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Ethereum(ETH) Drops Below 3,700 USDT with a 2.40% Decrease in 24 Hours

On May 22, 2024, 12:00 PM(UTC). According to Binance Market Data, Ethereum has dropped below 3,700 USDT and is now trading at 3,690.659912 USDT, with a 2.40% decrease in 24 hours.
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Binance Market Update (2024-05-22)

The global cryptocurrency market cap now stands at $2.61T, up by 7.60% over the last day, according to CoinMarketCap data. Bitcoin (BTC) has been trading between $69,163 and $71,475 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $70,018, down by -1.36%. Most major cryptocurrencies by market cap are trading mixed. Market outperformers include PEOPLE, EDU, and PEPE, up by 35%, 30%, and 24%, respectively. Top stories of the day: Ether Price Reaches Two-Month High Against Bitcoin as Bitcoin Tests $69K Level Ahead of ETF Decision 10x Research: Crypto Crucial in US Presidential Election; Major Revamps Expected Before May 28 Deadline BlackRock’s Bitcoin ETF Sees 6-Week Inflow High Amid Early-Week BTC Rally Ethereum Small Wallets Reach Record High While Large Holders Decrease Pepe Coin Soars to New High Amid Rising ETH Prices and Renewed ETF Approval Hopes Bitcoin On Course for 'Real Deal' Market Pump Towards $90K, Say Crypto Traders Terraform Co-Founders Allegedly Met With Montenegro Prime Minister Before Arrest  Hong Kong Privacy Commissioner Halts Worldcoin's Operations Due To Privacy Violations Uniswap Labs 'Ready to Fight' Potential SEC Enforcement, Supports the Financial Innovation and Technology for the 21st Century Act Reports Suggest, US SEC Likely to Approve Spot Ethereum ETF Market movers: ETH: $3746.24 (+2.23%) BNB: $622.5 (+0.42%) SOL: $180.13 (-0.88%) XRP: $0.5348 (-1.51%) DOGE: $0.16845 (+3.08%) ADA: $0.4866 (-3.05%) AVAX: $41.06 (+1.86%) SHIB: $0.00002594 (+2.05%) DOT: $7.583 (+0.62%) WBTC: $70087.07 (-1.27%) Top gainers on Binance: PEOPLE/USDT (+35%) EDU/USDT (+30%) PEPE/USDT (+24%)
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Cryptocurrency Market Sees Bullish Return: Bitcoin, Ethereum, and XRP Surge

According to U.Today, the cryptocurrency market is experiencing a significant upturn, with Bitcoin, Ethereum, and XRP all recording substantial gains. Bitcoin has seen a 7% increase, reaching $70,948, while Ethereum has outperformed with an 18.46% surge to $3,664.23. XRP has also seen a significant increase, jumping 6.23% to $0.5387. In the wake of this revived market, XRP has seen a major increase in several key metrics, including trading volume. The trading volume has risen by an impressive 121% to $1,660,168,987. This indicates that a total of 3,085,815,960 XRP has been traded in the past 24 hours. This high trading volume demonstrates that XRP has sufficient liquidity to meet the growing market demand across major exchanges. This liquidity is crucial for XRP's price to reach its long-targeted level of around $1. When demand increases and there is enough XRP liquidity to match it, the market balance is maintained and price action can follow its natural course. XRP's price resilience can be attributed to both whale action and Ripple's escrow intervention. The market was in a prolonged consolidation phase until the trend shifted following news that the approval odds for the spot Ethereum ETF have increased from 25% to 75%. The United States Securities and Exchange Commission (SEC) has now begun communications with key Ethereum ETF applicants, a move that could lead to the product's approval. The positive sentiment surrounding the Ethereum ETF is driving market sentiment, and XRP is benefiting from this wave.
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Ether Price Reaches Two-Month High Against Bitcoin as Bitcoin Tests $69K Level Ahead of ETF Decision

According to Cointelegraph: Bitcoin sought to establish support above $69,000 on May 22, following a slight decrease from local highs. Market data suggested weakening BTC price action, resulting in two tests of the previous all-time highs from 2021. BTC/USD 4-hour chart. Source: TradingView Consequently, commentators noted potential concerns. A popular trading resource, Material Indicators, stated, "Support at $69k needs to hold to have a chance to validate an R/S flip at the prior ATH,” suggesting a significant resistance/support flip at the $69,000 mark. BTC/USD chart with trading signals. Source: Material Indicators/X Meanwhile, volatility indicator Bollinger Bands' creator, John Bollinger, expressed short-term concerns, suggesting potential consolidations or pullbacks. BTC/USD chart with Bollinger Bands data. Source: John Bollinger/X Despite concerns of a more extensive BTC price retracement, Decentrader's co-founder, Filbfilb, suggested that the impending decision on the U.S. spot Ether ETFs could influence Bitcoin’s next move. He predicted that a positive outcome could spark renewed Bitcoin price discovery, potentially hitting $80,000. BTC/USD chart. Source: Credible Crypto/X However, in the case of an ETF rejection by regulators, Filbfilb expects the market to reset to its pre-impulse level. This speculation comes as Ether reached its highest levels against Bitcoin since mid-March on May 21. ETH/BTC 1-day chart. Source: TradingView
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10x Research: Crypto Crucial in US Presidential Election; Major Revamps Expected Before May 28 Deadline

