Make money on cryptocurrency BNB

Crypto-Upvotes experts reviewed the prospects of cryptocurrency BNB and told what will lead to an increase in its price

BNB is a cryptocurrency that supports the Binance Chain ecosystem. BNB is one of the most popular utility tokens in the world.

The token is a key asset in the launchpad system (launchpad, a platform for launching initial offerings of tokens) and sales on the world’s largest cryptocurrency exchange Binance, which directly affects its value.

The need to keep the token on balance encourages those wishing to participate in exchange events to buy.

In terms of technical analysis, we have seen a very technical nudge towards the $325-340 level for a year now.

The “rising triangle” pattern generally warns traders of an impulsive upward price breakout soon. The pattern is characterized by ” pressing up” prices from below. The maximums remain at the same level. And minima increase, “pressing” the price to the upper boundary. This is followed by an impulsive upward price breakout and destruction of the counter resistance.

Chart BNB

Chart BNB

The rising lows marked on the chart at $180, $225, $265 and $320 technically form an upward movement. In our opinion, the price is in the final point and the exit from which could provoke its rapid growth.

The smaller timeframe also suggests a local uptrend, which allows you to enter the trade with a small stop loss.

Trading plan:

Buy BNB/USDT at $317.
Risk: 10% of capital.
Stop loss: $300.
Take profit: $457.

Disclaimer:

Crypto-Upvotes does not provide investment advice. This material is for information purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.

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Cryptotraders made money on shorting TUSD stablecoin

Abnormal demand for TUSD Stablecoin supported by the largest cryptocurrency exchange Binance led to the growth of its rate above $1. And opened up non-standard opportunities for earnings

High demand for TrueUSD (TUSD) stablecoin led to the fact. At the moment, its rate exceeded $1 by 20%. This was used by cryptocurrency traders. Who played on the decrease of stablecoin. At the same time, expecting its return to parity with the dollar soon. Massive borrowing of TUSD in decentralized credit services led to a high growth of their interest rates.

TUSD’s share of the most capitalized stablecoin is skyrocketing. And largely thanks to the support of the largest cryptocurrency exchange Binance. The coin is ranked 29th by CoinMarketCap among all existing crypto-assets. Its market capitalization rose to $2.4 billion this week, though it was still at $755 million at the end of 2022.

Stablecoin was relatively unpopular until Binance eliminated trading commissions in the BTC/TUSD pair. From May 1 to May 2, abnormal demand for Stablecoin led to its decoupling from the dollar exchange rate (called depreciation). But if decoupling from the dollar for stablecoins usually implies a drop in the exchange rate. That’s what happened with the USDC during the Sillion Valley Bank crash in March. TUSD, on the other hand, was momentarily trading at a premium, hitting a high of $1.20.

How traders made money

The BTC/TUSD pair on Binance is now one of the largest trading pairs by volume in the entire industry. TUSD’s liquidity is not keeping up with its volumes. Which makes such a depeg more likely.

Traders have been using the decentralized Aave and Compound credit protocols. To borrow large amounts in TUSD. And quickly exchanged them for USDC, another stablecoin with a link to the U.S. dollar.

Aave and Compound are decentralized lending and borrowing protocols running on the Ethereum blockchain. Users of both can lend or borrow cryptoassets without intermediaries, using both stable and variable interest rates.

The most common strategy was to borrow TUSD and then exchange it for USDC. Which allowed us to effectively “short” TUSD from its increased price. However, neither Aave nor Compound has such large volumes of TUSD. Because of this, borrowing rates rose quickly, exceeding 100% per annum in both protocols.

TUSD demand rises

Speculation in the loan protocols is not the only reason for the increased demand for TUSD stablecoin. Our experts note that Binance has placed the highly popular SUI token on its Launchpool platform. At the same time, it gave users the opportunity to place BNB coins or TUSD stablecoins in staking, receiving income in the form of SUI tokens. Amid strong excitement, investors placed $4 billion worth of assets on the platform, with $770 million of that coming from TUSD.

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Executives at Coinbase are being sued for insider trading

Executives and investors of Coinbase, the second largest cryptocurrency exchange, are accused of selling $2.9 billion worth of shares. Which they did before the publication of negative information, which influenced the collapse of prices. Crypto-Upvotes expert review

The head of Coinbase, the world’s second-largest cryptocurrency exchange, Brian Armstrong. As well as its board member Mark Andriessen and other company officials avoided more than $1 billion in losses while using insider information, according to a lawsuit filed by one of the company’s investors.

