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Tag: Binance

  • AltLayer (ALT) token skyrockets 5,380% on Binance following airdrop and listing

    AltLayer (ALT) token skyrockets 5,380% on Binance following airdrop and listing

    • ALT token on Binance surged 5,380% from $0.006 to $0.3288 in minutes.
    • AltLayer’s six-day farming schedule and airdrop preceded the explosive surge.
    • Binance swiftly integrated ALT into Simple Earn and Convert, with plans for Margin, Futures, and Auto-Invest.

    In a staggering turn of events, AltLayer’s native token, ALT, witnessed an unprecedented surge on the Binance trading platform, skyrocketing by an astonishing 5,380% within minutes of its listing.

    This meteoric rise comes hot on the heels of a successful six-day farming schedule and a strategic airdrop, propelling AltLayer into the spotlight of the crypto world.

    The explosive rise of AltLayer (ALT)

    AltLayer’s ALT token, designed for decentralized rollups, opened for trading on Binance at a modest $0.006. However, the crypto asset defied all expectations, quickly reaching $0.3288 with a trading volume of $43.78 million in under one minute.

    Screenshot of AltLayer price on Binance 

    The surge reflects immense market interest and confidence in AltLayer’s protocol.

    This unprecedented growth on Binance is attributed to the culmination of a six-day farming schedule that concluded last Friday, offering 500,000,000 ALT tokens through an airdrop. Participants staked their BNB and FDUSD tokens in separate pools during this period. Following the farming schedule, ALT was listed against various pairs, including Bitcoin, BNB, TRY, and stablecoins USDT and FDUSD.

    AltLayer’s Binance integration

    Binance, recognizing the potential of AltLayer, swiftly integrated ALT into its Simple Earn and Convert services. This move is set to enhance ALT’s accessibility and utility for a broader range of users. Moreover, Binance has ambitious plans to include ALT in its Margin, Futures, and Auto-Invest services between January 25 and January 27, marking a significant step in the token’s journey.

    AltLayer’s unique concept of “Restaked Rollups,” which bolsters the security and crypto-economic finality of rollups from various software stacks, is a testament to its commitment to addressing scalability challenges in the blockchain space.

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  • Binance announces Serum, Sonm and DFI.money delisting

    Binance announces Serum, Sonm and DFI.money delisting

    • The Binance news saw all three altcoins nosedive double-digits.
    • Serum (SRM) was down 29%, Sonm (SNM) shed 58% and DFI.money (YFII) declined by 16% in 24 hours.
    • Trading on all pairs for the tokens will end on August 22, 2023.

    Serum (SRM), Sonm (SNM) and DFI.money (YFII) are among the biggest losers in the crypto market today. As of writing, SRM, SNM and YFII have all plummeted double-digits.

    Binance to delist SRM, SNM and YFII

    Binance announced on Tuesday that it will “delist and cease trading on all trading pairs” for Serum, DFI.Money and Sonm from its platform on August 22. The exchange noted in a notice to customers that the delisting is part of its period review of every listed digital asset.

    “When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users,” the exchange said in a general announcement.

    Although Binance did not specify the reasons for removing support for each of the altcoin, it did cite certain metrics considered during the periodic reviews. These include team commitment, development activity, trading volume and liquidity and network safety with regard to attacks.

    Market reaction plunges affected altcoins

    According to data from CoinGecko, Sonm has seen the most declines in its 24-hour performance as it traded 58% down around 9.45 am ET. The token was changing hands for around $0.105392.

    Serum has nosedived 29% in the same period to just above $0.05 to see its 7-day returns reach -35% and over 50% in the past 30 days. Serum, a project linked to FTX and Alameda Research, is down 99.6% from its all-time high above $13 hit in September 2021.

    Elsewhere, DFI.money, which is a yield farming aggregator forked from yearn.finance, was down 16% in the past 24 hours to trade around $605. YFII has declined by more than 24% in the past month and traded at a level that’s more than 93% down from its ATH of $9,251 reached in September 2020.

    Declines for the three altcoins come as most of the top 20 assets by market cap continued to trade flat, with Bitcoin constrained below $30k and Ethereum unable to breach $1,900. 

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  • China’s state TV crypto broadcast “big deal”, Binance CEO says

    China’s state TV crypto broadcast “big deal”, Binance CEO says

    • Binance CEO Changpeng Zhao says China’s state TV crypto broadcast is “a big deal.” 
    • He notes that previous coverage has historically been bullish for crypto.
    • His comments come as Bitcoin price struggled to stay above $26k on Wednesday.

    Binance CEO Changpeng Zhao, popularly known as CZ, says China broadcasting a crypto segment on state broadcaster China Central Television is “a big deal” and that such broadcasts have previously coincided with a subsequent uptick in crypto prices.

    According to CZ, the broadcast has “Chinese speaking communities buzzing,” given how such coverage of Bitcoin have ended with crypto price rallying.

    “It’s a big deal. The Chinese speaking communities are buzzing,” he tweeted on Wednesday. “Historically, coverages like these led to bull runs.”

    He however, noted that his comments do not mean that the “past predicts the future.” The Binance CEO, who is one of the biggest crypto proponents in the world, added a disclaimer that his remarks did not constitute financial advice.

    Bitcoin features in Chinese TV broadcast

    The referenced broadcast shows a Bitcoin ATM in the increasingly crypto-friendly Hong Kong. The crypto teller machine also shows a bitcoin logo and a “Buy Bitcoins” inscription. The TV segment also featured commentary on NFTs.

