CryptoSlate Wrapped Daily: Binance hits out at Reuters, USDD loses peg, Paxful delists ETH

1 year ago

The biggest quality successful the cryptoverse for Dec. 12 includes Binance saying “Reuters has it incorrect again,” obscure token takes up 15% of ETH state fees, USDD loses peg, and more

CryptoSlate Top Stories

XEN crypto accounts for 15% of each Ethereum state fees

XEN crypto, an ERC-20 token launched successful October, accounts for astir 15% of each Ethereum state fees.

A caller illustration shared connected Twitter by Mhonkasalo showed that the XEN token state arsenic of December 11 is 4 times that of each Layer-2 networks and 20% much than that of OpenSea, the largest NFT marketplace.

Binance denies US DOJ looking to prosecute the exchange, says Reuters is ‘wrong’

Binance said connected Dec. 12 that Reuters falsely stated that the U.S. Department of Justice is looking to prosecute Binance implicit wealth laundering changes.

In the statement, Binance claimed that Reuters was “attacking our unthinkable instrumentality enforcement team” arsenic the institution shared the property merchandise sent to Reuters. The institution besides shared a new blog post focused connected its ” Fight Against Crypto Crime.”

FTX fallout motivates Hong Kong watchdog to draught caller rules

The Hong Kong Securities and Regulatory Commission plans to draught caller regulatory provisions to instrumentality nether its caller crypto regularisation strategy successful the aftermath of FTX’s collapse, according to section media reports.

The Commission reportedly argued that the FTX fallout had affected different virtual tokens and the full crypto industry. The incidental demonstrates the imaginable catastrophic effects of utilizing a trading level that is not afloat regulated.

Tron’s USDD stablecoin falls to $0.97 arsenic it loses dollar peg

Tron’s USDD stablecoin has mislaid its peg arsenic its terms dipped to $0.97, sparking fears of different UST collapse.

The Tron-based algorithmic stablecoin launched on May 5, and its marketplace headdress presently stands astatine astir $708 million. Tron laminitis Justin Sun said USDD would beryllium over-collateralized by low-volatile assets like USDT, USDC, and Bitcoin, to debar a repetition of UST’s collapse.

The Tron DAO Reserve shows the USDD proviso astatine $725.3 million, with collateral consisting of TRX, BTC, USDT, and USDC totaling $1.4 cardinal successful worth — equating to a ratio of 200%.

Paxful to delist Ethereum pursuing propulsion for integrity post-FTX

Ray Youssef, CEO and co-founder of Paxful, announced plans to region Ethereum from the level and said that the “revenue is bully but integrity trumps all.”

The remark came successful effect to an appraisal from Jeremy Garcia, the CEO of Bitcoin acquisition tract Satoshi’s Journal, who blasted Ethereum arsenic “poorly designed” and uncompliant with the “1st principles” of cryptocurrency.

Research Highlight

Research: Bitcoin realized headdress vs. marketplace headdress reveals displacement successful information formation dynamics

Using realized cap, alternatively of marketplace cap, to cipher BTC.D gives a existent fig of 60%, which is much successful enactment with expectations of the bulk of users cycling into Bitcoin arsenic a information play during a carnivore market.

However, similar the marketplace headdress method for calculating BTC.D, the realized headdress method besides shows dominance astatine overmuch higher percentages (than 60%) during past carnivore markets, specified arsenic successful 2015, erstwhile it was astir 90%.

This begs questions astir changing marketplace dynamics successful 2022 versus 2015.

Retail investors are increasing their BTC stack; whales’ holdings falling

Bitcoin ownership is inactive increasing among retail investors, with 3 cardinal BTC holdings astatine present, portion whale accumulation is declining, with the caller fig astir 9 million, according to Glassnode information analyzed by CryptoSlate.

A retail capitalist is idiosyncratic who holds 1 bitcoin oregon less, and a whale is idiosyncratic who holds much than 1000 bitcoins. Bitcoin holdings by retail investors person doubled since 2018, erstwhile they held 1.5 million, whereas organization investors held 10 million.