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Binance Announces New Transaction Limit By Fiat Partner – What Could This Mean For BNB?

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Binance Announces New Transaction Limit By Fiat Partner – What Could This Mean For BNB?

According to a report by Bloomberg, crypto exchange Binance has announced that one of its fiat trading partners, Signature Bank, will no longer be processing transactions of less than $100,000 as the bank attempts to reduce its exposure to the cryptocurrency market.

Binance said this is a broad action affecting all crypto exchanges dealing with Signature bank. And that efforts are underway to find an alternative solution immediately for members of its user community whose accounts are serviced by this bank.

“One of our fiat banking partners, Signature Bank, has advised that it will no longer support any of its crypto exchange customers with buying and selling amounts of less than 100,000 USD as of February 1, 2023. This is the case for all of their crypto exchange clients. As a result, some individual users may not be able to use SWIFT bank transfers to buy or sell crypto with/for USD for amounts less than 100,000 USD,” the statement sent by Binance to Bloomberg News on Saturday, said.

Signature Bank is one of the biggest fiat banking partners in the crypto industry in collaboration with many industrial giants, including Binance, Kraken, Coinbase, Circle and the now-bankrupt FTX exchange. 

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Following the heavy losses in the crypto market in 2022, Signature Bank lost about 64% of its shares (SBNY) value after paying out $8.1 billion worth of digital assets in service of withdrawal orders during the last quarter of the year.

To avoid similar losses in the future, Signature Bank has begun a massive withdrawal process from the cryptocurrency industry. To this effect, the New York-based bank even plans on voluntarily reducing its crypto deposits by $8 billion to $10 billion. 

How Does Signature Bank’s Action Affect Binance Coin (BNB)?

Following the announcement of Signature Bank’s minimum transaction limit by Binance, there has been no significant effect on the BNB token. According to CoinMarketCap, BNB is trading at $302.89, having lost only 0.11% of its value in the last 24 hours.

BNBUSD trading at $303.0 | Source: BNBUSD Chart on Tradingview.com. 

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Ordinarily, BNB’s price movement is within the range of an expected reaction as Signature services only 0.01% of the average monthly customers on Binance. Thus, causing no need for panic among investors. 

However, it may be too early to tell the full effects of Signature’s action on the BNB token, especially considering the ongoing social media rumors on Binance’s “true” relationship with the American banking giant. 

Binance In Trouble? 

Apparently, it is believed by some crypto enthusiasts that Binance has been dealing with Signature via an account belonging to “Key Vision Development Limited”, a Seychelles-based company that has been defunct since September 2021. 

According to rumors, Signature Bank imposed a $100,000 minimum transaction limit on crypto transactions only after forcefully closing Binance’s “phony” account. Some also say that Binance is the only exchange affected by this new transaction limit policy, especially since there have been no official statements from other crypto exchange clients of Signature bank. 

That said, it is worth stating that all these statements are still rumors with no confirmation by any credible authority. However, Binance users as well as BNB investors, are advised to watch out for any developments in that space. 

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Featured Image: Reuters,  Chart from Tradingview.com

$3 Billion

Stablecoin Economy Sheds Another $3 Billion In 44 Days

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Stablecoin Economy Sheds Another $3 Billion In 44 Days

The stablecoin economy continues to deplete as more than $3 billion has been erased from the stablecoin market ecosystem over the last 44 days. While statistics show that tether’s market valuation has risen by 2% over the last 30 days, usd coin’s market cap slid by 2.9%, BUSD valuation shed 7.2% over the last month and gemini dollar’s market capitalization slid by 1.5%.

$3 Billion in Dollar-Pegged Tokens Erased in 44 Days as Stablecoin Swaps Represent Nearly 80% of Global Crypto Trade Volume

The overall value of the top stablecoins by market capitalization has shed roughly $3 billion during the last 44 days or since Dec. 15, 2022. At that time, the stablecoin economy was worth $141.07 billion. On that day, stablecoin swaps represented $44.55 billion of the $53.91 billion in global trade volume.

The total market capitalization of the entire stablecoin economy on Jan. 28, 2023.

After losing more than $3 billion, the stablecoin economy is valued at $138.07 billion, and stablecoin trades equate to $46.33 billion of the $58.76 billion in global trades on Jan. 28, 2023. Out of the top ten stablecoin assets, three market capitalizations have lost value during the last 30 days.

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Statistics show that usd coin (USDC) has shed 2.9% in the past month, and BUSD lost the most with a 7.2% reduction in 30 days. The Binance-affiliated and Paxos-managed dollar-pegged token BUSD has seen a significant number of redemptions over the last few months. At the time of writing, BUSD’s overall market cap in U.S. dollar value is $15.8 billion.

