29 November 2023
One of the most closely watched gauges of trader sentiment on Binance's marketplace derivatives exchange shows that traders are more worried about the long-term effects of the Crypto industry's fall this year.
Also Read: Bitcoin Cash Price Forecast For 2023-2030
The largest Cryptocurrency exchange, Binance, is in the news because it has temporarily suspended USD Coin withdrawals (USDC). Investors' worries about Binance are increasing, and they're pulling money out of the exchange at a rapid clip. As per Nansen, a blockchain analytics business, $3 billion was withdrawn from Binance in the 24 hours prior to Tuesday. On the 12th, it was reported that US prosecutors might proceed vigorously against Binance as well as seek criminal prosecution against various independent officials, like Zhao. It's an ongoing investigation into whether or not Binance complies with anti-money laundering regulations. Everyone is aware that the probe was initiated sometime in 2018. Later, the ability to withdraw USDC was temporarily halted. As a result of the trauma associated with Bankman-fraud, Fried's it is understandable that investors are wary of Binance, even if there is no evidence to support the claim that investor money is in danger there.
Following are the 10 Best Cryptocurrency Prices for 15th December 2022 that is a Concern for Binance:
1. Bitcoin (BTC)
In order to conduct financial transactions without the intervention of a central bank or other centralized authority, a growing number of people are turning to Cryptocurrencies like Bitcoin (BTC). It may be acquired on many platforms and therefore is given as an incentive to miners on the network for their efforts verifying transactions. Bitcoin's price is $17,728.278 which is a 0.20 percent decrease.
2. Ethereum (ETH)
Ethereum is a public blockchain-based platform which allows users to create a trustless system for executing as well as verifying contracts written in computer code. Using smart contracts, parties may trade with one another without needing to rely on a reliable third party. Participants have complete control over and transparency into transaction data due to the immutability, verifiability, and safe distribution of transaction records throughout the network. Users establish their own Ethereum accounts, which are used to send as well as receive transactions. For transactions to be processed on the Ethereum network, the sender must put up some of their own Ether, the network's native coin. At this time, one Ether can be purchased for $1,292.12, a decrease of 2.05% from yesterday.
3. Tether (USDT)
Tether (USDT) is indeed a widely-used stablecoin that investors in the Cryptocurrency market have relied on for quite some time. Since USDT is tied to the dollar, its value ought to be relatively immune to the swings in the Cryptocurrency market that may drastically alter the price of other digital currencies like Bitcoin. Tether's purpose is to offer a virtual currency with a "safe" value that doesn't fluctuate wildly. Tether is now trading at $1.00 million or a 0.02% increase from its previous price.
4. USD Coin (USDC)
The digital currency known as USD Coin (USDC) is supported one hundred percent by real dollars. A USDC coin is equivalent in value to one U.S. dollar, making USDC a tokenized form of the U.S. dollar. USDC is just a stablecoin since its value is intended to be stable. There has been a 0.01% drop in the value of a single USD Coin, which brings its price to $0.9999 at the moment.
5. BNB (BNB)
The Binance exchange has its own Cryptocurrency, which they call Binance Coin (BNB). Based on its $7.6 billion in quarterly 2022 trading volume, Binance Exchange easily surpassed its competitors as the world's biggest Cryptocurrency exchange. Binance Coin was formerly an ERC-20 token operating on the Ethereum blockchain, however it has subsequently migrated to the Binance blockchain as its own Cryptocurrency. At the moment 1 BNB is worth US$264.64, a decrease of 3.50% from its peak.
6. Ripple (XRP)
The XRP coin is Ripple's native coinage. In the Cryptocurrency market, XRP is just another monetary code, such as Ether for Ethereum (ETH). The Ripple team released the XRP ledger in 2012, along with the XRP coin that would eventually become the system's native currency. The primary goal behind the development of XRP was to facilitate more fluid international money transfers and the trading of other monies. XRP is currently trading at US$0.3818, which is down by 2.21%.
7. Binance USD (BUSD)
Binance and Paxos have collaborated to create a stablecoin called BUSD, which is secured by U.S. dollars. One BUSD coin is equivalent to one US dollar in reserves. BUSD was created with the intention of giving investors and traders a less volatile Crypto option. Binance USD is now trading at $1.00, up about 0.01% from its previous value of $1.00.
8. Dogecoin (DOGE)
Dogecoin, the same as Bitcoin and Ethereum, is a virtual currency, albeit it's considerably distinct from the two most known currencies. Dogecoin, named after a now-defunct internet meme, was at least initially established as a joke for Crypto aficionados. Dogecoin has dropped by 3.51%, with the price now at US$0.08774.
9. Cardano (ADA)
Cardano's market capitalization places it in the top ten Cryptos. It is intended to be a blockchain-based platform for operating smart contracts that is both adaptable and scalable, opening the door to the creation of a broad variety of decentralized financial applications, new Cryptocurrency, games, and much more. Cardano is now trading at US$0.3039. This is a decrease
10. Polygon (MATIC)
Polygon is a scalability method for the Ethereum blockchain that operates on a separate "layer 2" or "sidechain," facilitating instant transactions with minimal costs. The platform's charges, stakes, as well as other activities are all denominated in MATIC, the platform's native coin. You may purchase or trade MATIC on exchanges such as Coinbase. Polygon is now trading at US$0.8991, bottom 2.21 percent from its all-time high.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.