious’ signature style, featuring a black and white linework design set against a thick, blue and white cloud pattern lace.
Mint pass holders will be able to redeem the Campus 00s sneakers later this summer.
➡️Bitcoin Technical Analysis: BTC Consolidates on Monday, After Recovering Recent Losses
Bitcoin consolidated Monday, after recovering recent losses over the weekend, setting the stage for a potential rally this coming week. Price traded close to a one-week high on Monday, marginally below a key resistance level. Ethereum also rebounded, and is now hovering near a support point of its own.
After dropping to a three-month low last week, bitcoin (BTC) has since rebounded, trading close to a one-week high on Monday while seeing consolidation.
BTC/USD hit an intraday peak of $26,675.93 to start the week, which is its strongest point since June 11.
📊Tether Loses Peg: Massive USDT Sell-off on Curve, Uniswap Suggests Shift to Other Stablecoins
Tether’s stablecoin USDT has lost its dollar peg after two major pools for stablecoin trading became heavily imbalanced.
On-chain data shows traders have been exchanging millions of dollars worth of USDT for other popular stablecoins like USDC and DAI on Uniswap and Curve pools.
On Thursday, USDT balances on Curve’s popular 3pool, a stablecoin swapping pool comprised of USDT, USDC, and DAI, rose to over 70%, suggesting traders had swapped tens of millions of USDT for USDC and DAI.
The ideal balance of the Curve 3Pool should be 33.33% for each of the three stablecoins – USDT, USDC and, DAI.
However, the imbalance has led to a substantially larger USDT balance on Curve’s 3pool compared to other stablecoins. As of now, the pool holds over $300 million of USDT and nearly $55 million each of DAI and USDC.
🔥Pepecoin Delisted From Binance Flexible Loans, PEPE Price Drops 15% In Past Week
In a recent announcement, Binance, one of the world’s largest cryptocurrency exchanges, revealed that it has delisted PEPE as a borrowable asset on its Flexible Loan platform. The decision comes as part of Binance’s ongoing efforts to ensure the availability of high-quality and reliable assets for its users, which PEPE is not able to fulfill.
Binance Loan Delisting and Repayment Deadline
According to the official statement released by Binance, the delisting of PEPE as a borrowable asset on the Flexible Loan platform will take effect on June 21, 2023, at 08:00 (UTC). This means that users will no longer be able to borrow PEPE through this service.
To avoid potential liquidation, users are strongly advised to repay any outstanding loans before the mentioned deadline. It is worth noting that a 2% liquidation fee will be imposed on applicable cases of liquidation.
Binance Flexible Loan currently supports repayments only in the same cryptocurrency that was borrowed by the user. In this case, users should have need to ensure they have the necessary PEPE funds to repay their loans in a timely manner.
PEPE Price Action- Bearish?
PEPE with third lrgest market capitalization, currently at $355,560,514, has faced some challenges in the market recently. The price of pepecoin has experienced volatility, with a 0.42% increase in the past hour and a 3.29% increase over the last 24 hours. However, the coin has faced a downturn of 15.82% over the past week.
On May 5, 2023, Pepecoin price reached its all-time high, achieving a value of $0.00004354 per coin, when Binance announced listing of the meme coin.. This marked a notable milestone for the cryptocurrency, attracting interest from investors and enthusiasts. However, since then, PEPE has faced a substantial downturn, with its value plummeting by an alarming 79.11%.
📌The price of XLM has reached the trendline, We expect it to grow up to $10.8 after breaking the dynamic resistance.
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✒Ordinals Have A New Update, Allow Size Of Inscriptions To Exceed The 4MB Limit
“Raphjaph”, the current principal maintainer of the Bitcoin protocol Ordinals, has incorporated Casey Rodarmor’s (the developer of the Bitcoin protocol Ordinals) “recursive inscriptions” No. 2167 upgrade into the Ordinals source on GitHub.
Inscriptions may now utilize the specific “/-/content/:inscription id” syntax to request material from other inscriptions, according to developer Leonidas.og. This small modification opens up a slew of new possibilities.
For example, rather than inscribing 10,000 JPEG files individually for a PFP collection (which would be prohibitively expensive), it would be preferable to inscribe 200 features from the collection, followed by 10,000 more inscriptions, each of which uses a small amount of code to request the features and render the image programmatically. Artwork is simply kept on-chain more efficiently, saving over $1 million in transaction costs in the instance of Bitcoin Apes.
Similar to BRC721, each inscription has the function of calling a function, the code for executing the function is solely in text format, and the volume is relatively tiny. As a result, even if the size of the individual inscription is less than 4MB, the entire inscription may surpass this restriction. Complicated 3D video games are completely on the Bitcoin blockchain.
