![]() “The 94% price decline from peak to trough makes it an attractive proposition regardless of fundamentals, and investors could be starting to realize this,” Shannon said in an email. Another driver could be an increase in open interest volume and funding rates fueled by a surge in liquidations, while some investors may just see it as a sound play, Shannon added. The network has only had one such incident this year.Īnother possible reason for Solana’s recent price increases could be a significant uptick in liquid staking, including through applications like Jito, Marinade, and MarginFi, said Max Shannon, a research analyst at CoinShares. The Solana network is in the process of rolling out several improvements and has vastly improved on its downtime problem, which in past years took the network offline for hours at a time. The coin had been mentioned among Sam Bankman-Fried's favorites, and it was mentioned frequently during former the FTX CEO's trial, but investors appear to have shrugged that off. SOL bottomed out near $9 toward the end of 2022 in the wake of FTX's meltdown. Last week alone, investors poured $12 million into ETPs tracking Solana, while pulling back from funds related to other altcoins like Litecoin and XRP, according to a report by CoinShares. Meanwhile, ETPs holding SOL increased 172% in assets under management last month to $279 million from $102 million at the end of September. ![]() 'Since inception, we have been known for our really low. The bank’s move also came as three US regulators warned banks that issuing or holding crypto was ‘highly likely to be inconsistent with safe and sound banking practices.Exchange-traded products representing an index of alternative coins increased by 26% in October, according to a Thursday report by digital asset investment company Fineqia. Binance.US will offer zero-fee bitcoin (BTC) trading on its platform as the company seeks to attract more users, the firm said on Wednesday. This came few weeks after reports indicated that Silvergate customers had withdrawn over $8 billion of their crypto-linked deposits.ĭuring the last quarter of 2022, approximately two-thirds of the bank’s clients withdrew their deposits from the bank as it became the latest casualty of the crypto winter and was forced to sell assets worth $5.2 billion to cover expenses and maintain liquidity. “As a result, some individual users might not be able to use SWIFT bank transfers to purchase or sell digital assets ‘with/for USD for smaller amounts,’ Binance said in a statement. In the last 7 days, the exchange rate has increased by 0.03. Inversely, KES 1.00 KES would allow you to trade for 0.0066 BUSD while KES 50.00 KES would convert to 0.3281 BUSD, not including platform or gas fees. In other words, to buy 5 Binance USD, it would cost you KES 761.99 KES. In late January 2023, Binance announced that Signature Bank, a US-based bank providing crypto services, was stopping transactions of less than $100,000 for crypto exchange customers. The current value of 1 BUSD is KES 152.40 KES. Following Binance’s announcement there was a significant increase in funds being withdrawn from Binance’s cryptocurrency wallets with many dollar-pegged stablecoins such as Tether and USDC transferred to other exchanges or personal wallets. For most currency pairs 1 pip is 0.0001 for currency pairs with the Japanese Yen, such as USD/JPY, 1 pip is 0.01. ![]() The news may have precipitated outflows from Binance wallets, according to CNBC. All currencies are limited by their actual supply. Long term, keep building,” – CEO, Binance ![]() Some setbacks were expected from last year’s incidents. “While some banks are withdrawing support for crypto, other banks are moving in. “However, we appreciate that this is still a bad user experience and the team is working on quickly resolving this issue. Only a small proportion of our users will be impacted by this and we are working hard to restart the service as soon as possible.Īll other methods of buying and selling crypto remain unaffected.Īccording to Binance CEO Changpeng Zhao, USD bank transfers are leveraged by only 0.01% of the exchange’s monthly active users. dollar deposits and withdrawals starting in February 2023.įrom February 8th, we will temporarily suspend all USD bank transfers. 1 Binance Coin 0 United States dollar, 1 United States dollar 0 Binance Coin. Binance, the largest cryptocurrency exchange in the world, has announced that it will halt U.S. Quickly and easily calculate foreign exchange rates with this free currency converter. ![]()
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