He estimated that they sold Coinbase (COIN) stock within days of the cryptocurrency platform’s public offering two years ago. In doing so, knowing of “bad news” that would affect the further collapse of quotations.

The company’s board of directors conducted a so-called direct listing. Instead of a typical initial public offering and quickly sold off $2.9 billion worth of stock before Coinbase management disclosed “significant negative information. Which negated the market’s optimism after the company’s first quarterly earnings report. said in a complaint filed in Delaware state court.

“In five weeks, the value of these shares fell by more than $1 billion. And Coinbase’s market capitalization fell by more than $37 billion,” claims Adam Grabski, speaking on behalf of investors. He says he has held Coinbase stock since April 2021.

Armstrong sold $291.8 million worth of Coinbase stock in a direct listing. Says the complaint, and Andrissen’s venture capital firm, Andreessen Horowitz, sold $118.6 million worth of stock.

“As the most popular and only publicly traded cryptocurrency exchange in the U.S. We are sometimes the subject of bizarre litigation,” Coinbase representatives wrote in a commentary for Bloomberg.

The lawsuit lists the main beneficiaries of the stock sale. Among them are Andreessen Horowitz Group (sold $118.6 million worth of stock) and CEO Brian Armstrong (sold for $291.9 million). As well as COO Emily Choi (sold for $223.9 million), co-founder and board member Fred Ehrsam (sold for $219.4 million) and others.

Union Square Ventures, an investment firm owned by Fred Ehrsam, sold $1.8 billion worth of stock. According to the lawsuit, the company led the Series A funding round for Coinbase. In doing so, it invested $5 million at 20 cents a share, valuing the company at about $20 million. The stock sale was “the largest exit in the firm’s history,” Grabski claims.

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Trading volume of 15 largest crypto-exchanges increased by more than 40% for the quarter

Trading volume were boosted by trend events, such as the rise of “Chinese” coins. And also etherium Arbitrum, led to an increase in cryptocurrency trading activity

In the first quarter of 2023, the total trading volume of the 15 largest exchanges reached $10.8 trillion, with an increase of more than 40% compared to the fourth quarter of 2022. This is stated in the report of the analytical platform TokenInsight.

Changes in trading volume and market share of exchanges. These are parameters that directly indicate the rise or fall of the crypto industry. Bitcoin’s price recovery in the first quarter of the year was the most important factor. Which caused an active increase in trading volume.

Binance still holds the largest market share with 55% of trading volume. This is despite a slight decline in its share – it was 60% in the fourth quarter of 2022. OKX and Bybit, as at the end of last year, occupy the second and third places, respectively.

Spot trading volume on the top ten exchanges totaled $2.4 trillion between January and March, up 16% from the previous period. Derivatives trading volume on the top 10 exchanges totaled $7.8 trillion, up 30%.

In addition to the rise in the price of Bitcoin, many trending events occurred in the first quarter. For example, the growth of “Chinese” coins and the Arbitrum Airdrop (ARB). This led to increased activity in derivatives trading, according to our experts.

Binance, OKX and Bybit exchanges collectively accounted for 85% of the cryptocurrency derivatives market in the first quarter of this year.

The report also noted that most native crypto exchanges’ tokens closed the first quarter with an increase in price. Only LEO Token (LEO) from Bitfinex and HT from Huobi fell in price.

The only exchange token that outperformed Bitcoin and Ethereum in growth was BGB (Bitget exchange). And it was up 120%. The token Gate (GT) of the exchange Gate.io and OKB (OKB) from OKX rose in price by more than 50%.

In addition, our experts note that in early April it became known. That the monthly trading volume on decentralized exchanges renewed the maximum since May 2022. Rapid growth of cryptocurrency trading on DEX platforms began in March amid the bankruptcies of U.S. banks.

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Hong Kong regulator to clarify rules for banks to open accounts for crypto firms

The Hong Kong Monetary Authority (HKMA) will issue a circular to banks to clarify account opening rules for cryptocurrency companies.

The Hong Kong regulator will explain how banks should conduct customer due diligence (CDD). The announcement was made by HKMA Deputy Executive Director Arthur Yuen.

Although the Hong Kong authorities actively support the development of the crypto-business. Then this industry is experiencing difficulties with access to banking services. But it is necessary for companies to store fiat assets, pay staff and pay suppliers.