Bitcoin Ordinals are a method for satoshis (individual Bitcoin units) to be numbered, named, and even engraved with data, converting them into non-fungible tokens (NFTs).
The Ordinals protocol is a technique for distinguishing and tracking individual sats, which is a necessary component for developing Bitcoin-based NFTs. As a new Bitcoin block is mined and new coins are minted as mining rewards, the system gives each sat a unique number depending on when it was mined. Smaller numbers indicate older sats.
📌BNB UPDATE
We need to watch this ascending trend line. As long as it holds, the buy-setup is valid. Breakdown of this level will mean invalidation.
💸Crypto regulation is in the works, and Coinbase isn't ruling out relocation away from the U.S.
“Anything is on the table,” said CEO Brian Armstrong when asked if Coinbase would consider moving to Britain.
In Late March, the U.S. Securities and Exchange Commission warned Coinbase of plans to implement regulation on the company.
Lawmakers have yet to agree on these plans as they decide whether assets like Bitcoin and Ethereum should be considered securities or commodities.
🕯The U.S. Justice Department Awaits Bahamas Response Regarding New Charges Against Sam Bankman-Fried
The charges that could be dropped include those related to bank fraud, operating an unlicensed money transmitting service, and a case of bribery of a Chinese official, court documents filed on Monday shows.
The reason given for why some charges could be dropped if Bahamas objects to them is that they could violate the terms of Bankman-Fried’s extradition since they were not included in the original indictment that served as the legal basis for Bankman-Fried’s extradition to the US.
The former FTX boss was arrested in the Bahamas in December of 2022, and shortly after extradited to the United States under a special agreement between the two countries.
According to the agreement, individuals who are extradited can only be tried and punished for crimes that the extraditing country – in this case the Bahamas – has agreed to.
For the time being, US federal prosecutors are still waiting to hear from Bahamian authorities on whether they can get a waiver from the rule in order to try Bankman-Fried on the charges that have been brought into the case after his extradition.
📷Mercedes-Benz's Web3 Arm Teams Up with Fingerprints DAO to Create New NFT Collection
Mercedes-Benz NXT, the automaker's digital innovation arm, recently announced its entry into the non-fungible token (NFT) market with the launch of its first "Machine" collection. The collection was created in collaboration with renowned artist Harm van den Dorpel and the digital art community Fingerprints DAO.
"Machine" explores the themes of movement, speed and perception through generative art, offering a unique take on concepts. The opportunity to purchase NFTs will open at the Dutch auction on June 7th. It will feature 1000 unique items (Ethereum-based tokens).
On its Twitter, the company announced that it plans to release three main collections planned, designed and managed by creative studio 0xNXT. The collections will include official Mercedes-Benz digital objects and explore the brand's design heritage.
🔼Popular NFT collections take massive hit in price in 2023
Investments in top NFT projects, such as Doodles, Invisible Friends, Moonbirds and Goblintown, have lost up to 95% of their value in ETH.
➡️Thailand's Cryptocurrency Market to Flourish with Binance and Gulf Innova Collaboration.
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🚫Popcorn Markets has partnered with Aptos Launch and Animeswap
Popcorn Markets, the first automated NFT market maker built on the Aptos blockchain, has announced a partnership with Aptos Launch and Animeswap.
Thanks to this the parties are going to work on joint collaborations and conduct AMA sessions. The representatives of Popcorn Markets promise to keep working on their platform and improve users' interaction with their service.
The developers say that users can already instantly buy and sell NFTs, avoiding the fees of marketplaces and pour tokens and NFTs in the liquidity pools, receiving compensation for this.
🍔TrueUSD Says TUSD Stablecoin Has ‘No Exposure’ to Embattled Prime Trust
Stablecoin project TrueUSD said Thursday it had “no exposure” to embattled crypto services company Prime Trust as it raced to shore up confidence in its dollar-backed TUSD.
Nevada-based Prime Trust on Thursday shut off all fiat and crypto deposits and withdrawals following an order from state financial regulators, according to multiple clients whose money is now stranded.
TrueUSD has said it no longer uses Prime Trust to mint or redeem the TUSD stablecoin and maintains “multiple USD rails” elsewhere. The usually stable asset has fallen as low as $0.995 and climbed as high as $1.003 since June 9, when Prime Trust’s financial crisis began to deepen.
That volatility has rocked usually quiet loan markets for TUSD, especially on Aave v-2, the largest on-chain lending facility for TUSD. At press time, the variable borrow rate for TUSD was over 30% APR; it was even higher earlier in the day, according to Parsec.
The hefty rates were not dissuading traders betting that TUSD could depeg in major fashion. Less than an hour before TrueUSD’s statement, one trader placed what amounted to a multi-million dollar short on TUSD by borrowing $2 million in the stablecoin against $2.5 million in USDC collateral.
