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Binance to cease support for BUSD on Dec 15

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Check out the latest highlights from the past week in our Good Crypto digest. For real-time updates, follow us on Twitter or Telegram.

quick weekly news

Bitfinex’s Tether-denominated bond falls short of target

Bitfinex’s recently launched USDT-denominated tokenized bond failed to attract the investment the firm anticipated. Despite being touted as a revolutionary financial instrument, the ALT2611 Tokenized Bond only raised $1.5 million out of an initial target of $10 million.

This lackluster response has prompted skepticism from some in the crypto community, with trader Novacula Occami bluntly declaring the bond issuance a “flop.” Others, however, remain optimistic about the potential of tokenized bonds.

Despite the lukewarm reception, Tether CTO Paolo Ardoino maintains that this bond represents a significant step towards establishing USDT as the “underlying denomination asset of this new financial system.” However, with the current market conditions and investor appetite, it appears that the “new era” of USDT-denominated capital raises may need to wait a bit longer.

Pando steps into Bitcoin ETF fray, BlackRock revises model to appease SEC

The race to bring a Bitcoin exchange-traded fund (ETF) to the United States has heated up as Swiss asset manager Pando Asset has submitted an application to the SEC. Pando’s bid comes as several other spot Bitcoin ETF applications are nearing a decision deadline.

Investment giant BlackRock has also been actively engaged in discussions with the SEC regarding its ETF proposal. BlackRock met with SEC officials to discuss a revision to its redemption model, addressing concerns raised by the agency.

With the SEC’s deadline approaching, analysts speculate on the potential for a wave of Bitcoin ETF approvals. The approval of a Bitcoin ETF would be a significant milestone for the cryptocurrency industry.

Binance’s future under Richard Teng: continued user-centric approach and web3 adoption

Richard Teng, previously Binance’s global head of regional markets, has stepped into the CEO role following the departure of Changpeng “CZ” Zhao. This transition follows CZ’s exit due to an arrangement with U.S. officials. Teng, now at the helm, emphasizes a user-centric strategy for Binance’s operations, with a focused agenda on driving growth and advancing the adoption of Web3. He assures customers of forthcoming updates, promising to keep them informed about the platform’s developments.

Expressing eagerness for his new responsibilities, Teng anticipates actively engaging with the community. Through various channels like blogs, Twitter, LinkedIn, and participation in global industry events and conferences, he aims to share insights and connect with users, promising a continued dialogue in the days ahead.

Binance to cease support for BUSD on Dec. 15

Cryptocurrency exchange Binance will phase out support for its stablecoin Binance USD (BUSD) starting on Dec. 15. The decision follows Paxos, the regulated issuer of BUSD, halting the minting of new coins.

Binance advised users to withdraw or convert their existing BUSD holdings into other assets before Dec. 15. Starting Dec. 31, BUSD withdrawals will be disabled, and remaining balances will be automatically converted into First Digital USD (FDUSD) for specific users.

This move marks the latest step in Binance’s gradual withdrawal of support for BUSD. In October, the exchange announced plans to phase out BUSD support by February 2024, beginning with suspending borrowing and lending services for the stablecoin.

Fibonacci retracement indicator overview

Fibonacci retracement indicator

The Fibonacci retracement is a key indicator in cryptocurrency trading, marking support and resistance levels on a price chart with percentages like 23.6%, 38.2%, 61.8%, and 78.6%. Originating from Fibonacci’s sequence, these levels hold significant predictive value.

Traders use these levels to anticipate price resistance or support. During an uptrend, a crypto’s price often bounces from a Fibonacci support level, indicating a potential buying opportunity. Conversely, a resistance level often marks a strategic exit point for traders.

Additionally, a confirmed breakout of support or resistance could also serve as an entry point for a trade in the direction of the trend. This is because once support or resistance is broken, its identity is flipped. Broken support becomes resistance, while broken resistance becomes support.

Learn more about the Fibonacci Retracement indicator in our article.

Want to learn more essential indicators for crypto trading? Dive into our comprehensive guide and enhance your trading strategy now!

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November 30, 2023

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