Binance hits out at Reuters, USDD loses peg, Paxful delists ETH

The most important information within the cryptoverse for Dec. 12 contains Binance saying “Reuters has it mistaken once more,” obscure token takes up 15% of ETH gasoline charges, USDD loses peg, and extra

CryptoSlate Prime Tales

XEN crypto, an ERC-20 token launched in October, accounts for about 15% of all Ethereum gasoline charges.

A current chart shared on Twitter by Mhonkasalo confirmed that the XEN token gasoline as of December 11 is 4 occasions that of all Layer-2 networks and 20% greater than that of OpenSea, the most important NFT market.

Binance stated on Dec. 12 that Reuters falsely said that the U.S. Division of Justice is seeking to prosecute Binance over cash laundering modifications.

Within the assertion, Binance claimed that Reuters was “attacking our unimaginable legislation enforcement crew” as the corporate shared the press launch despatched to Reuters. The corporate additionally shared a new weblog submit targeted on its ” Battle In opposition to Crypto Crime.”

The Hong Kong Securities and Regulatory Fee plans to draft new regulatory provisions to implement underneath its new crypto regulation system within the wake of FTX’s collapse, in keeping with native media experiences.

The Fee reportedly argued that the FTX fallout had affected different digital tokens and all the crypto trade. The incident demonstrates the potential catastrophic results of utilizing a buying and selling platform that’s not totally regulated.

Tron’s USDD stablecoin has misplaced its peg as its worth dipped to $0.97, sparking fears of one other UST collapse.

The Tron-based algorithmic stablecoin launched on Could 5, and its market cap at present stands at roughly $708 million. Tron founder Justin Solar stated USDD could be over-collateralized by low-volatile property like USDT, USDC, and Bitcoin, to keep away from a repeat of UST’s collapse.

The Tron DAO Reserve exhibits the USDD provide at $725.3 million, with collateral consisting of TRX, BTC, USDT, and USDC totaling $1.4 billion in worth — equating to a ratio of 200%.

Ray Youssef, CEO and co-founder of Paxful, introduced plans to take away Ethereum from the platform and stated that the “income is good however integrity trumps all.”

The remark got here in response to an evaluation from Jeremy Garcia, the CEO of Bitcoin schooling web site Satoshi’s Journal, who blasted Ethereum as “poorly designed” and uncompliant with the “1st rules” of cryptocurrency.

Analysis Spotlight

Utilizing realized cap, as a substitute of market cap, to calculate BTC.D provides a present determine of 60%, which is extra consistent with expectations of the majority of customers biking into Bitcoin as a security play throughout a bear market.

Nonetheless, just like the market cap technique for calculating BTC.D, the realized cap technique additionally exhibits dominance at a lot increased percentages (than 60%) throughout previous bear markets, reminiscent of in 2015, when it was round 90%.

This begs questions on altering market dynamics in 2022 versus 2015.

Bitcoin possession remains to be rising amongst retail traders, with three million BTC holdings at current, whereas whale accumulation is declining, with the current quantity round 9 million, in keeping with Glassnode knowledge analyzed by CryptoSlate.

A retail investor is somebody who holds one bitcoin or much less, and a whale is somebody who holds greater than 1000 bitcoins. Bitcoin holdings by retail traders have doubled since 2018, after they held 1.5 million, whereas institutional traders held 10 million.

Crypto Market

Within the final 24 hours, Bitcoin (BTC) elevated by 0.26% to commerce at $17,164.94, whereas Ethereum (ETH) elevated by %1.12 to commerce at $1,268.27.