The Biggest News in the Cryptoverse for Dec. 12 Includes Binance Saying “Reuters Got It Wrong Again”, Dark Token Sucks 15% of ETH Gas Fees, USDD Loses Peg, and More
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The XEN cryptocurrency, an ERC-20 token launched in October, accounts for approximately 15% of all Ethereum gas fees.
A recent graph shared on Twitter by Mhonkasalo showed that XEN token gas as of December 11 is four times that of all Layer 2 networks and 20% more than that of OpenSea, the largest NFT marketplace.
Binance said on Dec. 12 that Reuters falsely stated that the US Justice Department seeks to prosecute Binance for money laundering changes.
In the statement, Binance claimed that Reuters was “targeting our incredible law enforcement team,” as the company shared the press release sent to Reuters. The company also shared a new blog post focused on its “Fighting Crypto Crime.”
The Hong Kong Securities and Regulatory Commission plans to draft new regulatory provisions to implement under its new crypto regulation system in the wake of the FTX collapse, according to local media reports.
The Commission reportedly argued that the fallout from FTX had affected other virtual tokens and the entire crypto industry. The incident demonstrates the potential catastrophic effects of using a trading platform that is not fully regulated.
Tron’s USDD stablecoin has lost its peg as its price fell to $0.97, raising fears of another UST crash.
The Tron-based algorithmic stablecoin launched on May 5 and its market capitalization currently stands at approximately $708 million. Tron founder Justin Sun said that USDD would be over-collateralized by low-volatility assets like USDT, USDC, and Bitcoin, to prevent a repeat of the UST collapse.
The Tron DAO Reserve shows USDD supply at $725.3 million, with collateral consisting of TRX, BTC, USDT, and USDC worth a total of $1.4 billion, equaling a 200% share.
ray yousefCEO and co-founder of Paxful, announced plans to remove Ethereum from the platform, saying that “revenue is good, but integrity trumps everything.”
The comment came in response to an evaluation of jeremy garciathe CEO of Bitcoin education site Satoshi’s Journal, who criticized Ethereum as “poorly designed” and failing to abide by the “first principles” of cryptocurrency.
Using realized capitalization, rather than market capitalization, to calculate BTC.D yields a current figure of 60%, which is more in line with the expectations of most users who get into Bitcoin as a gamble. security during a bear market.
However, like the market cap method of calculating BTC.D, the realized cap method also shows dominance at much higher percentages (over 60%) during previous bear markets, such as in 2015, when it was about 90%.
This raises questions about changing market dynamics in 2022 vs. 2015.
Bitcoin ownership continues to grow among retail investors, with three million BTC today, while the accumulation of whales is declining, with a recent number of around nine million, according to Glassnode data analyzed by CryptoSlate.
A retail investor is someone who has one bitcoin or less, and a whale is someone who has more than 1,000 bitcoins. Bitcoin holdings by retail investors have doubled since 2018, when they held 1.5 million, while institutional investors held 10 million.
In the last 24 hours, Bitcoin (BTC) rose 0.26% to trade at $17,164.94, while Ethereum (ETH) rose 1.12% to trade at $1,268.27.
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This post Binance Hits Reuters, USDD Loses Parity, Paxful Delists ETH
was published first on https://cryptoslate.com/cryptoslate-wrapped-daily-binance-hits-out-at-reuters-usdd-loses-peg-paxful-delists-eth/