#BinanceTournament Leading cryptocurrencies like Bitcoin and Ether traded flat over the past week even after #cryptoexchange giant Binance agreed to a record $4.3 billion settlement with U.S. authorities, according to analysis by research firm K33.Analysts said the landmark agreement unveiled on November 21st showed sanctions violations and illegal money transfers but no mishandling of client funds. As such, it poses little risk of spreading contagion across digital asset markets, as happened amid the #ftx implosion last year.“The settlement has nothing to do with mishandling customer funds and won’t have any contagious effects in the future,” wrote K33 senior analyst Vetle Lunde and vice president Anders Helseth in the latest market update.Bitcoin and Ethereum prices remain buoyant at around $38,000 and $2,000, respectively, in the days after regulators publicized years-long investigations into Binance’s anti-money laundering procedures and sanctions compliance. The relatively muted impact affirms that Binance’s transgressions seem isolated rather than systemic.BNB plunged amidst Binance dramaHowever, the firm’s $BNB token did shed nearly 14% following the announcement of the costly settlement that cements a pivot away from the U.S. market. Binance founder Changpeng Zhao also stepped down as chief executive while retaining a substantial ownership stake.But Lunde and Helseth contend that Binance, boasting over 120 million users globally, still represents a pillar of crypto infrastructure likely to rebound in 2024, even with its American operations winding down.“Binance’s strong user base points towards Binance remaining a cornerstone of the crypto market structure as we advance into 2024,” the K33 report concluded.That said, the researchers highlighted that Binance already experienced a slipping market share in 2022 amid intensifying regulatory attention. Its portion of non-U.S. exchange volumes sank below 45% from around 70% previously, based on data from research firm The Block.For now, crypto markets seem reassured by the scope of penalties levied exclusively against Binance, rather than foreshadowing another existential crisis. Only the coming months will reveal whether depleted consumer confidence or frozen assets destabilize the #exchange itself, despite its towering status and still unmatched scale. #Wormhole

Dogecoin (DOGE), the biggest meme crypto, is leading with gains when most digital tokens are trading down. Data suggests that the cumulative crypto market cap dropped by around 1.5% over the past day to stand at $1.42 trillion. This sudden drop in the market seems to be a minor correction after Bitcoin’s rally to regain the $38k price level. Dogecoin price jumped by 2% Dogecoin price jumped by more than 2% in the last 24 hours. DOGE is trading at an average price of $0.082, at the press time. Its 24 hour trading volume is marginally up by 1.2% to stand at $637 million.  DOGE price surge helped the meme crypto market cap to surge by around 0.36%. It now stands at $18.7 billion. The trading volume registered a surge of more than 6% in the last 24 hours to stand at $1.3 billion. As per the Coinglass data, more than 36k traders got liquidated in the last 24 hours. The cumulative liquidations recorded by the tracker come in at $62.15 million. While the single largest liquidation order took place on the crypto exchange OKX of $608K. As we dig in, data depicts that around $1.46 million of long and short positions set on Dogecoin price got liquidated in the last 24 hours. However, $952k worth of short positions (66%) set on DOGE price got liquidated. This suggests that traders were hoping for Dogecoin price to decline, while, it managed to surge against market sentiments. Bitcoin drops Bitcoin, the biggest crypto asset price dropped marginally on Thursday after recording a major rally to regain the crucial $38k price level. However, BTC is trading at an average price of $37,713, at the press time.  However, Bitcoin’s recent price surge was backed by Federal Reserve Governor Chris Waller’s statement on the recent data indicating an economic slowdown and ongoing moderation in inflation. This suggested that U.S. Federal Reserve policy is in an appropriate position. The post Dogecoin leads amid market correction, pumps meme crypto cap appeared first on Todayq News.

