It’s been a week of ups and downs for crypto fans everywhere as the price ofcontinues to yo-yo under the influence of macroeconomic events and growing institutional interest. But the market’s stabilizing after it suffered a tough crash late last month.
After briefly crossing $50k on Thursday for the second time this year, Bitcoin’s prices fell the following day, causing the currency to depreciate to a price of $47.7k as of 12 PM UTC today.
Bitcoin’s volatility has been closely pegged to investors’ confidence in the US economy. Last weekend, tech stocks and crypto prices both took a hit as the growth in US Treasury bond yields caused more speculative assets like tech stocks and crypto prices to tank.
The wrangle continued to play out over the following week. At the Wall Street Journal Jobs Summit on Thursday, Federal Reserve Chairman Jerome Powell implied that US Central Bank’s monetary policies won’t be changing any time soon. Bitcoin’s price fell 5% that day.
In happier news the following day, cloud service provider MicroStrategy, spearheaded by CEO and Bitcoin bull Michael Saylor, purchased a further $10 million dollars of Bitcoin, taking its crypto portfolio up to a staggering $4.4 billion.
And in an interview with Bloomberg, crypto exchangeCEO Jesse Powell said Bitcoin’s price hitting $1 million was “very reasonable” and the coin could eventually stretch to infinity against the US dollar, which he thinks is in decline.
News in the ether
While many eyes were on Bitcoin, the price of ETH rose over 5% last night to settle at $1,555.
Much of the increase can be pegged to excitement over a forthcoming upgrade to the. EIP-1559 is scheduled to go live in July, and promises to both lower and stabilize Ethereum’s volatile and high transaction fees.
A couple of Ethereum funds launched in late January by Mike Novogratz’s crypto investment house, Galaxy Digital, also got off to a flying start this week, pooling inmore than $32 million since they opened to investors.
Further highs and lows
Elsewhere across the market, crypto prices show a high variation this weekend.ADA fell almost 2% overnight, bringing it to a price of $1.11. The coin’s down 22% in the last week. Only seven days ago, ADA sat at its ATH of $1.48 whilealmost every other crypto tanked. Cardano’s hotly-anticipated “Mary” hard fork came and went on March 1, doing little to stop the downward trend since, despite Cardano becoming a multi-asset blockchain hoping to compete with Ethereum.
THETA’s eponymous token is down 10% today. It costs $3.92, though that’s still 20% higher than it was last week, narrowly edging it into the top 20.
With the exception of Ethereum, prices in the top 10 have generally stabilized.sits at $179.03, up 2% in the last 24 hours. DOT, on the other hand, is down 1.58% as it trades at a price of $32.65. So while the markets may have good days and bad days, crypto continues to edge into the mainstream undeterred.
Crypto Newcomer Explodes After Abrupt Altcoin Listing on Binance
A small-cap altcoin is shooting into the stratosphere after earning support from the global crypto exchange Binance.
The governance token Tranchess (CHESS) officially began trading today.
News of the coin’s listing triggered a 185% rise in the price of the asset – from $2.77 to $7.91. Its value has since settled to $5.09 at time of publishing.
CHESS is listed in Binance’s Innovation Zone, a dedicated trading area where users can buy and sell newer tokens that are likely to have higher volatility and pose a higher risk to traders.
According to Binance Research,
“Tranchess is a yield-enhancing asset tracker with varied risk-return solutions on Binance Smart Chain (BSC), which consists of 3 tranche tokens (QUEEN, BISHOP, and ROOK) and its governance token CHESS.
The platform offers various features including a DEX (Tranchess Swap), money markets (Primary Market), staking, and network governance.”
Tranchess recently raised $1.5 million from Binance Labs, Three Arrows Capital, and other crypto venture firms.
Binance proposes a real-time token burning mechanism to boost BNB value
- 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.
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.
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.
Google warns crypto investors of Youtube scams amidst high hacking
- 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.
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.
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.