Binance, the leading cryptocurrency exchange, is set to discontinue the support for deposits and withdrawals of USD Coin (USDC) tokens based on the TRC-20 protocol from the Tron blockchain, effective April 5.
This decision follows an announcement on February 20 by Circle, the issuer of USDC, regarding its move to halt the support for the stablecoin on the Tron network.
Circle’s choice is part of a broader strategy to maintain USDC’s reliability, transparency, and security. Alongside ceasing its support,
Circle also ceased the minting of USDC on Tron’s blockchain on the same date, with a plan to fully phase out its involvement with this network.
The impact of Circle’s decision extended to Binance, which, due to its significant trading volume, plays a crucial role in the cryptocurrency market.
Binance’s announcement to end TRC-20 USDC support came on March 25, providing a 12-day window for users to manage their assets accordingly.
Although Binance will stop facilitating deposits and withdrawals of TRC-20 USDC tokens, the platform will continue to support USDC trading activities beyond the cut-off date.
It’s important to note that this change will not affect USDC transactions over other blockchains supported by Binance, and the decision has garnered positive feedback within the crypto community on social media platform X.
Circle has not explicitly stated why it chose to withdraw support for Tron, mentioning only a continuous evaluation of blockchain platforms within its risk management strategy.
READ MORE: StaFi Liquid Staking Protocol Launches Testnet Awaiting StaFi 2.0 Mainnet Launch
In response to these developments, a Tron representative expressed to Cointelegraph that the blockchain was left in the dark about the specifics behind Circle’s decision and was not notified prior to the public announcement.
Amidst these changes, Tron is exploring innovative approaches to maintain its relevance and utility within the cryptocurrency ecosystem.
Notably, Tron’s founder, Justin Sun, has shared plans to implement a Bitcoin layer-2 solution aimed at introducing a “wrapped” version of Tether to the network.
This initiative is expected to bridge Tron directly with Bitcoin, potentially unlocking access to over $55 billion in Bitcoin network value.
Sun’s announcement outlines a roadmap for integrating stablecoins and tokens between Tron and Bitcoin, which could significantly enhance Bitcoin’s financial ecosystem.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
In March, a significant movement of Arbitrum‘s ARB tokens into exchanges was observed, particularly following the release of a considerable volume of vested tokens.
Lookonchain, a blockchain data platform, reported on March 23 that four wallets had moved ARB tokens to exchanges, subsequent to a $2.32 billion token unlock on March 16.
Specifically, 11.34 million ARB tokens, valued at $18.5 million, were deposited into Binance across four transactions.
The crypto community has been divided over these transactions. One member did not see it as a negative indicator, while another expressed skepticism about ARB’s potential to appreciate.
This followed a previous instance where 11 whales deposited significant amounts of ARB into exchanges on March 18, after Arbitrum, a layer-2 blockchain initiative, unlocked $2.3 billion in tokens.
READ MORE: Hospitality Worker Convicted in UK’s Largest Bitcoin Money Laundering Case
The allocation included 673.5 million ARB for team and advisers, with another 438.25 million for investors, all released at once, raising concerns of a potential market dump.
Subsequent to the token release, ARB’s price trajectory has been downward. From a high of $2.22 on March 13, it fell to $1.84 by the unlock date, March 16.
The following week saw fluctuations, reaching a low of $1.48 and a high of $1.79, with a price of $1.70 at the time of reporting.
According to CoinGecko, this marked a nearly 29% decrease from its January 12 all-time high of $2.39.
This series of events and the market’s response have hinted at a potential continuation of the bearish trend.
Adding to the speculation, Token Unlocks, a vesting tracker, revealed that another 92.65 million ARB tokens are set to be released for advisers, the team, and investors on April 16, which could further impact the market dynamics.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The Bitcoin market may face a downturn following the anticipated halving event, fueled by a decrease in inflows to spot Bitcoin exchange-traded funds (ETFs) and a high volume of unrealized gains among traders, which could heighten bearish tendencies on Bitcoin’s value.
Julio Moreno, CryptoQuant’s head of research, highlighted that the selling pressure on Bitcoin is intensifying due to the profits not yet realized from its recent upsurge.
