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Bitcoin Price Linked To Binance Vs Coinbase Battle, Quant Reveals – TradingView

Posted: May 15, 2024 at 2:34 am

A quant has explained how there appears to be a relationship between Coinbases spot volume dominance vs. Binances and the Bitcoin price.

Bitcoin Has Been Reacting To Binance/Coinbase Volume Changes

In a CryptoQuant Quicktake post, an analyst discussed the dynamics in the cryptocurrency market that arise out of the battle happening between Binance and Coinbase for spot volume dominance.

The quant shared a chart below that shows how this war for dominance has played out over the past decade.

As the graph shows, Binance has been the much more dominant of the two platforms when considering the spot volume. The exchange is hosting five times as much volume as Coinbase.

The analyst notes that the difference between the two would be even higher when considering the BTC-FDUSD pair, which isnt included in the data depicted in the above chart.

Despite the much lower spot volume, Coinbase still hasnt been irrelevant in the market. For example, the platform is the custodian for Bitcoin spot exchange-traded funds (ETFs) like BlackRocks IBIT and Grayscales GBTC.

There also appears to be an interesting pattern between the dominance of the American exchange and the Bitcoin spot price. The quant has highlighted this trend in the graph.

There have been a few instances where a rise in the spot trading volume of Coinbase against Binance has preceded surges in the value of cryptocurrency. Similarly, declines in the platforms dominance have seemingly led to drawdowns in the Bitcoin price.

The analyst has also discussed the trend in the volumes of the two exchanges more closely, using the spot volume ratio for them, as shown below.

The chart shows that the spot volume ratio between Binance and Coinbase had spiked to very high levels in 2023, with the formers volume being 53 times the latters. The reason behind this was the zero-fee scheme that Binance had introduced for the Bitcoin trading pairs.

However, Coinbases volume has recently risen, although the ratio remains notably in favor of Binance. This shift in the market emerged as the Bitcoin spot ETF-related news started to intensify.

The quant concludes:

The dynamics between these exchanges are complex, but the graphs show that each exchanges dominance at specific times has a direct impact on the price of Bitcoin. Its a true battle between the markets biggest players, where competition is constant, and the outcome is reflected in cryptocurrency movements.

BTC Price

At the time of writing, Bitcoin is trading at around $61,800, down 3% over the past week.

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Bitcoin Price Linked To Binance Vs Coinbase Battle, Quant Reveals - TradingView

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Crypto customer scammed in alleged HK$1 million hell money scheme in Hong Kong – South China Morning Post

Posted: May 15, 2024 at 2:34 am

Hong Kong police have arrested three workers at a currency exchange shop after a customer was allegedly shown stacks of hell money before transferring about HK$1 million worth of cryptocurrency.

The forces technology crime division on Wednesday arrested three men, aged between 31 and 34, on suspicion of obtaining property by deception and confiscated 3,000 hell banknotes, a safe and a note counting machine at a shop in Tsim Sha Tsui.

Hell banknotes are a form of ceremonial paper money that is burned as an offering to ancestors or deities in traditional Chinese culture.

Police said they received a report from a man, 35, on April 12, claiming he had been unable to retrieve cash after selling about HK$1 million worth of the digital currency Tether, or USDT, at a shop in Tsim Sha Tsui that day.

An investigation subsequently found that the suspects allegedly showed the victim stacks of hell banknotes with a face value of HK$500 and persuaded him to transfer about HK$1 million worth of USDT to a cryptocurrency wallet provided by them.

After receiving the virtual currency, the suspects made multiple excuses, declined to hand over cash as agreed and abruptly left the scene.

A person convicted of fraud under Hong Kong law is liable to up to 14 years imprisonment, while someone charged with obtaining property by deception faces up to 10 years behind bars.

The force urged residents to choose reputable cryptocurrency exchange shops when conducting transactions and to carefully inspect banknotes for security features.

