Day: June 19, 2023

Binance announces support for USDC deposit and withdrawal via Arbitrum

Binance crypto exchange has announced support for direct deposit and withdrawal of the USDC stablecoin via the Arbitrum network. Arbitrum USDC deposits and withdrawals  Following the integration of USD Coin (USDC) on the Arbitrum One network, on June 16, Binance, the world’s largest bitcoin (BTC) trading venue, has added support for direct USDC deposits and withdrawals via the Arbitrum network. However, it is important to note that Binance users can only initiate withdrawals for USD Coin (USDC) on the Arbitrum One network once there are sufficient deposits. Binance will not…

Mastercard submits fresh trademark application for crypto tech

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Mastercard has filed a trademark application for a blockchain and cryptocurrency-related technology suite. Patent attorney Mike Kondoudis discovered the application, which suggests that Mastercard plans to develop software optimized for bitcoin and blockchain transactions. Additionally, the company aims to facilitate crypto-based transactions by reducing connections between virtual asset service providers.  The trademark application is a fascinating window into Mastercard’s plans for the future of digital currency. Details have been revealed about creating a downloadable application programming…

Web3 usernames may see greater adoption due to recent advancements

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Ever since the Ethereum Name Service (ENS) was launched in 2017, Web3 users have been able to replace the long strings of characters that make up a crypto address with a more easily memorized blockchain username or Web3 domain name. For example, Ethereum (ETH) users can now send crypto to the network’s founder, Vitalik Buterin, at his username of vitalik.eth without knowing that his address is 0xd8da6bf26964af9d7eed9e03e53415d37aa96045. But despite this advancement making it much easier to identify users, hardly anyone has taken advantage of it. There are over 200 million…

Smart contract activity spikes on Filecoin 3 months after FEVM launch

Smart contract activities on the Filecoin network have surged following the Filecoin Ethereum Virtual Machine (FEVM) launch in March 2023. More smart contracts deployed on Filecoin  On-chain data reveals that the number of unique contracts deployed is currently at 2,200, while contract transactions now stand at 224,200 after recording a 1,100 increase within 24 hours of market activity. Contract balance charts are also showing a steady upward trend.  Filecoin total contract balance The Filecoin Ethereum Virtual Machine (FEVM) enables the execution of smart contracts on top of the Filecoin network.…

Why Cathie Wood is bullish on Coinbase stock and believes Bitcoin will reach $1 million

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In an interview with Bloomberg, ARK Invest CEO and CIO Cathie Wood recently discussed why her flagship fund, Ark Innovation (ARKK), is adding to its position in shares of Coinbase (COIN) after the SEC sued Binance, one of Coinbase’s biggest competitors. ARKK purchased nearly 330,00 shares of COIN on June 6, 2023, worth about $17 million at the time, according to disclosure statements. Two other funds, Ark Fintech Innovation ETF and Ark Next Generation Internet ETF, also bought 35,700 shares, worth $1.8 million, and 53,900 shares, worth $2.8 million, respectively. …

Lawmakers vs. the SEC vs. Binance: Law Decoded, June 12–19

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Once again, the United States Securities and Exchange Commission (SEC) became the week’s headliner. Its intention to freeze the entirety of Binance.US’s assets got a reality check from U.S. district court Judge Amy Berman Jackson, who advised the regulator and the crypto exchange to negotiate a deal bilaterally.  The resulting agreement outlines measures for Binance.US to prevent any access by Binance officials to private keys of wallets, hardware wallets or root access to Binance.US’s Amazon Web Services tools. Additionally, the U.S.-based crypto trading platform will disclose comprehensive information on business…

Fear of a digital euro prompts Slovakia to add cash rule to constitution

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Slovakia will codify the right to use cash as a method of payment after a vote to amend the nation’s constitution passed in parliament on June 15.  The new legislation was sponsored by the Sme Rodina party, also known as the “We Are Family” party, and was reportedly drafted as a precautionary measure against the proposed digital euro. Per a report from European news agency Euractiv, legislator Miloš Svrček, one of the legislation’s co-authors, told members of parliament during a debate that the amendment was necessary to protect Slovakia’s financial…

Bitcoin Evaporating From Exchanges Into HODLer Wallets As BTC Approaches Halving Date: Glassnode

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Bitcoin (BTC) is flying out of crypto exchanges and into the wallets of long-term investors as the king crypto’s halving quickly approaches, reports analytics firm Glassnode. Glassnode says that a steady rate of BTC outflows from exchanges indicates a significant Bitcoin accumulation wave by HODLers, or entities with little history of selling. “The undercurrent of BTC supply continues to flow out of exchanges, miners and whale wallets, and towards HODLer entities of all sizes at a healthy rate.” According to the firm, similar accumulation phases preceded other Bitcoin bull market…

Price analysis 6/19: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC

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The strength in the S&P 500 and weakness in the U.S. Dollar Index could limit the short-term downside in Bitcoin and select altcoins. The S&P 500 Index (SPX) has gained for five consecutive weeks, the first such instance since November 2021. In comparison, Bitcoin (BTC) is trading well below its local high of $31,000, made on April 14. This shows a clear divergence between the performance of the two asset classes. Some analysts expect Bitcoin’s range-bound action to continue for some more time. Cryptocurrency traders will be looking for some…

UK government moves forward on financial markets bill for potential regulation of crypto

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Lawmakers in the upper house of the Parliament of the United Kingdom are moving forward with legislation that could help support the adoption of crypto in the country. In a meeting of the U.K. Parliament’s House of Lords on June 19, many members advocated for the passage of the Financial Services and Markets Bill — legislation aimed at strengthening the country’s financial services industry. The bill went through a third reading in the House of Lords, one of the final stages in passage before considering any additional amendments and being…