10x Research's primary analysis highlights significant events unfolding around regulation, presidential debates, and political influences within the crypto sector that could dramatically sway crypto market trends and prices by the upcoming May 28 deadline. On May 8, 2024, Grayscale withdrew their 19b-4 filing for an Ethereum futures ETF, leading to uncertainty among experts. Additionally, the US House of Representatives voted against the SEC's crypto accounting policy, limiting banks' ability to handle crypto customers. SEC Chair Gensler defended the decision, and President Biden voiced his support, implying a continued drive against banking in the crypto industry by the Democratic party. In contrast, former President Trump held a fundraising event targeting crypto owners which swayed public sentiment, portraying Republicans as pro-crypto liberties and Democrats as anti-crypto. In the current political climate, Biden's decision to engage in two live debates with Trump hints at a desperation move. On May 20, the SEC's request to tweak ETF filings hinted at potential approval of an ETH Spot ETF, causing a 20% spike in Ether prices. Fidelity's change of clause in its application from ETH staking demonstrated a shift in the SEC's stance, indicating a likelihood of ETF approval without staking. Biden's deadline to veto the Accounting Bulletin No. 121, which is on May 28, will be pivotal in identifying the Democratic stance in crypto. If the bulletin is signed into law, it could signal that Democrats have become pro-crypto supporters. Meanwhile, Super PACs backed by the crypto sector have raised over $100 million, outpacing 'Make America Great Again' funding from Trump. Given that five out of six crypto candidates won previous primary races, the crypto sector's influence is undeniable. With Bitcoin currently at $70,000 and Biden's decision on the bulletin looming, the crypto bull market could soon enter a new dimension of growth or face potential setbacks, depended on whether Democrats shift towards a pro-crypto stance.
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Ether's Market Value Surges, Nearly Matching Solana's Total

According to CoinDesk, Ether's market value experienced a significant increase of over $70 billion on Monday, almost equaling the total market value of Solana (SOL), which stands at around $80 billion. Market analysts predict that the gap between Ether (ETH) and its competitors, such as SOL, will continue to expand in the upcoming months. In December, a crypto observer suggested that the market capitalization of Solana's SOL token could surpass that of Ethereum's Ether during the next bullish cycle. However, this week's market performance demonstrated the enormity of this task. Ether's price soared by over 19% on Monday, adding $70 billion to its market cap, bringing the total to $439 billion, as per data from TradingView. This increase is nearly 90% of SOL's market value in a single day. The surge in Ether's value is attributed to renewed optimism about the potential approval of a spot Ether exchange-traded fund (ETF) in the U.S. Analysts believe that the gap between Ether and its rivals, such as SOL, will widen in the coming months as a potential spot ETF launch could lead to mainstream institutional adoption of the token. So far, only Bitcoin has enjoyed this privilege. As of the time of reporting, Ether was the world's second-largest digital asset, with a market cap of $453 billion, surpassed only by Bitcoin's $1.38 trillion. Solana, on the other hand, ranked fifth with a market value of $82 billion. Ilan Solot, co-head of digital assets at Marex Solutions, expressed a highly optimistic view of Ether's near-term outlook. He highlighted factors such as the ETF announcement, underweight Ether markets, a significant portion of Ether liquidity locked in staking, and a favorable macro backdrop. Since its launch in 2015, Ethereum has led the world in smart contract blockchain, powering over 4,000 decentralized applications. It hosts key decentralized finance protocols like Uniswap, AAVE, and tokenization initiatives like BlackRock's BUIDL. Ethereum has never experienced an outage like Solana. However, there have been instances, especially during bull runs, when traders have switched to Solana to avoid Ethereum's network congestion and higher transaction costs. For example, Solana's share in global trading volume on decentralized exchanges increased earlier this year due to the meme coin frenzy, sparking discussions about SOL potentially surpassing ETH. However, given the recent speculation about the ETH ETF and price action, such talks seem premature.
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OTC Weekly Trading Insights (05/22/2024)