📷BTC
The priority, at least local, is very bullish for now. If you are not holding Bitcoin — it worth buying at $28,070 support, don't rush to buy it now. There are better options which we will consider in the further publications.
If you hold Bitcoin, then great targets are $29,500 and $30,500. These are the highest points of the previous growth wave.
What we can say for sure now — the key level for Bitcoin now is $30,500. If this level is broken upwards by 1D candle, then we will see $34,000 - $35,000 in no time.
🔼Trust wallet token price surged by 30% amid new integration
The global crypto market has been moving in extreme volatility after the news around the US Securities and Exchange Commission (SEC) emerged on June 5.
However, the trust wallet token (TWT) broke the downtrend with impressive gains over the past week despite all the FUD (fear, uncertainty and doubt) surrounding the industry.
TWT registered a notable surge of over 30% in the last seven days, with a 4.4% rise over the past 24 hours alone. The asset is trading at $0.94 at the time of writing. TWT’s 24-hour trading volume also exploded by almost 1,000% on June 15 — from roughly $10 million on June 14 to $109 million after a day.
You might also like: Binance CEO responds to resolution of SEC’s request for emergency relief
Moreover, the token’s 24-hour trading volume shows signs of consolidation as it’s down by 35% in the past 24 hours — standing at roughly $14 million at the time of writing. TWT’s market capitalization is currently at $397 million, making it the 86th largest crypto asset.
TWT price – June 19 | Source: Trading View
The green move comes as Trust Wallet, owned by Binance, announced the integration of TRON DAO V2 staking on June 16.
.trondao staking V2 has officially been integrated to TrustWallet!
Start staking TRX now in just a few simple steps.
— Trust Wallet (TrustWallet) June 16, 2023
This would allow the Trust Wallet users to stake TRX on their wallets without needing third-party applications.
In April, Trust Wallet lost around $170,000 worth of cryptocurrencies after two exploits were detected. The platform announced the vulnerability was soon fixed, and the lost funds will be reimbursed to the users.
📌BTC UPDATE
Finally got a positive impulse. Bulls were accumulating a ton of Bitcoins near the $25,200 support level and now doing their best to protect the $26,500 level.
Now I expect to see some consolidation between two thin orange levels: $26,170 and $26,770.
Overall, the priority is bullish since bulls were able to defend the ascending trend line we were talking about AND now pushing the price higher.
However, to turn fully bullish, we need to break the $27,450 resistance (and descending trend line) upwards and take hold there. Only after these events we will go into full-bullish mode.
Now only hold the spot bags.
🔨NFTs could streamline your wallet experience
ERC-6551 is introducing a standard for NFTs by unlocking their ability to be a smart wallet that can interact with different decentralized apps in the Ethereum ecosystem.
When thinking about NFTs today, we often imagine collectables, creative artwork and profile pictures.
ERC-6551, or Ethereum Request for Comment 6551, introduces the ability for each NFT — even the ones that users already have in their wallets today — to become a smart contract wallet, which means that each NFT could own tokens.
In a conversation with Blockworks, Jayden Windle, co-author of ERC-6551, said he believed that NFTs could be much more than a static asset that sits in a wallet.
“I’ve been working on Future Primitive for the past year and a half, and ERC-6551 came out of a lot of the experimental projects we’ve been building,” Windle said.
With ERC-6551, when you transfer an NFT, the wallet and the tokens that the NFT holds also goes with it.
On chain today, actions can be broken down into two very simple actions, Windle explained. You can either own and hold assets or use them to participate in the wider ecosystem activities.
“When you give an NFT a wallet, you let NFTs participate equally in everything that happens on chain,” Windle said.
↗️Robinhood Reports 68 Percent Decline in Crypto Trading Compared to 2022
Robinhood Markets Inc. reported on Monday that crypto trading plummeted 68 percent compared to the previous year.
Crypto trading was close to $2.1 billion in May 2023 compared to $6.6 billion just a year before, the mobile focused brokerage firm said in its report on monthly operating data.
Month to month also substantially decreased by 43 percent when comparing May 2023 to April 2023, according to Robinhood.
This comes after Robinhood delisted cryptocurrencies Cardano, Polygon and Solana after the US Securities and Exchange Commission said those three were securities in its charges against two large crypto exchanges last week.
The agency sued both Binance, the world’s largest crypto exchange, and Coinbase, the largest US-based crypto exchange, on June 5 and 6, respectively.
🌐Binance Controlled Bank Accounts Belonging to Its US Affiliate Between 2019 and 2020
Between 2019 and 2020, crypto exchange Binance controlled bank accounts belonging to its U.S. affiliate including one holding funds of American clients, a new Reuters report has said. According to the report, employees of the crypto exchange’s U.S. affiliate had to get Binance executive Guangying Chen to sign off on payments including payroll.