He warned that a forthcoming decline in spot Bitcoin ETF contributions could exacerbate this situation, adversely affecting Bitcoin prices.
Supporting Moreno’s viewpoint is the CryptoQuant’s net unrealized profit and loss (NUPL) indicator. A NUPL value of 0.7 is seen as a red flag, suggesting investors might be poised to cash in, potentially driving prices lower and amplifying sell-off activities.
On March 17, the NUPL indicator stood at 0.606, a slight increase despite recent price adjustments in the market.
Moreno elaborates on potential factors depressing prices, notably the deceleration in Bitcoin ETF acquisitions and entering the halving phase amid substantial unrealized gains by traders, prompting them to secure profits.
On the flip side, the recent performance of Bitcoin ETFs on March 14 marked a significant dip, recording one of its lowest net inflow days with only $132 million, showcasing an 80% reduction compared to preceding sessions.
Despite these bearish signals, the aftermath of the halving might not mirror the severity of past downturns.
James Butterfill from CoinShares posits that institutional investors’ strategy of portfolio rebalancing could mitigate volatility.
READ MORE: Momentum Shifts in Bitcoin Market as Institutional Outflows Slow and Optimism Grows for Future Highs
He notes a decrease in volatility from the last bull market in 2021 and a rise in prices surpassing previous peaks, attributing this to the stabilizing influence of portfolio adjustments.
The appeal of Bitcoin ETFs remains robust, with total net inflows crossing the $12 billion threshold on March 15.
The industry expects further growth as brokerage firms hasten their evaluation processes for offering Bitcoin ETFs to their clientele.
Additionally, investments through Bitcoin ETFs are softening the negative price impacts of miner sales preceding the halving, an event that slashes the reward for mining new Bitcoin blocks by half.
This year, the reward will decrease from 6.25 BTC to 3.125 BTC, although mining costs are projected to stay constant or even increase.
CoinShares anticipates the average post-halving production cost for miners to be around $37,856.
Butterfill comments on the pre-halving trend of miners liquidating part of their Bitcoin reserves for profit maximization, a practice evident in 2024 as well.
CryptoQuant’s data reveals a two-year low in miner reserves, with 1.81 million Bitcoin held as of March 15.
The Bitcoin halving, a deflationary mechanism occurring every four years, is expected around April 19, 2024, potentially altering the dynamics of Bitcoin mining and its market valuation.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Nick Spanos, a crypto veteran and the founder of Zap Protocol, has revealed that the blockchain project is close to finalizing a number of “huge deals.”
These landmark deals will incorporate some of Zap Protocol’s current offerings, which include ZapOracles, ZapDEX and ZapNFT.
Spanos, who also founded the Bitcoin Center NYC – the world’s first physical Bitcoin exchange – back in 2013, provided the update to Zap investors via the project’s official Telegram channel.
He also noted that he previously met with the President of Senegal, Macky Sall, and ZAP Protocol had agreed a pilot agreement with the country, before the Central bank of West Africa blocked the deal.
This comes amid increased bullish sentiment for Zap’s token, which trades on Bitrue and a number of decentralized exchanges.
Specifically, Zap has rallied over 160% in the last month, reaching $0.0084 according to CoinMarketCap data.
Despite the rally, the token’s market cap stands at just $2 million, meaning Zap has huge upside potential and is poised to rally in line with the broader cryptocurrency market, even without any project-specific bullish catalysts.
A conservative price prediction is for Zap to reach $0.25-$0.65 before the end of 2024, and potentially breach the $1 mark if a few project-specific catalysts come to fruition.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Robinhood, the esteemed American trading platform renowned for its stock and cryptocurrency services, has announced the launch of its much-anticipated Android version of its self-custody crypto wallet on March 20, 2024.
The announcement, delivered through Johann Kerbrat, the crypto general manager at Robinhood via his X account, heralds a pivotal expansion in the company’s cryptocurrency services.
This new development is particularly significant for Android users, who represent about 70% of the global mobile operating system market, thereby markedly broadening the accessibility of cryptocurrency tools.