Top five stablecoins by market capitalization on Jan. 28, 2023. USDC shed 2.9% and BUSD lost 7.2% over the last 30 days in terms of tokens in circulation.

USDC’s market capitalization on Saturday is around $43 billion. On Dec. 15, 2022, the valuation was around $45 billion. Similarly, gemini dollar’s (GUSD) market cap was around $591 million 44 days ago, and today it is around $571 million. While there were a few stablecoin projects that saw market capitalizations slide, tether, DAI, trueusd (TUSD), and pax dollar (USDP) saw increases.

Tether (USDT) saw a 2% increase in coins in circulation over the last 30 days. Makerdao’s DAI increased by 1%, and trueusd (TUSD) climbed 25.3% higher. Pax dollar (USDP) rose by 5.1% and Tron’s USDD saw a small increase of around 0.6% over the last 30 days. Liquity usd (LUSD) managed to rise by 24.4% over the past month, and Abracadabra’s stablecoin MIM jumped 3.9%.

While tens of billions in stablecoin assets have been removed since last year, they still represent a dominant force in the crypto economy. Since May 2022, three stablecoin assets have remained in the top ten market cap positions: USDT, USDC, and BUSD. Both USDT and USDC have been in the top ten positions for much longer.

Furthermore, the entire stablecoin economy, valued at $138 billion, represents 12.71% of the entire crypto economy’s value of $1 trillion. In trade volume alone on Saturday, Jan. 28, stablecoins equated to 78.85% of all crypto asset trades worldwide on both centralized and decentralized exchange (dex) platforms. That means more than seven out of ten crypto asset trades today, have been swapped with a stablecoin.

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$3 Billion, 30-days, 44 days, Abracadabra, Assets, Binance, BUSD, BUSD decline, Centralized, Circulation, Crypto, crypto economy, Cryptocurrency, DAI, decentralized exchange, decline, Dollar-Pegged, Dominance, Economy, Gemini Dollar, Global, Liquidity, loss, LUSD, makerdao, market, Market Capitalization, market positions, MIM, Pax dollar, Paxos, redemptions, Stablecoin, Stablecoin Economy, Tether, Tether (USDT), Top Ten, trade, tron, trueusd, usd coin, usd coin (USDC), USDD, Value, volume

What does the recent decline in the stablecoin economy signify for the overall cryptocurrency market? Share your thoughts in the comments.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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All time high

Litecoin’s Hashrate Reaches All-Time High, Difficulty Follows Suit

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Litecoin’s Hashrate Reaches All-Time High, Difficulty Follows Suit

The blockchain network Litecoin’s computational power reached an all-time high (ATH) on Wednesday, Jan. 25, 2023, at block height 2,411,048, reaching 798.43 terahash per second (TH/s). In addition, Litecoin’s difficulty also reached an all-time high this week, hitting 23,505,031 the following day.

Litecoin’s Computational Power Climbs 38% in 30 Days

A significant amount of hashrate has been dedicated to the Litecoin (LTC) network over the last 30 days as the blockchain’s computational power climbed 38% higher from 576 terahash per second (TH/s) on Dec. 28, 2022, to the all-time high of 798 TH/s recorded on Jan. 25, 2023. Currently, Litecoin’s hashrate on Jan. 28, 2023, is around 691 TH/s, which is 20% higher than the hashrate last month. Litecoin’s price has also been climbing higher as LTC’s value increased by 34% against the U.S. dollar in the past 30 days.

On Jan. 25, 2023, LTC’s hashrate tapped an all-time high of around 798 TH/s, and the following day, LTC’s difficulty jumped to 23.50 million.

The all-time high hashrate of 798 terahash per second (TH/s) is roughly 202 TH/s away from a single petahash per second (PH/s), which equates to 0.798 PH/s. Viabtc is the top Litecoin mining pool with 192 TH/s, or 27% of the total Litecoin hashrate. The crypto mining pool Viabtc is followed by F2pool (121 TH/s), Antpool (104 TH/s), Litecoinpool.org (77 TH/s), and Binance (69 TH/s), respectively. All five Litecoin mining pools also participate in dogecoin (DOGE) merge mining through a process called auxiliary proof-of-work (AuxPoW).

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Over the last week, LTC’s difficultly jumped 3.28%, in 30 days it increased 14.80%, and over the last three months it increased 32.41%.

Litecoin will be the first of a few proof-of-work (PoW) cryptocurrencies to halve its mining reward, as its network precedes protocols like Bitcoin Cash (BCH), Bitcoinsv (BSV), and Bitcoin (BTC). The LTC network is expected to reduce its reward from 12.5 LTC to 6.25 LTC on or around Aug. 3, 2023. Litecoin’s difficulty increased to 23.50 million on Jan. 26, and it was 3.28% higher over the last three days. Like Bitcoin, Litecoin’s difficulty adjustment occurs every 2,016 blocks, but LTC blocks are discovered at a rate of about 2.5 minutes per block.

