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USDT volume on exchanges up 20% in 3 months

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USDT volume on exchanges up 20% in 3 months

USDT volume on exchanges up 20% in 3 months Oluwapelumi Adejumo · 6 mins ago · 2 min read

According to Santiment, the high percentage of Tether on exchanges is a sign of 2-year high buying power in the market.

2 min read

Updated: August 10, 2022 at 11:24 am

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Cover art/illustration via CryptoSlate

The ratio of Tether (USDT) on exchanges is up 20% in the last three months, according to Santiment data.

📈 The ratio of #Tether on exchanges has gone from 19.7% on May 9th to a whopping 42.0% three months later. This can be viewed as both a signal that traders have taken profits as prices have rebounded, as well as a sign of a 2-year high in buying power. https://t.co/Xmscnu5NOb pic.twitter.com/UFuYAkrWlO

— Santiment (@santimentfeed) August 10, 2022

The market intelligence platform tweeted that the ratio went from 19.7% on May 9 to 42% as of August 10. It is the first time USDT supply on exchanges will increase to over 42% since April 2020.

According to Santiment, this is a sign of 2-year high buying power and also shows that traders have taken profits as the crypto markets rebounded.

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In the last three months, USDT’s supply declined as investors redeemed the token during the thick of the bear market. The stablecoin issuer revealed it redeemed as much as $14 billion within two weeks.

Meanwhile, Tether resumed minting on July 29 and has added a few billion to its market cap since. Many in the crypto community consider an increase in the stablecoin supply to be a bullish signal.

💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 #USDT (1,001,883,610 USD) minted at Tether Treasuryhttps://t.co/J7058h3uuw

— Whale Alert (@whale_alert) August 3, 2022

Binance CEO Changpeng Zhao said in a recent tweet that “3 of the top 10 (cryptocurrencies) are stablecoins, meaning there is a lot of “fiat” sitting on the sidelines, ready to get back in. If people wanted to get out of crypto, most wouldn’t hold stablecoins.”

3 of the top 10 are stable coins, meaning there is a lot of “fiat” sitting sidelines, ready to get back in.

If people wanted to get out of crypto, most won’t hold stablecoins. https://t.co/QONyq1894U

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— CZ 🔶 Binance (@cz_binance) July 31, 2022

CryptoSlate research revealed that over $40 billion of stablecoin “dry powder” is waiting on the crypto market’s sidelines.

However, Blockware analyst Will Clemente holds a different opinion. In his view, there should be fewer stablecoins in the market as the oversupply and absence of buyers could cause the crypto market to decrease.

IMO this is the most compelling chart in crypto:

When large amounts of stablecoins are on the sideline relative to crypto’s mkt cap, market participants have to chase the rally higher. When there’s a lot of stables deployed but no one left to buy, market runs out of new buyers. pic.twitter.com/PUhVx6Gakw

— Will Clemente (@WClementeIII) July 19, 2022

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He believes that if the volume of a stablecoin in circulation declines, the demand for crypto assets rises.

While there might be slightly different opinions on what the high supply of stablecoins might mean for the crypto market, Ethereum (ETH) users will at least have nothing to worry about post-Merge.

The two largest stablecoin issuers have confirmed they will only support Ethereum PoS after the merge to avoid disruption to the community.

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Do Kwon deems news of $40M crypto freeze a ‘falsehood’

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Do Kwon deems news of $40M crypto freeze a ‘falsehood’

Do Kwon deems news of $40M crypto freeze a ‘falsehood’ Oluwapelumi Adejumo · 6 hours ago · 2 min read

The Terra community is working on several ideas that could lead to the re-peg of USTC and boost the value of LUNC.

2 min read

Updated: October 5, 2022 at 4:58 pm

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Cover art/illustration via CryptoSlate

Terra founder Do Kwon has described news of South Korean prosecutors freezing his $39.66 million crypto as a “falsehood.”

I don’t get the motivation behind spreading this falsehood – muscle flexing? But to what end?

Once again, I don’t even use Kucoin and OkEx, have no time to trade, no funds have been frozen.

I don’t know whose funds they’ve frozen, but good for them, hope they use it for good 🙏 https://t.co/gSucKfqsxj

— Do Kwon 🌕 (@stablekwon) October 5, 2022

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On Oct. 5, South Korean local media outlet News1 reported that the country’s prosecutors had frozen 56.2 billion won ($39.66 million) belonging to Kwon and domiciled in two crypto exchanges, KuCoin and OKX.

Kwon, however, has described the report as “spreading falsehood,” adding that he “(does not) even use Kucoin and OkEx, have no time to trade, no funds have been frozen.”

The Terra founder further said:

“It’s no surprise that crypto is most popular in countries that weaponize state institutions against their own people for political gain. Reap what you sow – revolutions start from within.”

Kwon denies freeze of 3,313 BTCs

On Sept. 27, reports emerged that Kwon had made a suspicious transfer of 3,313 BTC to two overseas cryptocurrency exchanges after South Korean authorities issued his arrest warrant.

Then, Kwon denied these allegations. He said:

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“(There is) no “cashout” as alleged, I haven’t used KuCoin or Okex in at least the last year, and no funds of TFL (Terraform Labs), LFG (Luna Foundation Guard), or any other entities have been frozen.”

Meanwhile, Terraform Labs has defended Kwon, describing the South Korean prosecutor’s arrest warrant for him as “unfair.”

Terra community pushes LUNC, USTC renaissance

The Terra community has been working on several ideas that could lead to the re-peg of USTC and boost the value of LUNC.

A re-peg proposal submitted by Alex Forshaw, Edward Kim, and Maximilian Bryan would lead to the creation of an Algorithmic Fungible Token, USTN, collateralized by 60% of Bitcoin and LUNC’s market capitalization. The proposal also proposes several improvements to Terra’s Capital Control System (CCS).

