Due to the upcoming halving and risk aversion in the broader market, Bitcoin (BTC) has gained traction in the crypto market. The largest cryptocurrency by market value traded below $61,400 during Asian trading hours on Thursday as a selloff in risk assets, fueled by difficult macroeconomic conditions, raged, according to data from CoinDesk Indices. The CoinDesk 20, a measure of the world's most liquid digital assets, fell 3.3% to 2,125. While Bitcoin may be going through a difficult time, Layer 1 blockchains and altcoins are doing worse. Top Layer 1 tokens like Solana (SOL) have fallen by over 20% in the past week. Avalanche (AVAX) is down 26%, Cardano (ADA) is down 23%, and Filecoin (FIL) is down 30%.
Binance, the cryptocurrency exchange that was removed from India a few months ago, wants to re-enter the country by paying a $2 million fine, the Economic Times reported on Thursday. Earlier this year, Binance and several other exchanges were removed from the Apple Store in India after India's Financial Intelligence Unit (FIU) sent them “show cause” compliance notices. OKX, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex were the other firms that were sent notices at the time.
According to data provider CryptoQuant, USDe holders should monitor the project's reserve fund to avoid risks related to the possibility of a negative funding rate. Ethena Labs, the company behind the stablecoin, currently offers investors who stake USDe or other stablecoins on the platform an annualized return of 17.2%, a rolling average over the last seven days. The return comes from a tokenized “cash-and-carry” trade that involves purchasing an asset while simultaneously selling that asset short to receive funding payments. Financing is a way to keep asset prices on derivatives exchanges close to the underlying assets. In a bullish market, long position holders pay short positions and in a bearish market the opposite is true.
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