Home / Ripple News /Multichain Bitcoin․com Wallet Now Supports Avalanche (AVAX)

Multichain Bitcoin․com Wallet Now Supports Avalanche (AVAX)

07 Sep 2022

On September 5, Binance explained that it planned to drop a number of usdc trading pairs and auto-convert specific stablecoin balances into busd by September 29. While the move was controversial among crypto proponents on social media, Circle Financial CEO Jeremy Allaire explained that the change “will likely lead to more usdc flowing to Binance.”

Circle’s CEO Jeremy Allaire spoke about Binance’s recent move to “enhance liquidity and capital-efficiency for users” by removing a number of stablecoin trading pairs and auto-converting USDC, USDP, and TUSD stablecoins at a 1:1 ratio to BUSD. Both Circle and Coinbase are the firms behind the Centre consortium, the issuer and custodian of usd coin (USDC) and euro coin (EUROC). Allaire believes the forced conversions have sparked a number of “misleading headlines and interpretations.”

Allaire further stressed that Binance is “not ending support for USDC, and [the] change will likely lead to more USDC flowing to Binance.” The Circle CEO noted that a trading platform unilaterally converting existing customer assets would not work in a regulated U.S. market, and he would not have handled the situation in this way. Allaire said that Binance is attempting to consolidate dollar liquidity using cash equivalent stables. He further remarked that Binance could not do the switch with tether (USDT), at least right now, as Allaire thinks it would be too disruptive. Allaire opined:

Binance is trying to consolidate dollar liquidity w cash equivalent stables. That’s good for liquidity and market depth. [Tether] is NOT cash equivalent — not even close. Binance can’t do this now / yet w [tether] as it would be too disruptive given current [tether] liquidity on Binance.

In addition to Allaire’s commentary on Tuesday, Trueusd, the issuer of TUSD, tweeted about Binance’s decision as well. “TUSD will support Binance as always and have more cooperation with [the] Binance ecosystem,” the official Trueusd Twitter account wrote. “Binance will maintain multi-chain TUSD deposit and withdrawal support on their exchange for all the following token standards.” For his part, Allaire thinks that with Binance consolidating its dollar books, ​​it will “now be easier and more attractive to move USDC to and from Binance for trading core markets.”

Paxos, the issuer of USDP, also chimed in on the conversation concerning Binance’s recent move toward liquidity consolidation. “Binance has made a positive step for the safety of its customers by pushing to support [BUSD primarily],” Paxos wrote on Tuesday. “Unlike competing stablecoins, BUSD is regulated by NYDFS which sets rules and monitors compliance with those rules.”

What do you think about Jeremy Allaire, Trueusd, and Paxos addressing the decision Binance made concerning auto-converting specific stablecoin balances? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

On September 5, Binance explained that it planned to drop a number of usdc trading pairs and auto-convert specific stablecoin balances into busd by September 29. While the move was controversial among crypto proponents on social media, Circle Financial CEO Jeremy Allaire explained that the change “will likely lead to more usdc flowing to Binance.”

Circle’s CEO Jeremy Allaire spoke about Binance’s recent move to “enhance liquidity and capital-efficiency for users” by removing a number of stablecoin trading pairs and auto-converting USDC, USDP, and TUSD stablecoins at a 1:1 ratio to BUSD. Both Circle and Coinbase are the firms behind the Centre consortium, the issuer and custodian of usd coin (USDC) and euro coin (EUROC). Allaire believes the forced conversions have sparked a number of “misleading headlines and interpretations.”

Allaire further stressed that Binance is “not ending support for USDC, and [the] change will likely lead to more USDC flowing to Binance.” The Circle CEO noted that a trading platform unilaterally converting existing customer assets would not work in a regulated U.S. market, and he would not have handled the situation in this way. Allaire said that Binance is attempting to consolidate dollar liquidity using cash equivalent stables. He further remarked that Binance could not do the switch with tether (USDT), at least right now, as Allaire thinks it would be too disruptive. Allaire opined:

Binance is trying to consolidate dollar liquidity w cash equivalent stables. That’s good for liquidity and market depth. [Tether] is NOT cash equivalent — not even close. Binance can’t do this now / yet w [tether] as it would be too disruptive given current [tether] liquidity on Binance.

In addition to Allaire’s commentary on Tuesday, Trueusd, the issuer of TUSD, tweeted about Binance’s decision as well. “TUSD will support Binance as always and have more cooperation with [the] Binance ecosystem,” the official Trueusd Twitter account wrote. “Binance will maintain multi-chain TUSD deposit and withdrawal support on their exchange for all the following token standards.” For his part, Allaire thinks that with Binance consolidating its dollar books, ​​it will “now be easier and more attractive to move USDC to and from Binance for trading core markets.”

Paxos, the issuer of USDP, also chimed in on the conversation concerning Binance’s recent move toward liquidity consolidation. “Binance has made a positive step for the safety of its customers by pushing to support [BUSD primarily],” Paxos wrote on Tuesday. “Unlike competing stablecoins, BUSD is regulated by NYDFS which sets rules and monitors compliance with those rules.”