    But it should be remembered that China banned bitcoin (again) in 2021.

    As highlighted here on Tuesday, Bitcoin price rose briefly to touch the $27,500 resistance area as Hong Kong announced retail investors would from 1 June be able to buy and trade bitcoin and Ethereum on regulated exchanges.

    Experts hailed Hong Kong’s Securities and Futures Commission (SFC)’s announcement as a potential game changer for crypto adoption. The framework comes as Hong Kong looks to position itself as a leading crypto and blockchain hub, while at the same time offering guidelines and rules that target greater protection for consumers.

    Bitcoin has not had a major reaction to the latest China related news, and was struggling to remain above $26k as at 1:50 pm ET on Wednesday. According to data from CoinGecko, BTC was perched at $26,300, down 3.2% in the past 24 hours. 

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  • Large Whales Moved a Huge Amount of Dogecoin to Binance -ME

    Large Whales Moved a Huge Amount of Dogecoin to Binance -ME

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  • BabyDogeCoin | Most Trending Crypto Currency on Binance

    BabyDogeCoin | Most Trending Crypto Currency on Binance

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  • BabyDogeCoin Continues To Trend On Binance Top Crypto List

    BabyDogeCoin Continues To Trend On Binance Top Crypto List

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  • Shiba Inu | SHIB Holders Can Now Verify Assets On Binance

    Shiba Inu | SHIB Holders Can Now Verify Assets On Binance

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  • BabyDogeCoin Swap Surpassed in TVL-Featuring on Binance Feed

    BabyDogeCoin Swap Surpassed in TVL-Featuring on Binance Feed

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  • Binance and Huobi recover 121 BTC from Harmony bridge hackers

    Binance and Huobi recover 121 BTC from Harmony bridge hackers

    • The Harmony bridge hack took place in June last year and over $100 million was lost
    • 121 bitcoins have been recovered by Huobi and Binance security teams.
    • The hackers were also moving ETH worth about $64 million over the weekend.

    Seven months after one of the largest cryptocurrency exploits of 2022 took place, industry players are still optimistic about recovering the stolen funds. Over the weekend, Binance and Huobi teams teamed up to freeze and recover 121 bitcoins that the Harmony bridge hackers were trying to launder.

    According to a tweet by Binance CEO, Changpeng Zhao, the hackers tried to launder 121 bitcoins worth about $2.5 million on the Huobi exchange and Binance detected the move and alerted Huobi. Binance then went ahead to assist Huobi in freezing and recovering the crypto assets which had already been deposited by the hackers.

    Prior to Huobi and Binance recovering the bitcoins, on-chain crypto detective ZachXBT had tweeted saying that the hackers were moving 41,000 ETH worth about $64 million over the weekend.

    Laundering seven months after the hack

    The Harmony One team detected the hack on June 24, 2022, and reported that crypto assets worth about $100 million had been lost in the hack. The hackers, who were identified on June 30 to be the notorious North Korean Lazarus Group had exploited mutisigs securing the Horizon bridge.

    After the hack, the attackers deployed laundering programs to move the stolen assets.

    According to ZachXBT, the hackers deposited the stolen crypto assets in three crypto exchanges although he did not specify these exchanges.

    However, going by the recent developments, it is most likely that Huobi is one of the exchanges that the attackers have been trying to use.

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  • Binance coin BNB back to safety as buyers now aim for $295

    Binance coin BNB back to safety as buyers now aim for $295

    • Binance coin has recaptured crucial support at $266 after the latest crash

    • The cryptocurrency was previously weighed by adverse publicity

    • A recovery above $266 sets BNB to the next resistance at $295

    Binance (BNB/USD) traded at $274 on Tuesday, slowing from a monthly high of $282 the previous day. BNB buyers would be delighted about how far the cryptocurrency has come since Binance began to be adversely mentioned.

    Touching a low of $220 in mid-Dec, there were fears of further downside for BNB after the collapse of FTX. That’s particularly because, at the price level, BNB had lost crucial support at $266, which kept it stable. However, relentless buying has seen BNB recover to the level which now supports the price.

    BNB price is at least now back to safety above $266. However, Binance’s woes seem to be far from over. The latest cryptocurrency news suggests that US federal prosecutors have started to investigate the crypto exchange. According to reports, several American firms have been issued subpoenas for their communications with Binance. The exchange is reportedly being probed for violations of the US Bank Secrecy Act. The regulations mandate financial entities to verify their clients in a bid to curb money laundering. BNB price is yet to react to the potential litigation.

    BNB recovers above $266 support as price turns mildly bullish

    BNB/USD Chart by TradingView

    A technical outlook gives BNB $295 as the likely price target. This is the next resistance zone, and BNB has in the past hit the target each time price has recovered above $266. The MACD indicator is shifting above the neutral zone, underlining a bullish momentum. Similarly, BNB trades above the moving averages. The 50-day MA could hold as the dynamic support, coinciding with the $266 level.

    Is investing in BNB now a good idea?

    A retest of the $266 support would open buy trades on the cryptocurrency. Investors should watch for bullish price action signals at the support to buy BNB and ride to the $295 resistance.

    Where to buy BNB

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

    Bitvavo

    The Bitvavo platform was launched in 2018, with the goal to bridge the gap between traditional currencies and digital assets. Bitvavo is making digital assets accessible to everyone, by offering transparent fees, a wide range of assets and an easy to use platform.

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