The Android version of the wallet mirrors its iOS counterpart, which was introduced in 2023 and quickly gained traction, with extensive downloads in over 140 countries.
A noteworthy feature of the Android wallet is its support for the widely favored meme coin, Shiba Inu (SHIB), which highlights Robinhood’s commitment to catering to the varied interests of crypto enthusiasts.
Robinhood’s initiative to launch a self-custody crypto wallet for Android users aligns with its mission to democratize cryptocurrency trading.
By enabling users to have full control over their private keys, the wallet allows for the direct storage, sending, and receiving of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and others across several blockchains.
READ MORE: SEC Delays Decision on Ether ETFs, Casting Doubt on Approval Odds Amidst Growing Skepticism
Moreover, it integrates with the 0x API and LI.FI for users interested in swapping cryptocurrencies within the Ethereum, Arbitrum, and Polygon networks, offering a smooth and flexible experience.
This advancement is also significant against the backdrop of Robinhood’s centralized exchange platform, where Shiba Inu emerges as a dominant asset.
According to Arkham Intelligence, Robinhood users possess an impressive 39.60 trillion SHIB tokens, equating to a collective value exceeding $1.06 billion, positioning Shiba Inu as the third most-held cryptocurrency on the platform, trailing only behind Bitcoin and Ethereum.
The inclusion of Shiba Inu support in the Robinhood Android wallet underscores the platform’s dedication to providing comprehensive services for crypto traders and enthusiasts.
By facilitating access to self-custody solutions, Robinhood is taking a substantial step towards enhancing the accessibility and adoption of cryptocurrency trading for a broader audience, further solidifying its role in the expanding digital currency landscape.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
In Argentina, the recent surge in Bitcoin demand reflects the population’s attempts to safeguard their savings amid the peso’s rapid devaluation.
Bloomberg highlighted this trend on March 20, citing a report from Lemon Cash, a cryptocurrency exchange, which recorded an unprecedented interest in Bitcoin.
In the week ending March 10, nearly 35,000 Argentines turned to Bitcoin, marking a twofold increase in the cryptocurrency’s weekly purchase rate compared to the previous year.
The Argentine peso has suffered a significant decline over the past year, with its value against the US dollar plummeting fourfold, from 0.0049 USD in March 2023 to 0.0012 USD.
This depreciation has been a key driver for many Argentines to look for more stable investment alternatives, such as Bitcoin.
Lemon Cash isn’t the only platform experiencing increased demand for cryptocurrencies.
Other major Argentine exchanges like Ripio and Belo have reported similar trends. Belo’s CEO, Manuel Beaudroi, observed a shift in preference from stablecoins to Bitcoin, attributing this change to the cryptocurrency’s recent price rally.
Beaudroi explained, “The user decides to buy Bitcoin when they see the news that the currency is going up, while stablecoin is more pragmatic and many times used for transactional purposes, as a vehicle to make payments abroad.”
Furthermore, he mentioned that Belo has witnessed a tenfold increase in transactions involving Bitcoin and Ether in early 2024 compared to the same timeframe in the previous year.
Despite the burgeoning interest in Bitcoin, there’s still a notable inclination towards stablecoins.
Argentines are reportedly bypassing well-known exchanges to purchase USD stablecoins through “crypto caves,” unregulated markets that offer an escape from stringent currency controls and inflation.
The adoption of digital currency in Argentina is gradually extending beyond investment purposes.
In December 2023, Diana Mondino, minister of foreign affairs, international trade, and worship, announced a decree facilitating the use of Bitcoin and other cryptocurrencies under specific conditions as part of economic reform efforts.
This led to a groundbreaking rental agreement in Rosario, where a tenant agreed to pay their rent in Bitcoin, showcasing the growing practical use of digital currencies in everyday transactions.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The Floki Inu development team has announced its 2024 roadmap, highlighting ambitious plans to expand the utility and features of the dog-themed memecoin.
Among the key initiatives is the introduction of regulated digital banking accounts, allowing users to create and manage their finances using FLOKI tokens.
This development aims to bridge the gap between traditional banking and cryptocurrencies, offering SWIFT payments and SEPA IBANs through a partnership with a licensed fintech firm in countries including Canada, Spain, Dominica, Australia, and the UAE.
