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Bitcoin

Ethereum Soars Ahead Of Major Upgrade, Boosting Bitcoin And The Price Of BNB, Cardano, Polkadot And Solana

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Ethereum, the second-largest cryptocurrency after bitcoin, is soaring as traders pile into the cryptocurrency ahead of a closely-watched upgrade code-named London.

The ethereum price is up 8% on the last 24 hours, with its rally helping the bitcoin price to tick slightly higher and sending ethereum’s biggest rivals—Binance’s BNB, cardano, polkadot and solana—up between 3% and 10%.

The combined cryptocurrency market, currently dominated by bitcoin and ethereum, has added almost $500 billion since its July lows.

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Ethereum’s London upgrade, designed to improve network efficiency and fee predictability, is scheduled to go live around 8am EDT and is part of ethereum’s long-awaited move away from the energy-intensive proof-of-work model used by bitcoin to proof-of-stake—allowing users to generate new ether tokens via their exising holdings.

The London upgrade will also see some of ethereum’s ether tokens destroyed, or “burned”—a change that some think will mean ethereum is able to further close the gap on bitcoin’s $700 billion market capitalization as its tokens become more scarce. Ethereum currently boasts a market capitalization of around $300 billion. Earlier this year, ethereum cofounder Vitalik Buterin said the upgrade could mean ethereum becomes more “sound” than bitcoin.

Ethereum’s price, up a massive 500% on this time last year, has outpaced bitcoin and most other major cryptocurrencies in recent months as the market for decentralized finance (DeFi) and non-fungible tokens (NFTs) explodes.

DeFi, the idea that the likes of lending and insurance can be replicated by software protocols cutting out banks, and NFTs, unique digital crypto tokens tied to media, have both become multi-billion dollar markets over the last couple of years. Almost all DeFi funds and NFTs are currently based and traded on ethereum’s blockchain.

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However, some of ethereum’s rivals, including Binance’s BNB, cardano, polkadot and solana which proponents claim are already more technologically advanced than ethereum, are hoping to win DeFi and NFT market share.

“Just like in 2017, ethereum has proven itself to once again be at the epicenter of crypto market activity,” Pete Humiston, manager at U.S. bitcoin and crypto exchange Kraken’s Intelligence division, said in a report out this week.

“Both DeFi and the NFT space, two robust industry subsectors worth tens of billions of dollars in their own right, take place almost exclusively in ethereum’s ecosystem today. This may explain why demand has been so resilient. Ether has been an outperformer all this year, and we see no reason why that will change in the near-term.”

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Blockchain

FTX wallet adds support for BUSD and BNB tokens on the Binance Smart Chain

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In what seems like an ongoing streak towards market penetration, prominent crypto exchange FTX has launched support for BSC BEP20 tokens within its wallet services. While no official announcement was made, FTX CEO Sam Bankman-Fried confirmed the development by saying:

“ftx.com/wallet now supports BSC for BUSD and BNB! (Withdrawals are live — I *think* deposits are; otherwise they will be very soon.)”

Based on the information available, FTX wallets now actively support withdrawals for Binance USD (BUSD) and BNB, both native to the Binance Chain. The company will soon enable users to make deposits via BSC BEP20 tokens. 

However, the services are not yet available for the US-focused FTX platform, FTX.US and other prohibited jurisdictions. In a previous interview, Bankman-Fried opined that governments would require more than three to five years to provide regulatory clarity for crypto businesses that wish to operate within their jurisdictions. The entrepreneur also reportedly spends “five hours a day on everything from regulation to licensing.”

Recently, the company has also limited its users to leverage trades up to 20x instead of offering 101x leverage. The intention behind this move was to minimize the inherent volatility risks associated with crypto trading. Surprisingly, the exchange has not witnessed a reduction in trading volumes following the announcement.

Related: FTX smashes crypto funding record with $900M raise to become exchange decacorn

Complimenting the crypto exchange’s technological developments, FTX’s latest Series B investment round saw over 60 participants. The resultant deal placed FTX’s valuation to a whopping $18 billion, a 1400% increase from previously $1.2 billion.

Other market leaders such as Binance also follow similar methods to promote low-risk trading and increase market adoption. Crediting this move to the “interest of Consumer Protection,” Binance CEO stated that limiting new users to 20x leverage on futures trades was something “he didn’t want to make a thingy.”