Binance continues to support the Terra Classic community, incinerating a whopping 1.45B LUNC in its August burn event. The recent reduction in Terra Classic’s total supply was courtesy of Binance, the world’s largest crypto exchange by trading volume. BTC volume in the last 24 hours reached approximately $14.59 billion, a rise of 66.55%. Giottus Crypto Platform CEO Vikram Subburaj said, “Breaching key resistance at $32,400 will be the eventual target before a sustained rally is possible.” Meanwhile, the global cryptocurrency market cap hit around $1.19tn, a rise of 1.45% in the last 24 hours, while the market cap of Bitcoin was at $593bn, and its dominance was sitting at 49.88%, a decline of 0.11% over the day, according to CoinMarketCap. Zhao (pictured above) said Binance reached the decision after the three-year-old exchange FTX asked the crypto behemoth for help. Awaiting the release of inflation data, investors are violating both crypto as well as the stock market. Bankman-Fried attempted to raise additional capital from investors before approaching Binance, according to a source familiar with the matter. Bankman-Fried also founded the prop trading and market making firm Alameda, which at least has some exposure to the FTT tokens. FTT token slid to as low as $14.32 from $25.47 earlier on Tuesday as investors lost faith, according to Binance’s trading view.
Zhao said the firm was liquidating its FTT holdings as a “post-exit risk management,” giving some credence to a widely circulated rumor about Alameda Research’s concerning financial health. Binance’s CEO raises doubts over the financial health of Alameda/FTX, thus causing investor panic around FTX leading a ton of investors to move their funds out, only to then… FTX Ventures, the ventures arm of the crypto exchange, is also a major investor in a large number of crypto startups including Aptos Labs, Messari, Sky Mavis, LayerZero, YugaLabs and 1inch Network, according to Web3 Signal. Bankman-Fried was hailed as a crypto savior earlier this year after he bought a series of firms. “CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem, and creating a freer economic world,” Bankman-Fried said in a tweet. Now that I have shown you how to add fiat and crypto to your Binance account, let’s move on to making your first trade.
This article will also highlight some of the solutions that have been suggested by developers. Finally, we should note that Binance is best suited for experienced traders – as you will have access to heaps of advanced analysis tools. The first item that we have in the news list here is Simplified LN closing protocol. The firm counts Sequoia, BlackRock, Tiger Global, Paradigm, Thoma Bravo, SoftBank, 바이낸스 OTP Ribbit Capital, Insight Partners, Lightspeed Venture Partners, Altimeter Capital, Coinbase Ventures, Sino Global, Bond and Iconiq Growth among its long list of backers. “Currently we have $15 million worth of deposits on FTX to facilitate business operations and client trades,” Coinbase CFO Alesia Haas wrote in a blog post. If Alameda’s trading operations impact FTX’s customer confidence (perception of Alameda trading against users on FTX and Alameda’s state of finances), then there is more downside to running Alameda than otherwise,” a Bernstein analyst wrote in the note. In a note to clients earlier Tuesday, research firm Bernstein suggested that FTX should consider shutting down Alameda due to the perceived risks.
Shares of Bankman-Fried-backed Robinhood dropped nearly 20%, whereas crypto exchange Coinbase was down about 10% to the day at the time of publication. FTX needs to completely ring-fence itself and potentially shut down the Alameda prop trading business. Tuesday’s announcement shocked the business world and even the crypto community, which has grown accustomed to topsy-turvy developments this year. Binance said Tuesday it has signed a letter of intent to acquire its most formidable rival FTX, delivering a surprising twist to days-long public spat between the world’s two largest crypto exchanges that contributed to several digital tokens taking a tumble Tuesday. Binance is the world’s most valuable crypto exchange, estimated to be worth over $300 billion. Binance, the world’s largest crypto exchange, is the first investor that backed FTX, but as the younger firm grew in popularity, the relationship between the two started to wither. Changes in demand are influenced by various factors such as news, adoption, regulations, and investor sentiment. As the Bitcoin and cryptocurrency world is emerging, so will the regulation, which will see many changes and laws over time.