Last week, our Convert Portal experienced a surge in trading demand for the meme coin ConstitutionDAO ($PEOPLE). ConstitutionDAO was a crowdfunding campaign to purchase a first-edition copy of the United States Constitution. The $PEOPLE token represents a share of the ConstitutionDAO. Since the bid for the document failed, the PEOPLE token now represents a DAO movement of historical significance.  In the most recent development, the Fantom Foundation has revealed more information about its new Layer-1 blockchain Sonic Network, which connects to Ethereum via Layer-2 bridge. This will enable Sonic to access a large number of users, liquidity, and other protocols. The Foundation will introduce $S tokens on Sonic network to match the supply of $FTM. Users will be able to exchange their $FTM tokens for $S tokens on a 1:1 basis. By connecting to Ethereum, the Sonic network ecosystem will gain the full benefits of a layer-1 blockchain while also providing native access to ETH. GALA Games, a play-to-earn blockchain platform, was hacked on Monday, and the hacker minted 5 billion GALA tokens to a private address. The hacker exchanged 600 million GALA for 5.913 ETH afterward. The $GALA price dropped over 22% in two hours due to a large dump on Uniswap. The price stabilised after the platform noticed the system compromise and froze the remaining 4.4 billion tokens in the hacker's wallet. PENDLE, a leading restaking project, saw significant trading demand in response to rumours of potential ETH ETF approval. $PENDLE, which has a high beta profile compared to ETH, was heavily bid on the market after ETH took off on Monday. Last week, the $PENDLE price rose by 60.7%, with the majority of the increase occurring on Monday. Overall Market The above chart shows the BTC price movement in the last three months. As we mentioned to our readers last week, our desk saw bullish sentiment on BTC following the cooler CPI data in the United States. Furthermore, the risk reversal on the options market indicates that the market's sentiment has shifted from bearish to neutral. Last Thursday, the United States Senate joined the House of Representatives in repealing the controversial Securities and Exchange Commission (SEC) cryptocurrency policy known as Staff Accounting Bulletin No. 121. SAB 121, issued by the agency in 2022, held that a company that holds a customer's cryptocurrencies must record them on its own balance sheet, which could have significant capital implications for banks that work with crypto clients. Furthermore, we saw a net inflow from US Bitcoin ETFs for six consecutive days beginning last Monday, when Bitcoin traded above the $61k key level. The strong inflows from Bitcoin spot ETFs demonstrated strong demand from investors seeking Bitcoin exposure. On Monday, the US SEC requested amended 19b-4 filings for spot Ethereum ETFs within a short timeframe, signalling an abrupt turn on potential ETH ETF approval. Following the news, Bloomberg analysts estimated a 75% chance of approval by the end of May, up from 25% a week earlier. The ETH price increased by more than 20% due to strong demand on the spot market, pushing the Bitcoin price above $71k, just inches away from the all-time high of $73,777 set in March. Because of the large gains on BTC and ETH in the last two days, our desk expects some consolidation here, as traders take profits. If the BTC price surges above the green zone above with high volume, we may see the next leg up for Bitcoin towards the $100k mark by the end of the year. Options Market The above chart shows the 25-delta skew of ETH options with different tenors. On Monday, the US Securities and Exchange Commission asked for amended 19b-4 filings for spot Ethereum ETFs within a short time frame. In response to the news, the ETH price chart showed a vertical k-line, indicating a strong bullish market with increased demand. The 25-delta skew for ETH options increased by more than ten points in response to the heavily bidding ETH spot price. This indicates that options traders were also rushing for ETH calls, either opening long or closing short positions, or both. The SEC's unexpected action on ETH spot ETFs boosted the implied volatility of ETH options.  However, the risk reversal on ETH options retraced quickly following the initial move-up because of the increasing odds of a potential approval of ETH ETFs by the SEC. Currently, the risk reversal indicates a very negative skew on ETH options with short tenors, whereas options with longer tenors continue to show positive risk reversals.  The negative risk reversal signal on ETH options with short tenors indicates that options traders would rather pay a higher premium for puts to cover the downside risk than buy calls for potential upside gains. The observation supports our forecast for the market to consolidate around the current level in the coming days, with some profit-taking. Macro at a glance  Last Thursday (24-05-16) US initial jobless claims increased from 232k the previous week to 222k last week, exceeding the expected 219k. The US labour market is cooling, increasing the likelihood of a rate cut by the Federal Reserve in September. Last Friday (24-05-17) In April, Eurozone CPI growth was 2.4% year on year, aligning with the rate seen in March. The monthly CPI growth rate decreased from 0.8% in March to 0.6% in April. The annualised core CPI growth rate decreased from 2.9% in March to 2.7% in April. The Eurozone's inflation rate is around the European Central Bank's target rate of 2% and trending lower, indicating a high likelihood of the ECB's first rate cut in June. On Tuesday (24-05-21) According to Statics Canada's CPI data, prices rose 0.5% monthly and 2.7% annually, as expected by economists. The cooler CPI data comes after March's 0.6% MoM and 2.9% YoY readings. The lower inflation rate makes it more likely that the Bank of Canada will cut interest rates for the first time this cycle in June. Later this week, we have The April CPI readings in the UK this Wednesday The FOMC Meeting Minutes will be released this Wednesday Convert Portal Volume Change The above table shows the volume change on our Convert Portal by zone.  This week, our trading volume on Convert increased significantly, with the Monitoring zone showing the greatest percentage increase. Last week, the two tokens with the highest trading demand were Unifi Protocol DAO ($UNFI) and Cream ($CREAM), which contributed significantly to the Monitoring zone's volume increase of 66.0%. The Metaverse zone saw a 35.6% increase in trading volume on Convert last week. FLOKI ($FLOKI) is the primary driver of volume growth in this zone. During the same time period, volume in the gaming zone increased by 30.9%. Following the hack news, our desk observed a surge in trading demand for GALA ($GALA). Why trade OTC?   Binance offers our clients various ways to access OTC trading, including chat communication channels and the Binance OTC platform (https://www.binance.com/en/otc) for manual price quotations, Algo Orders, or automated price quotations via Binance Convert and Block Trade platform (https://www.binance.com/en/convert) and the Binance Convert OTC API.  Email: trading@binance.com for more information. Join our Telegram (https://t.me/BinanceOTC) to stay up to date with the markets!
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Pepe Coin Soars to New High Amid Rising ETH Prices and Renewed ETF Approval Hopes

