Binance ends support for USDC, Shiba Inu burns almost 50% of initial supply
The biggest news in the cryptoverse on Sept. 5 was Binance dropping support for USDC, Michale Saylor calling the Bitcoin Lightning Network the most important technology, and FatManTerra tricking followers with a fake investment scheme That’s it.
CryptoSlate Top Stories
Binance Will Stop Supporting USDC, Certain Other Stablecoins By September 29th
Binance will reportedly end support for the USDC stablecoin across its entire platform starting September 29th. The move is expected to improve user liquidity and capital efficiency.
Binance CEO “CZ” has clarified that the move will not lead to the delisting of USDC.
It will not be delisted. USDC deposits and withdrawals are still possible. Just merge all the liquidity into one pair. Best price for users, minimum slippage.
— CZ🔶 Binance (@cz_binance) September 5, 2022
Thaler says Bitcoin’s Lightning Network is the most important technology in the world right now
Bitcoin Maximalist Michael Thaler said the Bitcoin Lightning Network is very important to today’s technology world.
We also announced that MicroStrategy is developing an in-house Lightning Network solution. When this infrastructure is released, it will help get Bitcoin adopted by his 10+ million customers.
FatManTerra Educates Community About Crypto Scams By Creating Fake Investment Schemes
Cryptocurrency influencer FatManTerra received over $100,000 in less than two hours from a community member who fell for his bogus investment scheme.
Inspired by Lady of Crypto, I pitched my investment plans on Twitter a while back…
I received over 100 DMs in 2 hours. We raised 3.45 BTC from Twitter and 2 BTC from Discord. This brought him over $100,000, with more requests pouring in by the minute.
But there is a little twist.
— Fat Man (@FatManTerra) September 5, 2022
He devised a plan to educate community members not to be fooled by influencers who promise amazing high-income opportunities without a clear explanation of how the income will be generated.
Congress Won’t Ban Cryptos Because “There’s Too Much Money And Power Behind It”
U.S. Congressman Brad Sherman, a vocal critic of cryptocurrencies, said Congress could ban the cryptocurrency industry because it has grown too big against the backdrop of too much money and power. said low.
However, Sherman expressed pessimism that the cryptocurrency industry still poses a threat to the US economy, dollar dominance and national security.
Vitalik Buterin Poll Shows Communities Want 5-Character .eth Domain Names at $100
Vitalik asked the cryptocurrency community how much they would be willing to pay for a .eth domain over 100 years.
What is the fair price someone must pay to register and unconditionally guarantee ownership of a 5 letter .eth domain for 100 years?
—vitalik.eth (@VitalikButerin) September 4, 2022
The community entered for less than $100 to ensure inclusiveness for more people.
Vitalik said measures need to be taken to prevent scalpers from parking domains and keep smaller players out of reach.
Helium fell 55% in the last 30 days amid challenges
The helium ecosystem is fighting to survive as its market cap has fallen by 55% in the last 30 days. The native HNT token has fallen 92% from its all-time high and the market cap has dropped from his over $1 billion to around $490 million.
A major cause of the decline is a lack of trust in the project. It is said that there is little demand for Helium’s products. Community members have also pulled out of the developer’s plans to migrate their infrastructure to the Solana blockchain.
Russia Reportedly Considering Using Cryptos for International Payments
Increased sanctions against Russia have prompted the country’s central bank to consider legalizing the use of crypto in international payments.
Russian Deputy Finance Minister Alexei Moiseyev said the move is to help the central bank supervise entities that provide crypto services locally to foreign platforms beyond government control. rice field.
Almost half of Shiba Inu’s initial circulation token supply is burned
The total supply of Shiba Inu is about 1,000 trillion. This explains why the project is burning tokens consistently to reduce oversupply.
according to shiba-burn-tracker.com, 329.8 million tokens have been burned since the beginning of September. The most significant daily burn so far he occurred on August 31st and within 24 hours he burned 455,699 tokens.
Bitcoin Mining Hash Rate Soars 60% Despite Plummeting Earnings Per Terra Hash
The available data suggests a divergence between Bitcoin mining hash rates and prices. On September 4th, mining hash rate he exceeded 60% within 24 hours. As a result, Bitcoin’s hash rate reached an all-time high.
Conversely, BTC’s price is trending downwards, struggling to break out of the $19,400 and $20,000 price range.
research highlights
Weekly Macro Rates: US Dollar Rising – Impact of High Inflation, High Energy and Rising Prices on Bitcoin Price
CrypoSlate publishes a weekly report examining common macro factors and how they affect the crypto market. Read our debut report first.
HODL wave shows short-term holders below 2019 bear market bottom
CryptoSlate has analyzed the HODL Waves chart to reveal that short-term Bitcoin holders are withdrawing from the market. Historically, whenever a short-term holder falls below his 29% mark, it indicates the market is nearing its bottom.
In 2019, short-term holders made up 29% of all Bitcoin holders. In current market conditions, the rate for short-term holders has fallen to 27.4%, suggesting the market is nearing its bottom.
News around Cryptoverse
UK Crypto Exchange Mandated to Report Sanctions
The UK Treasury’s Financial Sanctions Authority has introduced new legislation requiring cryptocurrency exchanges in the region to report suspected sanctions violations to the authorities. Guardian.
The move to introduce stricter rules aims to make it harder for Russian entities to circumvent sanctions imposed by European governments.
Australian Federal Police Forms Cryptocurrency Unit To Fight Criminals
The Australian Federal Police has formed a Cryptocurrency Unit to combat the use of cryptocurrencies for money laundering and financial crime. financial review.
The move comes after police seized more than $600 million from criminals who laundered money using cryptocurrencies since 2020.
crypto market
Ethereum is trading at $1,601, reflecting a +1.72% gain, while Bitcoin fell -0.82% on the same day, trading at $19,772.