Worldwide Google Trends data for the search term “Litecoin” on Jan. 28, 2023.

This means Litecoin’s difficulty adjustment retargets every three days to keep the block time at a consistent rate. In the last month, the difficulty increased by 14.80%, and it rose 32.41% in the last 90 days. LTC has lost much of its market dominance since its early days, as it was once the second-largest cryptocurrency by market capitalization at the end of Jan. 2014. By the next year, around the same time, it was knocked down to the third-largest cryptocurrency by market cap. In the years following, LTC has gradually dropped to its current 17th position.

Interest in LTC has also dropped since 2013, as data from Google Trends (GT) indicates that, out of a score from 1-100, the search term “Litecoin” reached a score of 6 in 2013. In Dec. 2017, the term reached the highest score of 100, but today the score is half of what it was in 2013, at 3. GT data further shows that the search term “Litecoin” saw a rebound at the end of 2020, and a much larger spike throughout 2021. Most interest in Litecoin comes from Nigeria, the Netherlands, Czechia, the United States, and Slovenia.

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All time high, Antpool, Binance, Bitcoin, Blockchain, computational power, crypto mining pool, Cryptocurrency, difficulty, F2Pool, Google trends, Halving, Hashrate, litecoin, litecoin (LTC), Litecoin interest, Litecoinpool.org, LTC mining, LTC network, Market Capitalization, Mining Reward, network, Proof of Work, terahash per second, ViaBTC

What do you think the future holds for the Litecoin network as it approaches its next mining reward halving in August 2023? Share your thoughts and predictions in the comments below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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FTX Publishes Creditor List, Owes Millions To Well-Known Institutions And Government Agencies

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FTX Publishes Creditor List, Owes Millions To Well-Known Institutions And Government Agencies

The now-defunct crypto exchange FTX has published its list of creditors, with the names unredacted. The comprehensive list, which is over 100 pages long, shows that FTX owes a lot of money to well-known institutions, including Binance, Airbnb, Apple, Amazon, Linkedin, Coindesk, the Wall Street Journal (WSJ), and more. U.S. government entities, such as the Internal Revenue Service (IRS) and the Treasury’s Financial Crimes Enforcement Network (FinCEN), are also included.

FTX Creditor List Reveals Wide Range of Businesses Owed Money

On Jan. 24, 2023, FTX published the bankrupt firm’s creditor ledger, which contains more than 100 pages of names. The creditors’ list includes government agencies from Switzerland, Hong Kong, the U.S., and Japan. In addition, the ledger features a myriad of well-known businesses, including Alibaba, Allied Sports, Microsoft, Amazon, Meta, Twitter, Google, Blue Bottle Coffee, Bonham Capital, Bitstamp, Bitgo, Infura, Inca Digital, Lightspeed Strategic Partners, Long Watch Security, Mercedes-Benz, Messari, Nomura, and O’Leary Productions. Bankruptcy documents filed last year indicate that the top 50 FTX creditors are owed an estimated $3 billion.

The FTX creditors’ list includes U.S. government agencies, such as the IRS, FinCEN, and various state tax collectors from a number of different states. The list showcases three major airlines, hotels, apartments, nonprofits, and software companies that provide cloud services. However, around 9.69 million FTX customer names are redacted from the creditor ledger. The list also highlights a great deal of businesses stemming from The Bahamas, where the FTX inner circle operated. Creditors further include banks, Stanford University, Fox News, Coindesk, and the Wall Street Journal.

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The court filing shows monies owed to a large number of creditors, but it does not mean the entity or individual leveraged the FTX exchange to trade crypto. For instance, a spokesperson from the Swiss regulatory entity FINMA told Reuters that it did not understand why it was on the list. FINMA “was not a client of FTX and had not acted on its platforms,” the spokesperson told the news outlet. Reuters reporter Noele Illien also reached out to Airbnb for comment, but the company did not respond.

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airbnb, Amazon, Apple, Binance, CoinDesk, comprehensive list, Court Filing, creditor ledger, creditors, crypto exchange, entity, ftx, FTX Bankruptcy, FTX collapse, individual, Internal Revenue Service (IRS), Leveraged, LinkedIn, monies owed, Reuters, Spokesperson, Swiss regulatory entity FINMA, Treasury’s Financial Crimes Enforcement Network (FinCEN), U.S. government entities, unredacted, Wall Street Journal, well-known institutions

What are your thoughts on the creditor list released by FTX and the extent of the debts owed to well-known institutions and government agencies? Share your comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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