Another significant step is the planned integration with the Venus decentralized finance (DeFi) protocol.
This move is expected to improve liquidity and enable FLOKI holders to use their tokens as collateral for borrowing assets like Maker (DAI), Circle’s USDC stablecoin, BNB (BNB), and Ether (ETH).
By embedding Venus Markets directly into Floki’s user interface, the team seeks to provide seamless access to DeFi services, thus deepening Floki Inu’s integration with the ecosystem.
The roadmap also unveils the forthcoming Floki Debit Card, designed to link digital banking accounts to a physical card.
This will allow users to easily convert and spend their FLOKI tokens in traditional currencies such as the euro (EUR) and U.S. dollars (USD), promoting the adoption of cryptocurrency in everyday transactions.
Further, Floki Inu’s initiative to list its native token on the Venus Core Pool awaits governance approval.
READ MORE: Bitcoin Rallies Amid Fed’s Interest Rate Decision, Showcasing Resilience Against ETF Outflows
This strategy is crafted to bolster liquidity and mirror the financial dynamics of well-established cryptocurrencies, enhancing the utility of FLOKI tokens.
The development team is also preparing to launch a cross-chain trading bot for Telegram and Discord, utilizing FLOKI tokens for transactions across major blockchain networks.
This bot is part of a strategy to reduce the token’s supply through a deflationary mechanism, where half of the transaction fees are used to purchase and burn FLOKI tokens.
Finally, the highly anticipated Valhalla mainnet launch is set to introduce an array of features including on-chain gaming, a PlayToEarn system, customizable NFTs, and an expansive metaverse environment.
This represents a major milestone in Floki Inu’s journey towards creating a comprehensive utility and gaming platform.
Amid these developments, the Hong Kong Securities and Futures Commission issued a warning about Floki Inu’s staking programs, indicating they are not authorized for public sale in Hong Kong despite offering annualized returns between 30% and over 100%.
This caution underscores the importance of regulatory compliance in the rapidly evolving cryptocurrency landscape.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Coinbase has recently underscored the remarkable evolution of Dogecoin, from a meme-inspired currency to a mainstay in the cryptocurrency domain.
This recognition of Dogecoin’s “enduring popularity” is leading the exchange to introduce futures trading for the cryptocurrency.
In its communications with the United States Commodity Futures Trading Commission (CFTC) on March 7, Coinbase Derivatives expressed intentions to unveil cash-settled futures contracts for Dogecoin, along with Litecoin and Bitcoin Cash, aiming for an April 1 launch date.
Highlighting an unconventional path to market expansion, Coinbase mentioned its strategy to leverage the “self-certification” process for these futures contracts, adhering to CFTC’s regulatory framework, without waiting for formal approval.
The company stated, “Coinbase Derivatives […] hereby submits for self-certification its initial listing of the Dogecoin Futures contract to be offered for trading on the Exchange on or after April 1, 2024.”
This move reflects Coinbase’s belief in Dogecoin’s significant transformation and its established role within the crypto industry.
The price of DOGE, in response to these developments, surged by 17%, showcasing its trading value at $0.15.
The decision to list futures contracts for Dogecoin, Litecoin, and Bitcoin Cash sparked varied reactions among market observers and social media commentators.
Some analysts perceive this as a strategic attempt by Coinbase to challenge the Securities and Exchange Commission (SEC) in its classification of crypto assets.
Bloomberg exchange-traded fund analyst James Seyffart suggested on X (formerly Twitter) that this could be a maneuver to prevent these cryptocurrencies from being classified as securities, especially those based on the Bitcoin’s proof-of-work consensus mechanism.
Seyffart’s observation points to a broader strategy of influencing how regulatory bodies view crypto assets following the approval of spot Bitcoin ETFs.
Coinbase’s venture into the derivatives market traces back to its 2022 acquisition of FairX, a CFTC-regulated derivatives exchange, aiming to democratize the derivatives trading landscape for its vast retail customer base.