However, the proposal is being fiercely debated within the community as some members have kicked against some of the ideas being pushed.

Meanwhile, the Terra community has continued to burn the LUNC token. According to Stakebin data, 6.3 billion LUNC tokens have been burnt over the last seven days. Binance revealed that it burnt 5.6 billion of LUNC on Oct. 3.

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Binance And Kazakhstan To Share Information About Crypto-Related Crime

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Binance And Kazakhstan To Share Information About Crypto-Related Crime

Cryptocurrency exchange Binance has agreed to support Kazakhstan in ensuring the safe development of the country’s crypto market. The trading platform and Kazakhstan’s financial regulators intend to inform each other about cases involving the use of digital assets for illicit purposes.

Binance Exchange to Help Kazakhstan Authorities Combat Crime Linked to Cryptocurrencies

The world’s leading coin trading platform, Binance, and Kazakhstan’s Financial Monitoring Agency have recently signed a Memorandum of Understanding expressing their mutual interest in the safe development of the Central Asian nation’s virtual assets market.

An announcement explained that the agreement will govern joint efforts to fight crimes involving digital assets. The crypto exchange and the regulatory body plan to share data that can be used to identify and block crypto holdings obtained by criminal means as well as those employed in the laundering of proceeds from crime and the financing of terrorism.

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According to Tigran Gambaryan, global head of intelligence and investigations at Binance, the company has the most robust compliance program in the industry, incorporating the principles of anti-money laundering and sanctions compliance as well as tools to detect suspicious accounts and fraudulent activity.

During the meeting, Gambaryan and Chagri Poyraz, who heads Binance’s global sanctions department, presented reports devoted to investigations in the crypto space and suppression of illegal activities leading to sanctions evasion using cryptocurrencies.

The signing was also attended by the Chairman of the Financial Monitoring Agency of the Republic of Kazakhstan Zhanat Elimanov, executives and employees of the regulatory body, and other representatives of the Binance ecosystem, the exchange noted in a press release.

The memorandum is part of Binance’s global training program for representatives of regulatory and law enforcement agencies. Its main purpose is to develop cooperation with local and international authorities in the fight against cyber and financial crimes. The initiative has already been implemented in France, Germany, Italy, the U.K., Norway, Canada, Brazil, Paraguay, and Israel.

The agreement follows the signing of another Memorandum of Understanding with Kazakhstan’s Ministry of Digital Development and Innovation in May, under which Binance will advise the government in Nur-Sultan on crypto regulations. In August, the exchange was granted preliminary approval to provide trading and custody services for digital assets in Kazakhstan, a major crypto mining hub.

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Tags in this story

agreement, Binance, Crime, Crypto, crypto exchange, crypto trading, Cryptocurrencies, Cryptocurrency, Cryptocurrency Exchange, Exchange, Financial regulators, Kazakhstan, memorandum, Money Laundering, Sanctions, sanctions evasion

Do you expect Kazakhstan to seek assistance from other global crypto companies as it tries to regulate its digital asset economy? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Binance

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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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BNB and BUSD holders, this Binance announcement can affect…

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BNB and BUSD holders, this Binance announcement can affect…

Binance made a major expansion and partnership-related announcements recently. On 3 October, Binance announced that it signed a memorandum of understanding (MoU) with the Financial Monitoring Agency of Kazakhstan.

The MoU was signed as part of its ongoing efforts to educate law enforcement agencies around the world. Furthermore, as per the announcement, the company also set up offices in the Brazilian cities of Sao Paulo and Rio de Janeiro. 

These announcements coupled with recent developments from Binance might impact the dominance of the BUSD and the positive price movement of the Binance Coin [BNB].


Here’s AMBCrypto’s Price Prediction for Binance Coin for 2023-24

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Positioning BUSD for dominance

Binance’s BUSD auto-conversion, which converts new deposits of USDC, USDP, and TUSD to BUSD at a 1:1 ratio, was announced on 5 September.

The exchange’s goal in implementing the BUSD auto-conversion was, ostensibly, to boost liquidity, and it was implemented on 29 September. 

In terms of market cap, BUSD was now the third largest stablecoin, after USDT and USDC. According to Coinmarketcap, BUSD had a market cap of over $20 billion, with over $6 billion traded in the last 24 hours. In comparison to USDC, this trading volume was significantly higher.

Sideways but bullish

In recent weeks, the BNB price mainly moved sideways. However, following the news on 3 October, there was a rise in price. BNB began trading at $284.7, reached a high of $289.1, and closed at $286.9. As of the time of this writing, it was trading around $290. 

On a daily time frame, the $256 area provided strong support, but fresh support appeared to be emerging in the $278 area. The $300 area was acting as resistance for quite some time.

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Source: TradingView

Additionally, the Relative Strength Index (RSI) showed a bullish trend, with the RSI above the neutral line. The RSI reading above 50 indicated buying pressure was increasing relative to its level at the start of the period.

Based on the data provided by the Awesome Oscillator (AO), it was clear that the bullish trend was not particularly robust. 

The plus DI and signal line of the Directional Movement Index (DMI) hovered just above 20, which also indicated a weak bullish trend.

Furthermore, the 30-day Market Value to Realized Value (MVRV) ratio for BNB was above 18%, which indicated that the asset was in the overvalued zone. In this region, sellers could step in as traders cashed out their gains.

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Source: Santiment

However, developer activity was stagnant at 0.02, which suggested that the chain was not actively developing new features.

Source: Santiment

It’s to be noted here that Binance also announced on 29 September that it had opened local offices in New Zealand and registered with the Ministry of Business, Innovation, and Employment there.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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