The authority reviewed reports from industry participants that there may be difficulties with the account opening process and banks may reject applications. The HKMA then decided to explain to banks the rules for vetting customers. The regulator expects that crypto-service providers will be able to successfully open accounts using simple procedures.

The HKMA actively discussed the issue with banks and reminded them that there are no legal requirements. That prohibit Hong Kong banks from providing services to virtual asset (VA) related entities. The department also advised banks to avoid unnecessary processes. And refrain from adopting a “one-size-fits-all” approach to rejecting account applications.

On April 28, the HKMA and the Hong Kong Securities and Futures Commission (SFC) will co-host a roundtable discussion for the banking industry and crypto-service providers. This is done to exchange views on account opening and other information.

Our experts note that as of June 1, a new regime will come into effect in the region. According to which all cryptocurrencies operating in Hong Kong or with local investors must obtain an SFC license. Many major crypto exchanges, such as Huobi, OKX and Bitget, have already applied for a license. Or have announced the establishment of a local licensed unit.

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Ethereum staking volume breaks record after Shapella update

The inflow of funds into staking Ethereum exceeded 570 ths ETH in the last week. And that was maximum for the two and a half years that passed since the launch of this program

During the week from April 17 to April 23, 571.9 thousand ETH ($1.05 billion) were deposited in staking on the Ethereum network. And this was a record volume since the launch of the service two and a half years ago. According to data presented by 21Shares investment analyst Tom Wang on the Dune platform. The figure has only reached such close values twice – after the launch of staking in November 2020 (556,000 ETH) and in March 2022 (532,000 ETH).

On the night of April 12 to 13, the Shapella update was successfully activated on the Ethereum network. This, for the first time, allowed Ethereum owners who deposited coins in staking to withdraw all or part of their funds.

Users began actively withdrawing funds from staking, but also depositing. According to TokenUnlocks, a platform that tracks cryptocurrency unlocking information. By April 25, 1.6 million ETH (worth a total of $2.9 billion) had been withdrawn from staking since the fork (in 13 days). And 1.09 million ETH ($2 billion) had been deposited.

Most of the funds that are withdrawn are not the coins themselves, which were blocked when they were deposited. But the rewards in Ethereum earned by users for depositing assets. Validators must block exactly 32 ETH in order to open a node and receive rewards for keeping the network running.

Keeping the accumulated rewards in the node does not increase returns. Therefore, many validators withdraw the amount of rewards without touching the initially deposited 32 ETH. In order for the rewards to be profitable as well, they are withdrawn and re-run nodes with them.

Our experts note that since the Shapella update, five major institutional-level stacking service providers. These include – Bitcoin Suisse, Figment, Kiln, Stakefish and Staked.us – have staked a total of over 230k ETH ($425 million).

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Hacker who stole $160 million decided to make money on them by adding them to liquidity on DEX Curve

Curve protocol developers say that no one can forbid anyone to make deposits. And the platform code is unchangeable

A cryptocurrency hacker has become the leader among liquidity providers in Curve Finance’s DeFi-platform pool. In doing so, using the $160 million he stole from the Wintermute protocol.

Wintermute is a major cryptocurrency market maker, providing liquidity to more than 50 crypto platforms. Such as Binance, Kraken, Coinbase and many others were attacked in September 2022. Ninety different digital assets totaling about $160 million were withdrawn from the protocol.

The attacker placed the stolen funds in the Curve Finance trading pool. These assets now represent 28% of the roughly $400 million placed in Curve’s decentralized liquidity pool, Curve 3pool.

Curve is the largest decentralized crypto exchange (DEX) deployed on the Ethereum network. According to DeFiLlama, its Total Value Locked (TVL) is about $4.5 billion.

Also Curve allows users to trade digital assets without intermediaries. They trade tokens through liquidity pools. Another part of the users provides this liquidity, for which they are charged a commission.

The liquidity providers get a small commission every time someone uses the pool to exchange tokens. The Curve 3pool platform is focused on exchanging stablecoins Tether (USDT), USD Coin (USDC) and Dai (DAI).

Because the code of Curve protocol cannot be changed after its deployment in the Ethereum blockchain. Its creators have no control over who uses the protocol or provides liquidity in the pools.

Our experts point out that even the managers of the protocol cannot change the code where the funds are stored. DEX exchange officials also noted that it is impossible to disable protocol without completely shutting down the Ethereum blockchain.

