Binance USD Stabilizes at $1

• Binance USD (BUSD) has stabilized at its intended $1 peg after Binance CEO Changpeng Zhao clarified the connection to the Paxos Trust Co.-issued token.
• Paxos has already burned over $700 million of BUSD tokens since Monday.
• Changpeng Zhao clarified that Binance does not issue BUSD, but rather has an agreement to let Paxos use their brand.

Background on BUSD

Binance USD (BUSD) is a stablecoin backed by short-term treasuries and cash-like assets. It rallied to $0.9997 in European morning hours on Wednesday, recovering from a two-year low of $0.9950 hit after the New York Department of Financial Services (NYDFS) on Monday ordered Paxos to stop minting more of the tokens.

Impact of Regulatory Pressure

The regulatory pressure could impact BUSD’s market cap, which will decrease over time. If BUSD is ruled as a security by the courts, it will significantly impact the development of the crypto industry in jurisdictions where it is ruled as such. Despite this uncertainty, however, Binance will continue to support BUSD for now but foresees users migrating to other stablecoins over time and that product adjustments will be made accordingly.

Funds Are #SAFU!

During a Twitter Spaces session on Tuesday, Zhao clarified that Paxos also assured them that funds are #SAFU, and fully covered by reserves in their banks with their reserves already audited many times by various audit firms.

Conclusion

The stabilization of Binance USD at its intended price is likely due to Changpeng Zhao’s clarification regarding its connection to Paxos‘ issued token and assurance from Paxos that funds are safe. Despite ongoing regulatory pressures in certain markets, Binance will continue to support BUSD for now with potential adjustments depending on user migration patterns in other jurisdictions.

•Undercity has launched a $150,000 airdrop to celebrate the much-awaited $UND presale and the rapidly growing community.
•Anyone interested can enter the giveaway via Gleam by completing listed tasks that come with multiple entries.
•The primary goal of Undercity’s airdrop is to build awareness around the project which is opening an act-to-earn village dedicated to gamers, role players and cosplayers in France.

What is Undercity?

Undercity is a hybrid gaming metaverse that brings alive the world’s first act-to-earn village. The 10,000 meter-squares village houses a virtual reality room, atmosphere bar, streaming room, and retro-gaming room, to name just a few. It takes the experience to global users by reproducing the village in the metaverse. Undercity’s grand ambition has resonated with its audience as revealed by its fast-growing online community which aims to reach more users in coming days through marketing initiatives such as giveaways with compelling prizes.

$150k Airdrop Details

Undercity has launched an airdrop with $150,000 up for grabs to celebrate their presale and rapidly growing online community. You need to hold at least $150 worth of UND at the time of draw to be eligible for this prize. To enter you must complete steps on Gleam which include entering your Crypto Wallet Address, joining @undercity_chat on Telegram, tweeting @Undercity_off on Twitter, following @UnderCity_offRetweeting@underCity_offon Twitter, visiting @underCity.officiel on Instagram and visiting their website: underCity and sharing it with friends for 10 extra entries!

Eligibility Requirements

To be eligible for this giveaway you must have at least $150 worth of UND at the time of draw and complete all steps listed above via Gleam for multiple entries . There are no other requirements or costs associated other than your time so don’t miss out!

How will I receive my reward?

If you are one of lucky winners who wins this prize you will receive your reward directly into your crypto wallet address provided during entry process.

Conclusion

This is an amazing opportunity for anyone who holds UND coins as well as those interested in learning more about Undercity’s mission and becoming part of their exciting gaming metaverse! Don’t forget that each task comes with multiple entries so make sure you follow all steps listed above carefully so maximize your chances of winning!

Summary of the Article

• Celsius, a bankrupt cryptocurrency lending firm, has published a list of eligible users who can withdraw 94% of their crypto assets from the platform.
• Eligible users are required to update their accounts with AML and KYC information before withdrawals can be processed.
• The examiner’s report also alleges that Celsius and its founder, Alex Mashinsky, failed to deliver on their promises regarding the Celsius (CEL) token and other business ventures.

Celsius Upcoming Withdrawals: Are Your Assets at Risk?

Celsius, a bankrupt cryptocurrency lending firm, has issued an official statement regarding the pending withdrawals for eligible users. In a 1,411-page court filing with the US Bankruptcy Court in the Southern District of New York, Celsius has provided a list of users who will be able to retrieve approximately 94% of their eligible custody assets. The remaining 6% of assets will be determined at a later date. Before processing any withdrawals, eligible users are required to update their Celsius accounts with the necessary information such as Anti-Money Laundering (AML) and Know Your Customer (KYC) data as well as withdrawal destination address. Otherwise they won’t be able to withdraw assets. Gas and transaction fees associated with the withdrawal process must also be covered by those withdrawing assets or they won’t receive them.