#BinanceTournament Binance, one of the world’s largest cryptocurrency #exchanges , has made a significant move by announcing the cessation of support for the Binance USD ( $BUSD ) stablecoin. This decision, effective from December 15, 2023, follows the regulatory pressures faced by Paxos, the issuer of #BUSD .The decision is a direct consequence of the regulatory actions in February, where the U.S. Securities and Exchange Commission (SEC) flagged BUSD as a potential unregistered security. The New York Department of Financial Services (NYDFS) ordered Paxos to stop issuing BUSD. This regulatory scrutiny has led Binance to phase out support for its native stablecoin.Impact on Users and BUSD MarketUsers of binance will need to withdraw or convert their BUSD into other assets before December 15. Post-December 31, the #exchange will disable withdrawals, and existing BUSD balances will automatically convert into First Digital USD ( $FDUSD ) for specific users. This move is part of Binance’s broader strategy to comply with regulatory norms and shift its focus to other stablecoins.Before the regulatory issues, BUSD was among the largest stablecoins by market capitalization, peaking at over $23.3 billion in November 2022. However, it has since experienced a sharp decline, with its market cap currently standing at approximately $1.7 billion, a drop of over 92% in 12 months.New CEO and Compliance FocusRichard Teng has taken the helm following a $4.3 billion settlement with U.S. authorities and the resignation of former CEO Changpeng Zhao. This leadership change underscores Binance’s commitment to compliance and adapting to the evolving regulatory landscape.Binance had already initiated the process of reducing its reliance on BUSD, halting borrowing and lending services for the stablecoin in October. The recent announcement marks a significant step in this direction, aligning with the regulatory expectations.What This Means for the Crypto MarketThis development highlights the growing regulatory scrutiny of stablecoins and their challenges. It also indicates a shift in the market dynamics, with other stablecoins potentially filling the gap left by BUSD. Following the FTX lawsuit, the U.S. regulators have been stringent on rules and policies, giving crypto firms a hard time. However, the crypto community hopes that the cloud will clear soon in the market with more regular clarity from the officials.Binance’s decision to cease support for BUSD marks a turning point for the exchange. As it navigates the regulatory waters, Binance will likely focus more on compliance and adapting its services to meet global legal frameworks. #WhaleAlert

The cryptocurrency world is full of possibilities, but it's also full of risks. Binance, a popular crypto exchange, lets you buy, sell, and trade digital assets. But navigating the crypto market can be tricky, especially if you're new to it. To help you avoid common mistakes and make the most of your Binance experience, here are 10 things to keep in mind:1. Do your research: Before you start trading, learn about blockchain technology, different cryptocurrencies, and how the market works. Understand the risks and make informed decisions.2. Don't let fear or greed control you: Don't make impulsive decisions based on hype or speculation. Stick to your trading plan and don't chase quick profits.3. Trade wisely: Don't trade too often. Wait for good opportunities and don't chase every price change.4. Manage your risks: Use tools like stop-loss orders to limit potential losses. Set realistic profit targets and don't overextend yourself.5. Spread your investments: Don't put all your eggs in one basket. Invest in different cryptocurrencies to reduce your risk.6. Keep your crypto safe: Use strong passwords, enable two-factor authentication (2FA), and store your crypto in secure wallets. Watch out for scams and other online threats.7. Don't trade based on emotions: Stay calm and make decisions based on logic, not fear or greed.8. Think for yourself: Don't just follow the crowd. Do your own research and make your own decisions based on your goals and risk tolerance.9. Know when to sell: Don't get too attached to your investments. Sometimes, it's better to cut your losses and move on.10. Stay informed: Pay attention to market trends and news that could impact your crypto investments. Make adjustments as needed.Why Follow Binance Square and Tip Me for SupportBinance Square is a great place to learn about cryptocurrency. Follow me on Binance Square to get:* Latest crypto news and updates* Insights and analysis from experienced traders* Educational resources to improve your trading skills* A community of crypto enthusiasts to share ideas withTipping me through Binance's tipping feature will help me keep creating helpful content, sharing my insights, and contributing to the Binance community. Your generosity will fuel my motivation to help others succeed in the world of cryptocurrency.Join me on Binance Square and let's make smart, safe crypto trades together!