What do you think about Jeremy Allaire, Trueusd, and Paxos addressing the decision Binance made concerning auto-converting specific stablecoin balances? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

Bitcoin cash fell to a two-month low on Wednesday, as a red wave swept through cryptocurrency markets. The token dropped by over 10% during today’s session, hitting its lowest level since July. Apecoin saw a similar fate, plunging by over 10%.

Bitcoin cash (BCH) dropped to a two-month low in today’s session, as prices plunged by over 10% earlier in the day.

Following a low of $125.15 on Tuesday, BCH/USD slipped to a low of $111.37 during hump day.

The decline sees bitcoin cash plunge below its long-term floor of $112.00, hitting its lowest point since July 18 in the process.

As seen from the chart, this drop comes as the 14-day relative strength index (RSI) failed to break out of a ceiling at the 52 mark earlier this week.

The index is now tracking close to a support point of 40.90, with bulls pushing prices back above the support point of $112.00.

Historically, there has been a high level of bullish pressure at this point, and should this history repeat itself, we could see BCH move back towards $125.00 in coming days.

Apecoin (APE) also slipped in today’s session, with the token hitting a multi-month low.

APE/USD landed at a bottom of $4.24 earlier today, less than 24 hours after trading at $4.75.

Like with BCH, today’s decline in apecoin comes as prices moved below a key support point of $4.60.

As a result of today’s low, which saw prices drop by over 10%, APE hit its weakest point since July 14.

The decline impacted the RSI, which also moved to a multi-month low, with the index currently tracking under 30, deep in bear territory.

Prices now hover close to a support point of $4.20, with overall sentiment predominantly bearish, for now.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, APE, Apecoin, BCH, bitcoin cash

Do you believe apecoin can hit $5.00 this month? Let us know your thoughts in the comments.

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Sharaf Maksumov / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

Bitcoin cash fell to a two-month low on Wednesday, as a red wave swept through cryptocurrency markets. The token dropped by over 10% during today’s session, hitting its lowest level since July. Apecoin saw a similar fate, plunging by over 10%.

Bitcoin cash (BCH) dropped to a two-month low in today’s session, as prices plunged by over 10% earlier in the day.

Following a low of $125.15 on Tuesday, BCH/USD slipped to a low of $111.37 during hump day.

The decline sees bitcoin cash plunge below its long-term floor of $112.00, hitting its lowest point since July 18 in the process.

As seen from the chart, this drop comes as the 14-day relative strength index (RSI) failed to break out of a ceiling at the 52 mark earlier this week.

The index is now tracking close to a support point of 40.90, with bulls pushing prices back above the support point of $112.00.

Historically, there has been a high level of bullish pressure at this point, and should this history repeat itself, we could see BCH move back towards $125.00 in coming days.

Apecoin (APE) also slipped in today’s session, with the token hitting a multi-month low.

APE/USD landed at a bottom of $4.24 earlier today, less than 24 hours after trading at $4.75.

Like with BCH, today’s decline in apecoin comes as prices moved below a key support point of $4.60.

As a result of today’s low, which saw prices drop by over 10%, APE hit its weakest point since July 14.

The decline impacted the RSI, which also moved to a multi-month low, with the index currently tracking under 30, deep in bear territory.

Prices now hover close to a support point of $4.20, with overall sentiment predominantly bearish, for now.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, APE, Apecoin, BCH, bitcoin cash

Do you believe apecoin can hit $5.00 this month? Let us know your thoughts in the comments.

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Sharaf Maksumov / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

Bitcoin.com has added support for the smart contract platform Avalanche to its self-custodial web3 wallet. The addition of Avalanche to the multichain Bitcoin.com Wallet means the wallet’s millions of users are now able to buy, sell, send, receive, and manage $AVAX. Users will also be able to trade tokens on the Avalanche network, as well as interact directly with the hundreds of Decentralized Apps (DApps) hosted on the high-throughput Ethereum Virtual Machine (EVM)-compatible network, enabling use cases like borrowing and lending, prediction markets, and synthetic assets.

“The potential of decentralized finance to create economic freedom is vast, but to realize that potential, we need to democratize access. And for that, it’s essential that we provide a low-fee environment,” said Bitcoin.com CEO Dennis Jarvis. “The Avalanche network is fast and cheap while also offering a high level of decentralization, which is critical for security and censorship resistance. Importantly, Avalanche has also attracted a huge range of high-quality DApps, which increases its utility for our millions of users.”

Bitcoin.com’s support for Avalanche is also motivated by the development of its ecosystem token $VERSE, which will require a low-fee smart contract platform to enable the small, frequent transactions associated with the token’s utility and rewards functions. Verse will launch on Ethereum but also be bridged to Avalanche.

Strategic investors purchased $33.6 million in a private sale of $VERSE tokens in May. Registrations for the public sale are now underway at getverse.com.

 

About Avalanche

Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low cost, and green. Any smart contract-enabled application can outperform its competition by deploying on Avalanche. Don’t believe it? Try Avalanche today.

 

Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

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