Examiner’s Report Reveals Allegations Against Celsius and Its Founder

The release of this information follows a court filing submitted by the court-appointed examiner, Shoba Pillay which sheds light on various aspects of Celsius‘ operations including its relationship with now-defunct FTX exchange. The report revealed that Celsius utilized Quickbooks software for financial management similar to FTX and Alameda Research. The examiner’s report also alleges that Celsius and its founder Alex Mashinsky failed to deliver on their promises regarding the Celsius (CEL) token and other business ventures providing detailed evidence of improper and self-serving behavior causing significant harm to many people.

What Does This Mean for Investors?

Investors may want to take caution following these reports given that there is still some uncertainty surrounding what will become of investor funds once they have been withdrawn from the platform. Furthermore due diligence should always be undertaken when investing in cryptocurrencies as there is always risk involved regardless if it is through an established platform or not.

Conclusion

As more details come out surrounding this case it would appear that investors may have lost money due to improper actions taken by those running Celsius however all hope is not lost as nearly all investors are set up for reimbursement or recovery in some form or another from their investments in cryptocurrencies via this platform

• Cardano (ADA) has increased by 45% over the past month and 7.7% over the past week due to the broader cryptocurrency market recovery.
• The launch of the DJED stablecoin on the mainnet is planned for this month, with the Singaporean cryptocurrency exchange Bitrue set to list the DJED stablecoin together with SHEN, its reserve coin.
• Djed will be backed by other tokens and it aims to replace all other cryptocurrencies as the preferred currency for covering transaction costs on the Cardano network.

The cryptocurrency market has been on the rise over the past month and Cardano (ADA) has been no exception. The price of Cardano has increased by 45% over the past month and 7.7% over the past week. The general market rebound is likely to have been a factor in the uptrend, however, the much-anticipated launch of the DJED stablecoin on the mainnet is also likely to have had an impact.

The DJED stablecoin is a cryptocurrency pegged to the US dollar and aims to replace all other cryptocurrencies as the preferred currency for covering transaction costs on the Cardano network. Before a user can receive Djed, more than 400% in collateral value must be provided. Djed will be backed by other tokens, making it possible to replace the volatile gas fees with a transaction cost that is consistent and predictable.

In preparation for the launch, the Singaporean cryptocurrency exchange Bitrue has revealed plans to list the DJED stablecoin together with SHEN, its reserve coin. Through an official blog post on its website and a subsequent tweet from COTI Network, Bitrue announced its intentions to list DJED. Additionally, developers are developing a snapshot mechanism and user interface (UI) which will be added to djed.xyz. This mechanism will allow SHEN holders to track extra rewards when ADA is deposited to the Djed smart contract.

Overall, Cardano bulls are all charged up ahead of the launch of its stablecoin DJED, which is set to go live this month. The launch of the DJED stablecoin is likely to have a big impact on the Cardano network, as it is set to replace all other cryptocurrencies as the preferred currency for covering transaction costs. This could have a big impact on the price of Cardano, as the increase in demand for ADA could cause the price to surge.

• Terra 2.0 (LUNA) is a fully decentralized payment mechanism that eliminates the need for intermediaries or authorization.
• Terra (LUNA) could reach a maximum price of $3.63 by the end of 2023 and as high as $20.76 by the end of 2030.
• Terra (LUNA) is being used in mining and administration and can act as a configurable asset to tackle scalability, performance, and availability challenges.

Terra 2.0 (LUNA) is a revolutionary digital currency that offers a fully decentralized payment mechanism that eliminates the need for intermediaries or authorization. This new currency was created as a result of a de-peg event, which called for a new Terra (LUNA) to replace the old Terra Classic (LUNC). LUNA is the native asset of the protocol and is being used in mining and administration. It also has a unique feature that allows it to act as a configurable asset, addressing scalability, performance, and availability challenges.

The price of Terra (LUNA) has seen some significant ups and downs over the past few months. However, investors are still hopeful that the currency will recover and reach new highs. According to experts, LUNA could reach a maximum price of $3.63 by the end of 2023. This is a significant increase from its current trading price of $1.44. Some analysts predict that by the end of 2030, Terra (LUNA) could reach as high as $20.76.

There are a number of factors that could influence the price of Terra 2.0 (LUNA). These include market sentiment, demand, supply, and development. With the right developments and an increase in demand, Terra (LUNA) could reach the predicted price of $20.76. However, it is important to note that the price of any cryptocurrency is highly unpredictable and investors should always do their own research before investing.

Overall, Terra 2.0 (LUNA) is a revolutionary digital currency that is here to stay. With the implementation of the right developments and an increase in demand, it is possible that LUNA could reach the predicted price of $20.76 by the end of 2030. Investors should be aware of the risks associated with investing in any cryptocurrency and should do their own research before making any decisions.

• Aptos (APT) and Fetch.ai (FET) are leading the altcoin market, with both coins exhibiting strong bullish sentiment following Bitcoin’s surge to $19k in the past 24 hours.
• Aptos price is exchanging at $6.34, up approximately 22 percent in the last 24 hours, while Fetch.ai (FET) is trading around $0.233030, up approximately 24 percent in the last 24 hours.
• Fetch.ai (FET) is developing a decentralized ecosystem on the autonomous of Things (AoT).

