Does navigating through the vast world of altcoins seem too complicated? Is looking at dozens of altcoin updates too overwhelming? Fear not, we got you covered. The Cryptonewsbytes team is here to collect and summarize the most important news for you.
Shiba Inu pumps, BTC Dumps, And Why this is Not Good.
- The open interest rate for Shiba Inu in Binance has reached more than $100 million
- High interest in the meme coin is probably caused by the impending release of the layer-two scaling solution, Shibarium.
- Bitcoin tried to go past the $30,000 level but was rejected and is now again trading in a tight range.
- Many analysts believe that the BTC and SHIB have an inverted price correlation. A high open interest rate for SHIB means that there are a lot of buyers for the meme coin. This means that money will flow from Bitcoin and into Shiba Inu.
- Bitcoin’s lack of volatility can be attributed to the lack of updates surrounding pending spot BTC ETFs.
PayPal Launches Stablecoin
- PayPal, a leading payment solution platform, has launched a stablecoin, PayPal USD (PYUSD).
- It is designed to maintain a peg of 1:1 to the US dollar.
- PYUSD is backed by US dollar deposits, US treasuries, and cash equivalents.
- Pashov, a blockchain analyst, has tweeted that the new stablecoin has “assetProtection” role which can wipe a user’s balance in two steps. He further explained that in smart contract security, this is called a “centralization d attack vector”.
- However, he also clarified that other stablecoins, like USDT and USDC, also have the same features.
XRP Mooned to $50 Temporarily on Gemini
- XRP has traded for $50 on Gemini for a very short period.
- The sudden pump was probably triggered by a big market order.
- The Gemini exchange has low liquidity for XRP compared to other exchanges like Binance. It would only take $37,000 to move the price by 2% on Gemini. A trader would need $2.2 million to make a similar move on Binance.
- Gemini relisted the token after the court decided that XRP sold on exchanges are not securities.
- A $50 XRP would push the token’s market cap to trillions.
- XRP is currently trading at $0.628.
Binance Supports CRV with $5 Million Investment
- Binance Labs has announced its commitment to Curve Dao Token (CRV). CRV will receive $5 million as part of the deal.
- Curve will work with Binance to explore the deployment of CRV to the BNB chain. This is expected to grow the BNB chain ecosystem.
- Curve is the largest stableswap and second largest decentralized exchange (DEX). It has about $2.4 billion in total value lock. It also has about $215 million in daily trading volume.
Kraken is the Most Liquid Platform for Altcoins in July
- Dessislava Laneva, a research analyst from Kaiko Smart Data Firm, tweeted that Kraken became the most liquid altcoin trading platform for the month of July.
- Kraken took 47% of the market depth, while Coinbase took 41%.
- In January Coinbase was first with 45%, while Kraken only had 39%.
- In an email to The Block, Kraken said the improved ranking is due to the launch of Kraken Pro, the exchange’s advanced trading platform.
- It is also possible that Coinbase market share was affected by its legal battle with the SEC.
Thank you for reading another edition of Altcoins at Glance. Before you leave, let us know what is your favorite altcoin by commenting below. We’ll try to include that in our next issue.
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