According to Cointelegraph: The Ethereum-based memecoin, Pepe (PEPE), has surged 27% to a new all-time high over the past 24 hours. This surge comes amid speculation around the potential United States approval of spot Ether exchange-traded funds (ETFs). PEPE is up 22.25% over the past seven days. Source: CoinMarketCap Cryptocurrency trader Matthew Hyland backed PEPE as the most promising memecoin linked to the potential approval of the ETH ETF in a May 21 X post. Another pseudonymous crypto trader, "Kaleo," noted that the performance of PEPE was a clear sign of the growing market awareness of the coin's potential. The price jump in PEPE came as Ether saw a 23.28% rise over the past two days, increasing to $3,785. This rise buoyed by the renewed optimism that the U.S. Securities and Exchange Commission (SEC) will approve Ether ETFs by the May 23 deadline. PEPE's price spike over the past 24 hours saw $6 million in short positions liquidated. Source: CoinGlass Continuing the positive news for the coin, PEPE's Open Interest – a measure of outstanding futures contracts across crypto exchanges – rose 40% to $172.96 million over the last 24 hours, suggesting increased trader confidence in the coin's future performance. While PEPE led the price growth among memecoins, other top memecoins like BONK (BONK), up by 40.80%, Floki (FLOKI), up by 21.94%, and the Book of Memes (BOME), up by 25.04%, also saw significant price boosts over the past week.
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US SEC Signals Approval for Ether ETFs, Asks Exchanges to Fine-Tune Applications

According to Reuters: The U.S. Securities and Exchange Commission (SEC) may be poised to approve Ether exchange-traded funds (ETFs). Aas per four sources familiar with the process, the SEC asked exchanges such as Nasdaq, CBOE, and NYSE to refine their applications for spot Ether ETFs. This unprecedented move comes as a surprise to an industry braced for rejection. Ether's price soared by as much as 18% on Monday due to this development and was up another 8.6% at $3,802 late Tuesday morning. The SEC is expected to make a decision on applications to list Ether ETFs by VanEck and ARK Investments/21Shares — submitted via CBOE — by the end of this week. Although there was initially no engagement between the SEC, exchanges, and issuers on the application specifics, the regulator's recent request for updates indicates potential approval. Despite growing optimism, these issuers still need SEC approval on the ETF registration statements before trading can commence. There's no set time frame for this, meaning Ether ETFs may take several months to begin trading. The SEC's move represents a potential triumph for the cryptocurrency industry, given the regulator's historical hesitance amid concerns around market manipulation, especially overseen by crypto skeptic, Gary Gensler. The first Ether ETF applications were filed after the SEC approved ETFs tied to Ether futures in October, but rejection was expected due to discouraging encounters with the regulator. Last year, however, the SEC was compelled to approve Bitcoin ETFs following a successful court challenge by Grayscale Investments. This paved the way for significant buying interest, with two new Bitcoin funds attracting over $1 billion in assets within the first week.
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