The altcoin market is exhibiting strong bullish sentiment following Bitcoin’s surge to $19k in the past 24 hours. Aptos (APT) and Fetch.si (FET) are leading the way, with both coins experiencing significant gains.

Aptos price is exchanging at $6.34, up approximately 22 percent in the last 24 hours, with the APT price up over 70 percent in the last seven days. The Aptos network has a market capitalization of approximately $813,689,465 and a 24-hour trading volume of about $557,229,215.

Fetch.ai (FET) is also experiencing strong gains, with the FET price trading around $0.233030, up approximately 24 percent in the last 24 hours and 115 percent in the last seven days. The FET network has a market capitalization of approximately $241,423,231, and a 24-hour trading volume of about $185,789,732.

The strong gains can be attributed to a combination of speculation, FOMO, and the utility of the respective projects. Fetch.ai (FET) is developing a decentralized ecosystem on the autonomous of Things (AoT). The Fetch.ai network is an interchain protocol, based on the Cosmos-SDK, and uses a high-performance WASM-based smart contract language (CosmWasm). This allows the network to be used for a variety of applications, such as financial services, gaming, healthcare and more.

Aptos (APT) on the other hand is focused on providing efficient and secure solutions for the burgeoning digital payments space. The APT network is a decentralized and permissionless network that enables users to buy and sell goods with cryptocurrencies. It also offers a secure and private way to store digital assets.

It remains to be seen whether Aptos (APT) and Fetch.ai (FET) can sustain their gains, however, the networks are showing signs of strong growth and their future looks promising. With more upside gains, investors can expect to see more big gains in the near future.

• Ethereum developers have pushed the Shanghai upgrade due to technical issues which was scheduled to go live in March 2023.
• Ethereum price is currently pulling a leg down, intending to break down below the crucial support levels anytime from now.
• The upgrade is expected to enable validators to withdraw their staked ETH from ETH 2.0.

The Ethereum network is moving ahead towards the much anticipated Shanghai upgrade that is expected to enable validators to withdraw their staked ETH from ETH 2.0. The upgrade was initially scheduled to go live in March 2023, but the Ethereum developers have reportedly decided to push the launch due to some technical issues. During the first virtual meeting of the year, Tim Beiko said in the broadcasted call that they may postpone the launch as they want to include several other features in the upgrade. He said “We should probably be just removing stuff at this point.” While no new dates have been announced yet, the decision to push the launch has impacted the Ethereum price which appears to be slowly sinking and has dropped below the crucial support at $1250.

Analysts had initially assumed that the price would be trading within a bullish flag and hence an upswing towards $1280 was expected. However, the current bearish pressure has dragged the price towards the immediate support at $1240. A bounce at these levels may be expected but the price may largely depend on the upcoming Shanghai upgrade. Experts believe that the upgrade could potentially lead to a surge in the price of Ethereum and thus could be an essential factor for a potential ETH price rally.

It is important to note that the Ethereum developers are expected to continue their virtual meetings in the coming days to discuss the Shanghai upgrade. This could be a crucial factor to decide the fate of the ETH price rally and also to set the new launch date. If the developers manage to solve the technical issues and announce a new date soon, then it could be a positive factor for the Ethereum price and could result in a potential ETH price rally.

• Bitcoin is trading below $17,000 for a long time and is unable to surpass the $16,900 resistance zone.
• There is a new support level formed at $16,800, and a 100-week point of control (POC) is established at this price level.
• Short-term traders are selling at a loss, which is keeping Bitcoin’s price flat for the next few weeks.

The cryptocurrency market continues to be plagued by uncertainty, as Bitcoin’s price remains stagnant for the past month. This has caused frustration among market participants, who are hoping for a bullish breakout. The current level of volatility has been described as low, with Bitcoin trading below the $17,000 mark.

At the same time, a new support level of $16,800 has been established, with a 100-week point of control (POC) identified at this price. The POC is generated due to a large volume of trading taking place at that point, making it a possible bottom formation. This could indicate that the price of Bitcoin is about to experience a major shift.

In the meantime, however, traders are still selling their holdings at a loss, which is keeping the price of Bitcoin flat for the next few weeks. This is further compounded by the fact that the market is still lacking a clear direction, with no major catalysts driving the price up or down. As such, it is likely that Bitcoin will remain within its current trading range for the foreseeable future.

In the face of current market conditions, it is important for investors to take a long-term view of their investments. While the short-term fluctuations of the market may cause some anxiety, it is important to remember that Bitcoin is still a relatively new asset, and its price is subject to significant fluctuations. As such, investors should focus on building a diversified portfolio that is well-suited to their individual risk tolerance, and avoid making investment decisions based purely on short-term price movements.