According to a report, Guangying Chen, a senior executive with , was in control of five bank accounts belonging to the crypto exchange’s supposedly independent affiliate Binance U.S.
The report, which cites bank records, said the new revelation of what Chen and her deputies did between 2019 and 2020 undercuts claims that the U.S. affiliate operated independently.
➡️Bitcoin Trades at Narrow Discount on BinanceUS
Bitcoin (BTC) was priced at a slight discount on BinanceUS early Friday after the exchange said it would become a crypto-only platform starting June 13.
At 08:25 UTC, the bitcoin-U.S. dollar pair on BinanceUS traded at least $130 below prices on Coinbase and other major exchanges, according to data tracked by the charting platform TradingView.
"BTC now trades at a slight discount on BinanceUS," said Clara Medalie, a director at Paris-based crypto data provider Kaiko. "News of a possible halt in USD withdrawals has caused an uptick in BTC selling as traders quickly try to get their assets off the exchange,"
BinanceUS tweeted late Thursday that it would no longer accept dollar deposits and warned that its banking partners are preparing to pause fiat withdrawal channels as of June 13. The exchange urged clients to reclaim their dollars using bank transfers before then, and said it would begin delisting the dollar-denominated pairs starting next week.
The decision comes days after the U.S. Securities Exchange and Commission (SEC) asked a federal court to freeze BinanceUS' assets, while suing its global entity Binance and rival exchange Coinbase for violating the federal securities law.
The SEC's action saw market makers remove liquidity from BinanceUS' order books. The resulting worsening of the market depth saw bitcoin trade at a premium of more than $1,000 on the exchange at one point.
💸El Salvador's Volcano Energy Triumphs With $1B Commitments To Establish 241 MW Bitcoin Mining Facility.
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➡️MUFG to facilitate Japanese bank-backed stablecoins via Progmat Coin platform
MUFG hasn’t revealed what firms will be the first to utilize its platform, however a handful of banks have reportedly already opted for a separate stablecoin solution.
💸Cardano Whales Move 313 Billion ADA as Network Shows Outstanding Performance
In a demonstration of Cardano's remarkable performance, a staggering 313 billion ADA tokens have been moved in large transactions, highlighting the cryptocurrency's significant market activity. Amid this flurry of large-scale transactions, the overall volume of these transactions exceeded 70,000, underlining the network's substantial throughput.
The large transaction volume, as defined by those exceeding $100,000, provides a key indicator of whale activity within the network. Such substantial movements have the potential to significantly impact the price of the ADA token. However, despite the dramatic increase in volume, ADA's price has shown rather neutral performance, with a volatility of around 4% over the past seven days.
This lack of price movement, despite the substantial volume of ADA being moved, might suggest that whales are realizing their holdings. In other words, large ADA holders, colloquially known as "whales," could be moving their ADA tokens to other addresses or converting them into other assets. This kind of activity can often lead to price stability, as buying pressure offsets selling pressure.
However, it is also possible that the whales are simply transferring their assets without the intention to sell. They might be preparing for future transactions, diversifying their portfolio across multiple addresses, or securing their holdings. Without further information, it is difficult to determine the exact intentions behind these large transactions.
Regardless of the reasons, these high-value transactions underscore the trust and confidence of large investors in the Cardano network's potential. Despite some criticisms, Cardano's performance and the sheer volume of ADA being moved by whales provide a testament to the network's fundamental growth and technical relevance.
📊ICP
To be honest, this chart looks really bad at the moment.
As you can see, there is a bearish flag that formed under the descending trend line and horizontal resistance of $4.95.
I would rather SHORT this coin than LONG.
💸XRP to Exceed All Expectations In 2023?
Ripple's 2023 New Value Report reveals strong and widespread excitement regarding the potential of cryptocurrencies despite regulatory issues between the United States Securities and Exchange Commission (SEC) and many crypto firms, including Ripple.
The report noted that more than 70% of global finance leaders emphasized an increase in their confidence in the crypto industry over the past six months.
What are the factors fueling the positive outlook on the crypto industry, including trends, technologies, and use cases?
In addition, we’ll be looking at Launchpad XYZ, the first crypto portal for Web3 enables seamless onboarding for everyone.
The world of cryptocurrencies continues to evolve and shape various industries, with businesses and investors constantly seeking insights into emerging trends.
Despite facing challenges in 2022 and a somewhat turbulent start to 2023, this year's report reveals a prevailing sense of excitement regarding the future of crypto and digital assets.
💸ETH chart is straightforward imo. Deviation above $1824, then dump lower.
$1700 is a legit target for now, hopefully the price will reverse there. If not, red level is a line on sand: nothing good below it!