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Retail Interest Soars as ‘Buy Crypto’ Google Searches Explode To New ATHs

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Worldwide “buy crypto” Google searches have reached new ATH records as retail investors seem to target the decentralized finance field.

The booming popularity of the cryptocurrency industry has caught the attention of retail investors once again. Google trends data suggests that the number of worldwide searches of “buy crypto” has skyrocketed in recent weeks to new record levels.

Buy Crypto Goes Parabolic

The cryptocurrency market has enjoyed the past several months with some massive gains. Bitcoin led the charge from October to early January when it quadrupled its price to a new all-time high of $42,000.

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While the primary digital asset stalled, some altcoins took the main stage. Coins such as Chainlink, Polkadot, Binance Coin, and most recently, Ethereum marched north and painted their respective new records.

It seems that these developments have finally caught the attention of retail investors. Google trends data is typically an accurate metric that exemplifies their behavior, and their interest has been surging in the past few weeks.

The worldwide Google searches for “buy crypto” reached its peak last week, and projections show that it will break the record this week as well. Similarly, the searches for just “crypto” are set to climb to a new record, as the graphs below demonstrate.

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"Buy Crypto" Google Searches 5-Year Back. Source: Google Trends
“Buy Crypto” Google Searches 5-Year Back. Source: Google Trends
"Crypto" Google Searches 5-Year Back. Source: Google Trends
“Crypto” Google Searches 5-Year Back. Source: Google Trends

Is It Altseason Or DeFi?

It’s worth noting that while the “crypto” interest has surged in the past couple of weeks, the same cannot be said about the largest cryptocurrencies. The global bitcoin searches are still a long way from the record levels in 2017/2018, except for a few countries.

The Ethereum searches also saw ATHs recently but have declined in the following weeks – the same applies for Polkadot as well. Other altcoins, such as Litecoin, Bitcoin Cash, Chainlink, or Binance Coin, are also below their respective peaks. As such, the narrative of an ongoing altcoin season among retail investors doesn’t have much merit.

However, it could be more of a concentrated altseason to one particular field. Searches for decentralized finance (DeFi) have exploded to new highs. Furthermore, some of the most prominent representatives of the DeFi industry have also enjoyed a steady increase in retail interest.

"DeFi" Google Searches 5-Year Back. Source: Google Trends
“DeFi” Google Searches 5-Year Back. Source: Google Trends

Those include several decentralized exchanges, led by Uniswap, their respective native tokens, or other DeFi coins. As such, it might not be a surprise that the total value locked in various DeFi protocols has also increased lately to above $30 billion.

"Uniswap" Google Searches 5-Year Back. Source: Google Trends
“Uniswap” Google Searches 5-Year Back. Source: Google Trends

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Binance

Binance proposes a real-time token burning mechanism to boost BNB value

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  • Binance has proposed the BEP-95 aimed to burn a percentage of transaction fees as a deflationary measure.
  • BEP-95 will occur alongside the quarterly token burn and well after the 100 million token supply is achieved.

Binance Smart Chain (BSC) is taking further steps to incorporate an additional deflationary mechanism to increase token valuation. As announced today, Binance (BNB) is introducing a new Binance Evolution Protocol (BEP) known as BEP-95. The BEP stands out from the network’s occasional token burns since it introduced a real-time burning mechanism.

According to Binance, a fixed portion of gas fees collected by validators in each block will be sent to the burn address. The ratio initially set at 10 percent, is adjustable according to changes proposed by the Binance community. BSC validators get to vote on community proposals, where voting power is based on staked BNB.

For a proposal to be reviewed by the validators, it has to receive a minimum deposit of 2,000 BNB (mainnet). All BNB is returned to holders after the finalization of the voting process. A proposal that wins is that which gathers 50 percent of the total voting power on the mainnet. Binance notes that voted-upon parameters are implemented immediately.

Details of Binance BEP-95 token burning mechanism

BEP-95 became relevant as it speeds up the BNB token burn, and makes the network increasingly decentralized. The BNB supply cap is about 168 million tokens and Binance intends to burn until 100 million tokens remain in circulation. This will take about 5-8 years to complete, according to Binance. The network’s most recent quarterly burn wiped out over 1 million tokens, worth about $639 million, from circulation.

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However, the latest update from its blog now says the BEP-95 burn “will continue functioning” even after the above target is attained. With the burn, Binance expects the intrinsic value of the BNB token to increase in tandem with demand. The network notes that validators and delegators may receive fewer tokens from staking, but the “fiat-denominated value of their rewards may increase.” Moreover, BNB has multiple use cases that benefit all holders of the token.

Currently, BEP-95 is in the draft stage and the network is yet to give a specific date for its implementation.

Several blockchains use the crypto-burning mechanism to create token scarcity and a subsequent increase in token value. Ethereum, for instance, uses the EIP-1559 for this purpose. 

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BNB price action

BNB, the fourth-largest cryptocurrency by market cap, was trading at $494 at press time, according to our data. The token has gained 0.8 percent in the day, and 4.8 percent week-over-week. Similar to other digital assets, BNB has rallied fueled by the Bitcoin-led gains. Crypto investor and YouTuber Lark Davis expects “good things” for the BNB price following its launch of a $1B growth fund.

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Crypto Exchange

Google warns crypto investors of Youtube scams amidst high hacking

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  • Google warn crypto investors to be weary of Youtbe scams.
  • Google says hackers impersonate crypto influencers to run scams on YouTube.
  • YouTube, a hotbed for crypto scams.

Google’s Threat Analysis Group has warned crypto investors to beware of cryptocurrency scams on Youtube as phishing and impersonation on the video-sharing platform surges.

The Google group noted that a group of hackers is taking over Youtube, rebranding popular Youtube channels of well-known crypto or tech companies. “The channel name, profile picture, and content are all replaced with cryptocurrency branding to impersonate large tech or cryptocurrency exchange firms,” the group said, adding that hackers would live stream videos promising crypto giveaways in exchange for “initial contributions.”

According to the Google group, if these hackers don’t rebrand, they sell pages to the highest bidder depending on how many subscribers the channel has. They note that fake Youtube pages sell anywhere from $3 to $4,000.

The Google group notes that a group of hackers recruited in a Russian-speaking forum are actors behind the campaign.

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Crypto investors should be warned as YouTube remains a hotbed for crypto scams

The video-sharing platform so many times has been used as a tool to dupe unsuspecting crypto investors. In December, American crypto exchange Gemini exposed two fake YouTube channels that were pretending to be from the exchange.

“These scam accounts are not our company. We have reported these accounts to YouTube,” Gemini tweeted.

Funny enough, it was not the first time Gemini was being impersonated on Youtube.

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Crypto scams have been well perpetrated on the platform that the video giants ban crypto content on its platform. Authorities in the UK also warned young crypto investors with campaigns on Youtube and TikTok against being victims of crypto scams.

The cycle of crypto scams across all platforms is one that may never end. As much as crypto exists, crypto scams would remain a thing. The rise in crypto scams recently has been attributed to the surge in price and adoption of cryptos globally. It is safe to say that with crypto prices going up and more people, corporate organizations adopting cryptos, more scammers will be threatening the burgeoning space.

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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