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Crypto customer scammed in alleged HK$1 million hell money scheme in Hong Kong - South China Morning Post

Recommendation and review posted by G. Smith

Cryptocurrency Warning: Avoid These 3 Failing Names – InvestorPlace

Posted: May 15, 2024 at 2:34 am

Following the fourth Bitcoin (BTC-USD) halving on Apr. 19, we arent seeing the explosive growth promised by many experts in the field, which is why investors are now looking for cryptos to avoid rather than buy.

Experts agree that Bitcoins halving will raise prices. The slower number of new coins entering circulation after previous halvings caused Bitcoin prices to rise significantly higher.

SkyBridge Capital founder Anthony Scaramucci predicts Bitcoin might reach $200,000 within a year following the split. Ark Invests Cathie Wood is even more bullish. She believes Bitcoin may reach $1 million and alter wealth management. So does Jack Dorsey, CEO of Square (NYSE:SQ).

Yet Bitcoin might not be alone. Although it is a store of value, Ethereum (ETH-USD) might rise in value because it boasts upgrades such as Dencun, which introduces proto-danksharding with EIP-4844. According to Ethereum, it is a way for rollups to add cheaper data to blocks.

No such luck when it comes to the cryptos to avoid we will explore. The first name is in a legal battle with a key U.S. regulator, which could affect the sector. The second is the largest exchange but is in legal trouble in many countries. Well conclude with a meme coin to profit from.

Source: Shutterstock

Ripple (XRP-USD) makes it easier to exchange cash and digital currencies. It is targeting a total addressable market projected to grow at 7.3% annually between 2023 and 2032 and eventually reach $356.5 trillion, according to Allied Market Research.

However, despite its potential, a long-burning issue investors need to take into account when dealing with XRP is the case between the Securities and Exchange Commission (SEC) and Ripple Labs.

Last year saw a big development when Judge Analisa Torres ruled that Ripple did not break securities laws when it sold XRP to exchanges and let regular people invest, but did break the law when it sold tokens directly to institutions. As it was a partial win, Ripple gained 96% after the decision. Unfortunately, those wins were lost on Dec. 20 as Solana (SOL-USD) passed XRP to become the fifth-largest cryptocurrency on the crypto market.

Whats more, as a part of the final decision in the SEC case, Ripple can potentially suffer a $1.95 billion fine. That could result in a drop from its current price of $0.5051, which is up a modest 18% in 2024.

Stuart Alderoty, Ripples top legal officer, says the issue could be resolved in 2024, making it one of the cryptos to avoid right now.

Source: Shutterstock

Over 170 million people use Binance (BNB-USD), the biggest cryptocurrency exchange in the world. However, its legal issues, especially in the U.S., put pressure on BNB, the cryptocurrency coin used to trade and pay fees on the exchange.

As part of its deal with the Justice Dept., Binance left the U.S. market and paid off big debts to FinCEN, OFAC, and foreign asset tracking agencies.

So far, Binance is also unable to reenter the U.K. market due to regulatory issues. Meanwhile, a Binance executive arrested in Nigeria is now on trial after reports of involvement in major crimes.

In Canada, Binance has been fined many times for breaking anti-money laundering and Combating the Financing of Terrorism rules. This includes a $4.4 million fine for helping with many big acquisitions without being registered.

However, Binance is still coming up with new ideas in the coin area. Binance Wallet has recently started to accept Bitcoin Atomic ARC-20 assets, which will make it easier to do NFT deals.

Nevertheless, the court battles, especially in the U.S., will continue to dampen BNBs outlook.

Source: Shutterstock

Shiba Inu (SHIB-USD) finishes off our discussion on cryptos to avoid, and it might seem strange, considering, the 166% gain this year. But this is one of the biggest meme coins around, which means its time to take profits.

The meme coin is mostly appealing because of its community and the possibility of future gains. It doesnt have a strong use case or value outside of the speculative market, which sometimes will rally for the odd Elon Musk tweet. For risk-averse investors, its better to invest in Ethereum and Solana instead.