This initiative is part of Coinbase’s broader mission to make derivative markets more accessible and understandable for everyday investors, further cementing its position as a pioneering platform in the cryptocurrency trading arena.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The Pyth oracle’s integration with Merlin Chain, a Layer 2 solution on Bitcoin that combines ZK-Rollup technology, a decentralized oracle network, and BTC fraud detection modules, marks a significant leap forward. This move underscores Pyth Price Feeds’ position as a critical resource for developers in the burgeoning Bitcoin ecosystem.
“The team is looking forward to join hands with Pyth, a leading oracle, to help build the foundation of Merlin Chain. With the price feeds and market data Pyth provides, we are now ready to welcome the next generation of Bitcoin and DeFi to Merlin Chain,” Jeff, Founder of BitmapTech and Merlin Chain, said.
With Pyth Price Feeds going live on Merlin Chain, developers now have unrestricted access to over 400 real-time data feeds from a vast array of asset classes, enhancing the security and functionality of diverse smart contract applications, including trading, lending, and borrowing platforms. Pyth’s unique pull oracle architecture offers an efficient way for applications to obtain the latest price data, ensuring accuracy and timeliness for end-users.
Merlin Chain stands out as a Layer 2 enhancement for Bitcoin, focusing on enriching Bitcoin’s Layer 1 assets, protocols, and products with advanced technologies. As a branch of Bitmap Tech, Merlin Chain brings significant credibility and innovation to the Bitcoin ecosystem, highlighted by its successful BRC-420 “Blue Box” collection among the Ordinals.
The Pyth Network, known for delivering secure, low-latency financial data, gathers proprietary data from leading exchanges and trading firms, making it a backbone for smart contracts and decentralized applications. In a relatively short span, Pyth has managed to secure over $2 billion in value, now supporting more than $3 billion across numerous markets. With its comprehensive coverage across cryptocurrencies, stocks, ETFs, forex pairs, and commodities, Pyth has become instrumental in powering over $120 billion in trading volume across more than 50 blockchain ecosystems.
Kyle Davies, co-founder of the now-defunct crypto hedge fund Three Arrows Capital (3AC), expressed no regret over the billions in investor funds lost due to the company’s bankruptcy.
In a March 19 episode of the Unchained Podcast, Davies maintained that the failure of 3AC and the subsequent backlash did not tarnish his professional reputation.
He stated, “Am I sorry for a company going bankrupt? No. Like, companies go bankrupt all the time,” highlighting his lack of remorse with laughter.
Discussing future endeavors, Davies hinted at advising potential successors on how to better manage a bankruptcy scenario, suggesting a nonchalant approach to the dissolution of his hedge fund.
He also revealed his intention to steer clear of Singapore, fearing possible incarceration, and noted that he has been moving between Europe and Asia, with a recent stay in Portugal.
In April 2023, amidst the fallout, Davies and his partner Su Zhu initiated OPNX, a venture combining bankruptcy claims processing with a crypto exchange.
Davies praised the launch as “very impressive,” asserting his enduring respect within the cryptocurrency community.
However, the venture was short-lived, with OPNX announcing its closure by February 14.
Davies countered claims of non-cooperation with the liquidators, Teneo, overseeing 3AC’s dissolution, describing such allegations as overstated.
He argued that portraying them as uncooperative was a strategic move by the liquidators to reclaim more assets.
READ MORE: Binance Offers Up to $5 Million Reward for Insider Trading Tips Amid Memecoin Listing Controversy
Despite these assertions, Davies and Zhu faced subpoenas via Twitter on January 5, 2023, for evading communication and not sufficiently cooperating with the liquidation process.
In the wake of 3AC’s collapse in 2022, a British Virgin Islands court froze $1.14 billion of Davies and Zhu’s assets.
Teneo has estimated the outstanding debt to 3AC creditors at approximately $3.3 billion and is actively seeking $1.3 billion directly from the co-founders.
This pursuit comes after allegations that Davies and Zhu engaged in excessive borrowing against investor funds post-insolvency.
Adding to their challenges, Singapore’s central bank imposed nine-year prohibition orders against Davies and Zhu in September of the previous year for alleged breaches of the nation’s securities regulations while at the helm of 3AC.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.