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Zimbabwe central bank to introduce gold-backed cryptocurrency

African country’s authorities hope to stabilize the Zimbabwean dollar by issuing a new digital currency

The Reserve Bank of Zimbabwe (RZB) intends to introduce a digital currency. It will be backed by gold, according to local portal The Sunday Mail. It will be used as legal tender within the country. The authorities hope to stabilize the national currency – the Zimbabwean dollar (ZWL).

The tokens will be a form of electronic money. Which will be backed by the country’s gold, which is stored at the Central Bank. Holders of Zimbabwean dollars will be able to exchange them for tokens backed by gold. The regulator calculates that this will help people save in a highly volatile environment.

The value of Zimbabwe’s national currency is depreciating rapidly and has started to do so quite some time ago. The authorities have held several denominations. And since 2009, Zimbabwe, after a period of record hyperinflation in world history, withdrew its own currency from circulation. Instead of the Zimbabwean dollar began to use U.S. dollars. As well as GBP and the currencies of neighboring countries.

Since 2016, the country issued a quasi-currency – surrogate dollars, officially pegged to the U.S. dollar at a ratio of 1:1. And designed to compensate in the market a shortage of U.S. dollars and other currency circulating in the country. In 2019, the Central Bank of Zimbabwe announced that surrogate currencies would no longer be exchangeable at a 1:1 ratio to the U.S. dollar.

Other African countries

Our experts point out that Zimbabwe is not the first African country to struggle with inflation. And other money circulation problems through the introduction of digital currencies. A year and a half ago, Nigeria introduced the eNaira digital coin. In doing so, it tried to attract about 40 million people to use it. And to get a share of the multi-billion dollar remittance flows and increase the tax base.

One year after eNaira’s launch, only 0.5% of Nigerians have used it. To boost adoption of the coin, the country’s authorities tightened cash withdrawal limits at banks and ATMs at the end of 2022.

 

 

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Crypto exchange KuCoin reported that its Twitter account was hacked

KuCoin promises to compensate users for losses incurred due to the incident and strengthen security measures

Cryptocurrency exchange KuCoin warned about the hacking of its official Twitter account. The incident occurred on the night of April 23 to 24. The platform reported that a small number of users lost funds due to actions related to fake tweets.

KuCoin is a centralized crypto exchange that ranks 7th in terms of trading volume. In the last 24 hours, according to CoinMarketCap, that figure on the platform was $514 million.

Hackers gained access to the KuCoin account for 45 minutes. After the exchange recovered the account, it identified 22 transactions. And that included Bitcoin and Ethereum transactions that were linked to the incident. The platform estimated the total loss at approximately 22,600 USDT.

“Kucoin will fully reimburse all asset losses caused by the social network hack and fake activity. To prevent more users from being harmed, we are currently checking and blocking suspicious addresses,” the statement reads.

Our experts note that Kucoin claims that users’ assets on their exchange remain safe. An investigation into the incident is underway. In addition, in addition to the existing two-factor authentication. Additionally, the platform intends to introduce additional security measures on its accounts in social networks.

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European Parliament approves MiCA crypto-regulation bill

European Parliament members voted in favor of new rules for the digital asset industry in the European Union

European Parliament members in favor of the Markets in Crypto-Assets (MiCA) bill to regulate cryptocurrencies. The EU became one of the first jurisdictions in the world to introduce comprehensive rules for cryptoassets. As well as consumer protection, financial stability and innovation, the European Commission said in a statement.

The MiCA project, the main provisions of which were agreed upon last year. It will allow cryptocurrency exchanges and cryptocurrency storage companies to offer their products legally in the EU. The document also establishes rules for stablecoins issuers.

Once the law enters into force, cryptocurrency companies will have to obtain registration in one of the EU member states. This will allow them to work in the entire European Union.

The law will come into force in July after being formally approved by the 27 member states of the bloc, expects European Commissioner Mairid McGuinness. In this case, some provisions of the act will come into force gradually. For example, the rules governing stablecoins will apply from July 2024.

European Banking Authority (EBA) and European Securities and Markets Authority (ESMA). They will ensure that crypto platforms comply with the rules. And use the necessary risk management processes.

Our experts note that European Parliament members voted in favor of a law to regulate transactions. This document requires operators of cryptocurrency platforms to identify their clients in order to prevent money laundering.

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