Ethereum has integrated proto-dank sharding with EIP-4844 to Dencun. Less data to analyze and regular memory deletion to clear up space make transactions more efficient. The network should eventually handle 100,000 transactions per second. Meanwhile, the Scourge phase addresses Ethereum network control and economic inequality. MEV (Maximal Extractable Value) Burn in ePBS and Proposer-Builder Separation decentralizes transaction addition and reduces validators influence on transaction selection.

Solana has been enhancing its infrastructure to streamline transactions and stabilize the network. Firedancer, a new validation client, should speed up network transactions. Tests showed it could handle 0.6 million to 1 million transactions per second.

SHIB did power the CoinDesk 20 index to major gains this year. However, investors might want to wait for a tweet from Elon Musk about his next Shiba Inu puppy for the next bump in price, and thats something no one can predict.

On the date of publication, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article.The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.

Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio.

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Cryptocurrency Warning: Avoid These 3 Failing Names - InvestorPlace

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Top Travel Platforms Accepting Cryptocurrency for Your Crypto-Fueled Vacation – 88355 – Luxury Travel Magazine

Posted: May 15, 2024 at 2:34 am

As the intersection of digital finance and lifestyle trends continues to grow, the concept of "crypto-fueled vacations" is gaining traction among travelers who prefer to utilize their cryptocurrency holdings for transactions. Here we want to review some of the top travel platforms that accept cryptocurrency, offering insights on how to seamlessly integrate digital currencies into your travel planning.

Founded with a vision to bridge the gap between travel and blockchain technology, Travala stands out as a pioneer in the crypto travel space. This platform allows travelers to book flights, hotels, and experiences using various cryptocurrencies, including Bitcoin, Ethereum, and their native AVA token. What makes Travala particularly appealing is its user-friendly interface and partnerships with major travel service providers, which ensure a wide selection of travel options.

CheapAir was one of the first online travel agencies to accept Bitcoin payments back in 2013. Since then, it has expanded its cryptocurrency acceptance to include Bitcoin Cash, Ethereum, and Litecoin. CheapAir provides a comprehensive booking experience, allowing crypto-savvy travelers to pay for flights, hotels, and car rentals across a global network.

Through a partnership with Travala, Expedia also entered the crypto space, albeit indirectly. Expedia Partner Solutions leverages the Travala platform to provide crypto-payment facilities for booking hotels. This collaboration enables users of Travala to access Expedia's extensive inventory, combining convenience with cutting-edge payment technology.

Destinia is another notable travel booking platform that caters to the cryptocurrency community. It accepts Bitcoin and other digital currencies as payment for a wide range of services, including flights, hotels, and car rentals. Based in Spain, Destinia is known for its innovative approach to travel, offering competitive prices and a flexible payment portal.

Focusing exclusively on cryptocurrency transactions, Bitcoin.travel is a travel agency that allows tourists to book their trips using Bitcoin. The platform is straightforward, providing links directly to the service providers for booking flights, hotels, and car rentals. While it operates on a smaller scale compared to giants like Travala or Expedia, Bitcoin.travel is highly valued within the crypto community for its commitment to blockchain technology.

To make the most of these platforms, travelers need to understand the dynamics of cryptocurrency in the context of travel. The volatility of digital currencies can affect pricing and planning. Therefore, it's advisable to monitor the market and make bookings when the value is stable. Additionally, consider the security aspects of transactions, ensuring that all payments are made through secure, encrypted channels.

For those who need to convert cryptocurrency into fiat or other digital currencies while traveling, platforms like the Ka.App provide a reliable solution. The Ka.App allows users to convert their crypto holdings easily, supporting a range of cryptocurrencies. This can be particularly useful for travelers who might need to switch between different forms of digital currency to use specific travel services that accept only certain types of coins.

When planning a vacation using cryptocurrency, the reliability of the service provider is paramount. Travelers should ensure that the platforms they use not only accept their preferred crypto but also provide secure and transparent transactions. Websites like Trustpilot and similar consumer review platforms can be excellent resources to check the credibility and customer service quality of these travel agencies.

