BTC/USD
NEWS BTC | Published on 2022-11-30 | 19 hours ago
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It is no secret that Binance benefits from FTX’s insolvency. After the second largest exchange in the world went belly up, other exchanges had to divide FTX’s market share among themselves. And that Binance is one of the biggest winners now seems to be confirmed by recent data. The Block claims that Binance now has a 75% market share on the spot market, 8.5 times more than the second Coinbase. Binance now represents 75% of all exchange volume, and almost 8.5x that of the second (Coinbase) Good or bad for the ecosystem? pic.twitter.com/ykPisGn3W2 — Mario Nawfal (@MarioNawfal) November 30, 2022 Other Data Providers Do Not Agree The chart is based on CryptoCompare data and shows that total volume for the month was $642.7 billion. Binance’s share of the yet-to-be-completed month of November reportedly equates to $481.7 billion. However, there are discrepancies with other data providers. Their data doesn’t find a massive dominance by Binance. Coinmarketcap, which was acquired by Binance in April 2020, shows that the exchange currently has $12.5 billion in daily trading volume. It is followed by Coinbase Exchange with $1.5 billion dollars, Kraken with $626 million and KuCoin with $495 million. With a total volume of $44.985 billion over the past 24 hours, this only calculates to a much healthier 27.8% market share for Binance. CoinGecko, on the other hand, tracks 544 crypto exchanges with a total 24-hour trading volume of $59.5 billion. Binance’s market share is actually only 21.7% based on this figure. However, both data providers only provide daily volumes and thus not a complete picture. Binance Is In The Crosshair Due To Other Reasons Regardless of the discussion about Binance’s market supremacy, the exchange is in the crosshair of critics due to other reasons. One of the harshest critics is Bitcoin analyst Dylan LeClair. As he notes, BNB has made 9x in two months during the bull run with barely a retrace, 10x versus BTC since 2021. “Must be a new paradigm,” LeClair wrote and shared the following chart. Source. Twitter The analyst drew comparisons to FTX and commented ironically; “I’m sure it was retail that sent BNB 10x in two months. Same with FTT, right?”, and shared a chart of FTT and BNB with a similar price trend. “It definitely wasn’t the exchange operator with an incentive to drive up the price of their own token to create a feedback loop of attention, hype, and more users…. Definitely not,” LeClair further commented. He argues that the outperformance against “everything” is significant, and one should wonder what the reason is. Who is supporting this market (we know), and do they have infinite money? […] Think of some alts that outperformed this bull run? SOL (Alameda leverage and fraud), AVAX (3AC), LUNA (perpetual motion machine), etc. To support his conjecture, LeClair also looked at the volume side profile for BNB/BTC spot market and BNB/USDT perpetual swaps (leverage) on Binance. He found a striking disparity. Source Twitter While Binance CEO Changpeng Zhao (CZ) said the exchange never uses leverage, users are encouraged to do so by means of various offers on Binance, according to the claim. Also, CZ reiterated after the FTX collapse that Binance has never used its BNB token as collateral and has never taken on debt. LeClair only commented, “CZ my man, I really hope you’re telling the truth.” Jack Dorsey And Others Also Express Criticism Remarkably, Twitter co-founder and former CEO Jack Dorsey took a stand on the matter, commenting: “All made up.” Dorsey is known as a Bitcoin proponent, but his statement is vague. His only other comment on the subject was a response to “Bitcoin, not shitcoin” with “yes,” leaving the community in the dark as to whether he supports LeClair’s theses. All made up — jack (@jack) November 29, 2022 Renowned on-chain analyst Willy Woo also expressed cautious criticism of Binance, specifically on its Secure Asset Fund for Users (SAFU): SAFU is misleading marketing. It was boosted to “$1 billion,” but if you look at it closely and factor out the correlated impact of BNB and to a lesser extent BTC, the fund is really only good for 0.5% of the $68 billion in assets on Binance. This is not hate, it is informing the public. At press time, BNB was down 0.9%, while BTC experienced a small surge and posted a daily gain of 2.5%. BNB trading at $300.70, 4-hour-chart. Source. TradingView
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COINGAPE | Published on 2022-11-30 | 21 hours ago
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COINGAPE | Published on 2022-11-30 | 21 hours ago

Decentralized Finance, or DeFi for short, has gained considerable traction over the years. There is a huge market for its applications, and the DeFi sector will be worth trillions of dollars in near future. Its current market capitalization is $39.30 billion. If you want to take a slice of this pie, you can invest in the DeFi tokens amid the ongoing bear cycle and crisis. And remain invested for a long time to make a considerable amount of money. DeFi’s Meaning? For those who don’t know, “DeFi” is an umbrella term for peer-to-peer financial services on public blockchains. Decentralized applications run on blockchains with smart contracts. They intend to leverage cryptocurrencies to revolutionise banks, exchanges, and other established financial institutions, lowering or eliminating the need for third parties. Top DeFi Tokens: Chainlink (LINK) Chainlink is a decentralised oracle network that gives real-world data to blockchain smart contracts. A smart contract requires data to execute commands, yet most of the data required to digitise and automate real-world agreements is not maintained on blockchains. Smart contracts cannot acquire external data since they have no built-in capacity to connect with the outside world. This is where Chainlink comes into play. LINK tokens are the digital asset tokens used to pay for network services. LINK has gained 14.33% in the last seven days and is currently trading at $7.47. According to cryptopredictions.com, it can reach a high of $10 by December next year, $12 by December 2024, $15 by December 2025, and $18 by December 2024. Uniswap (UNI) Uniswap is a popular decentralised cryptocurrency exchange that operates on the Ethereum blockchain. Launched in 2018, Uniswap was one of the first Ethereum-based decentralised finance (or DeFi) applications to gain attention. It employs a relatively new trading model known as an “automated liquidity protocol.” Uniswap’s goal is to keep token trading automated and fully open to anyone who holds tokens, while enhancing trading efficiency compared to traditional exchanges. Uniswap increases efficiency by using automated ways to solve liquidity difficulties, avoiding the problems that plagued the early decentralised exchanges. UNI is currently trading at $5.79 and is up by 5.89% in the last 7 days. According to cryptopredictions.com, it can go up to a high of $8.5 by December 2023, $11.5 by December 2024, $14 by December 2025, and $16 by December 2026. Also Read: Tips To Stay Anonymous While Using MetaMask; How Secure is Metamask? Avalanche (AVAX) Avalanche‘s goal is to create a highly scalable blockchain that does not compromise decentralisation or security. It is a cryptocurrency and blockchain platform that competes with Ethereum. AVAX is the native token of the Avalanche blockchain, which employs smart contracts to facilitate a variety of blockchain applications, similar to Ethereum. The Avalanche blockchain enables near-instant transaction completion. AVAX is used to distribute system incentives, engage in governance, and facilitate network transactions by paying fees. AVAX is currently trading at $13.04, an upside of 2.36% in the last 7 days. According to cryptopredictions.com, the price of AVAX can go up to $17.45 by December 2023, $27.73 by December 2024, $33.82 by December 2025, and $38.36 by December 2026. Also Read: Top 5 Coins To Buy in December 2022 For 10x Profit The post Top DeFi Tokens To Buy In December 2022 That Will Make You Rich In Long Run appeared first on CoinGape.
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