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Crypto Market Wrap: MATIC Moons On Binance Endorsement

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Market Wrap

The consolidation has continued on crypto markets for another day. There have been slight declines but nothing significant as the SEC ruling on the VanEck ETF gets predictably delayed again by the apathetic US regulator. Total crypto market capitalization is still hovering around $245 billion.

Bitcoin bounced off an intraday high of $8,060 a few hours ago during Asian trading. The minor correction took BTC back below $7,900 and it has been slowly dropping ever since. Currently trading at $7,920 Bitcoin is down about a percent on the day.

Ethereum looks a little healthier even though it has dropped back to $250. A golden cross between the 50 and the 200 day EMAs is a long term bullish indicator and further gains could be on the cards for ETH which has remained flat on the day.

The top ten is mostly in the red at the moment but losses are marginal as the markets continue to consolidate. Stellar has taken the biggest hit with a 2.6 percent loss back to $0.133 and XRP is a close second dumping 2 percent back below $0.40. The rest are little changed from this time yesterday.

There is a little more movement in the top twenty but very few altcoins are gaining at the time of writing. NEO is making a rare 5 percent gain today as it struggles to remain at 20th place. Monero is also on the up adding 2.5 percent to top $90. The rest are dropping a couple of percent with Tezos taking the largest lump of 6.5 percent off its price.

FOMO:  Matic to the Moon

Today’s epic pump is going on with the Ethereum based blockchain scaling Matic Network which has surged 80 percent to power into the top one hundred. This is a prime example of the power Binance has as it has pumped the project via the LaunchPad program and subsequent token listing. Unsurprisingly 99 percent of the volume is currently being traded on Binance alone.

Holo is also on a rip with a 40 percent pump as HOT flies up the charts to 34th place. There are no major dumps going on at the moment as markets remain relatively stable. As always there are altcoins at the bottom of the performance pile though at today it is Augur, Tezos, and Aurora.

Total market capitalization 24 hours. Coinmarketcap.com

Total crypto market capitalization is currently at $246 billion, marginally lower than the same time yesterday. Daily volume is still huge at $77 billion so momentum could well continue upwards if the big boys can break resistance. Aside from the weekend correction which was quickly recovered, crypto markets have remained sideways for the past seven days.

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The Inaugural Binance Stablecoin Completes Quantstamp Audit

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The first Binance stablecoin is coming, and the token just got a clean bill of health from smart contract security startup Quantstamp.

On July 18th, the Y Combinator-backed auditors announced they had finished reviewing the code of the pound sterling stablecoin, dubbed Binance GBP (BGBP) by the powerhouse Malta-based cryptocurrency exchange.

As part of the audit, Quantstamp’s experts checked the token’s code against the ERC20 token standard and combed for security flaws and any other problematic issues. The team’s work led to Binance updating their ERC20 libraries through OpenZeppelin and removing other miscellaneous “low risk issues.”

A Dual Issue Digital Sterling

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Binance, nimble navigators of global regulatory arbitrage, are pushing ahead on the stablecoin against the almost poetic backdrop of Facebook blockchain head David Marcus having faced calls for a Libra development moratorium in U.S. congressional oversight hearings this week.

Of course, BGBP will simply be pegged 1:1 with the pound, whereas Libra is being more ambitiously devised like a Big Tech-backed non-sovereign central bank currency. (Note: Binance has considered attempting to join the Libra Association, per company chief strategy officer Gin Chao).

The BGBP won’t be too simple though, as the token is set to be released both on Ethereum and the exchange’s in-house blockchcain, Binance Chain, Binance chief executive officer Changpeng Zhao said on the news:

“The Quantstamp team is thorough and efficient when it comes to ensuring the security of ERC20 tokens, and we are appreciative of their audit of our first stablecoin, BGBP. As a dual issue token, BGBP is created on both Ethereum as an ERC20 token and on Binance Chain as a BEP2 token. We will eventually enable the two versions of BGBP to be converted freely and traded on Binance Jersey and Binance DEX.”

The stablecoin comes after CEO Zhao confirmed during a YouTube “Ask Me Anything” back in May that the exchange was exploring launching its own stablecoins.

The Cryptoeconomy’s Auditors of Choice

Quantstamp CEO Richard Ma hailed the BGBP audit as just the latest sign of the startup’s rising prominence in the cryptoeconomy:

“At Quantstamp, we are building the standard for blockchain security. Companies approach us because we help them innovate securely.”

In recent months, the fledgling play has made a name for itself in reviewing the smart contracts of high-profile industry stakeholders like eToro and Prysmatic Labs, and in doing so has “secured over a billion dollars of digital asset value,” the company has said.

In June, the startup launched the Quantstamp Security Network V2 on the Ethereum mainnet. With the activation, users can leverage the network scan and store smart contract vulnerability reports on the Ethereum blockchain. The update also made it possible for community members to run a Quantstamp node to earn the network’s native token, QSP.

Binance Has One Speed: Grind

The Malta-based exchange is taking a blitzkrieg approach to asserting itself as the cryptoeconomy’s leading service provider.

This month alone, Binance has burned $24 million worth of its BNB tokens, opened up a margin trading platform, announced plans for a cryptocurrency futures service, and turned two years old.

On the margin trading launch, CEO Zhao noted the company was gunning to become the most useful exchange brand for cryptocurrency users of all stripes:

“This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof. We are providing a new tool in the financial services and cryptocurrency markets to help amplify trading results of successful trades.”

Notably, the exchange also recently confirmed that it was looking to open up a new America-based operation, Binance US.

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Binance to share $775,000 of Stellar after accidently staking for 11 months

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Binance have announced that the exchange will be distributing Stellar coins (XLM) after mistakenly staking the coins for nearly one year. 

The announcement also states that Binance will now be supporting XLM staking on the exchange following the discovery of over 9.5 million XLM in cold and hot wallets. 

The discovery of the XLM comes after Binance decided against upgrading their wallets last year August, stating “the Binance team heeded the Stellar team’s recommendations to change some parameters on both cold and hot wallets. This change has allowed us to unknowingly earn staking rewards starting August 31, 2018.”

Binance will now distribute the $755,000 worth XLM to users on the exchange that held XLM with specific snapshots being taken back to work out distribution amounts. The exchange has now also implemented staking of XLM on the exchange. 

Source:chepicap

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Binance adds EOS and LINK to margin trading coins and borrow-able assets

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Binance have added two new coins to their margin trading platform as well as 3 new assets to their borrowable offering.

In a recent announcement, Binance margin trading, which just recently went live, have added two popular coins to their margin trading offering. 

Binance have added top 20 coins EOS and LINK to the current margin trading offering, making it one of the first margin trading exchanges to offer the two pairs. Binance margin trading now offers EOS, LINK, TRX, BNB, XRP, ETH and BTC.

Binance also announced that the exchange has added BNB, LINK and EOS to coins that can be borrowed on the exchange. All coins are currently open for trading and borrowing on the exchange as Binance continues to impress with new listings to their margin platform, which will likely be looking to challenge the likes of BitFinex and BitMEX in the future. 

Source:chepicap

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