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Top Travel Platforms Accepting Cryptocurrency for Your Crypto-Fueled Vacation - 88355 - Luxury Travel Magazine

Recommendation and review posted by G. Smith

Cryptocurrency: Top Meme Coin Gainers to Continue Rallying in May – Watcher Guru

Posted: May 15, 2024 at 2:34 am

The cryptocurrency realm houses diverse memes, coins, and tokens ready to be explored by the masses. Half of such tokens have been launched in Jest, but they have managed to outpace their leading crypto contemporaries. Such tokens have encapsulated the worlds attention with heavy user momentum and flow.

These tokens have been performing exceptionally well recently and are capable of delivering stellar returns to their holders. Here are the three top gainers in the meme token arena that are set to rally 200% in May.

Also Read: Cryptocurrency: 3 Coins That May Spike By 200% This Month

Floki Inu, a leading meme token, has recently rallied to a record high. Per CoinMarketcap, Floki Inu has gained 10% in the last 24 hours, trading at $0.00019 at press time. The portal shares that the token was launched by Shiba Inu and Dogecoin enthusiasts, loosely inspired by the Shiba Inu ecosystem. Since its inception, the token has struck deals with leading crypto giants, including Chainlink, TradedJoe, and ApeSwap.

Per CoinCodex, Floki Inu may continue to gain momentum by riding in the current bull wave. The platform shares that the FLOKI may spike by 230% by the end of May to trade at $0.000642.

According toour current Floki Inu price prediction, the price of Floki Inu is predicted to rise by 232.05% and reach $0.000642 by June 13, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 66 (greed). Floki Inu recorded 16/30 (53%) green days with 10.29% price volatility over the last 30 days.

Pepe took the cryptocurrency world by storm last night, surging nearly 96%. Based on the viral green frog meme on the internet, Pepe continues to deliver lucrative returns to its holders. The token currently sits at $0.0000104, up 90% in the last month.

Per CoinCodex, Pepe is also set to undergo a massive price surge, helping the token breach new price milestones. The token has already dropped a zero from its price and will continue to ascend to new highs to establish its dominance in the space.

Also Read: BRICS Ditches US Dollar, Settles $4 Billion Trade in Local Currencies.

According toour current Pepe Coin price prediction, the price of Pepe Coin is predicted to rise by 229.55% and reach $0.00003297 by June 13, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 66 (greed). Pepe Coin recorded 20/30 (67%) green days with 18.34% price volatility over the last 30 days.

A dog-based meme token launched on Solana, DogWifHat, or WIF has come a long way since its launch. The token touched a $3 mark in March, after which it fell to trade around $2.50$2.90 price levels. At press time, the token has reclaimed its $3 mark, showing the world how robust the coin truly is.

Per CoinCodex, DogWifHat may spike nearly 200% to trade at a new all-time high price pedestal of $10.

Also Read: Currency: What To Expect From The US Dollar Today

According toour current Dogwifhat price prediction, the price of Dogwifhat is predicted to rise by 230.04% and reach $10.26 by June 13, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 66 (greed). Dogwifhat recorded 16/30 (53%) green days with 8.78% price volatility over the last 30 days.

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Cryptocurrency: Top Meme Coin Gainers to Continue Rallying in May - Watcher Guru

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Here Is What 6 Silicon Valley Giants Think About Cryptocurrency – CryptoPotato

Posted: May 15, 2024 at 2:34 am

Our website is a comprehensive guide to digital currency investing & trading.Here are a few suggestions to get started, and get the most from us:

Begin with Bitcoin for Beginners.

Get the edge with our exclusive Bitcoin and cryptoguides.

Check out our Crypto YouTube channel, that includes beginners and advanced tutorial videos and market updates. Dont forget to subscribe!

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Here Is What 6 Silicon Valley Giants Think About Cryptocurrency - CryptoPotato

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