Bitcoin (BTC) and Ethereum (ETH) slip further as some Altcoins gain momentum, with Binance Coin(BNB) leading the surge with a 15% increment in price attributed to whales accumulation. Below is the overall outlook of the market today:
Binance Coin(BNB) shoots up 15%
Binance Coin (BNB) is showing tremendous price activity today, climbing 15% after a week of significant congestion around $400 levels. BNB is currently trading 14.57 Percent higher at $465, with a market capitalization of $78 billion as of press time. Cardano (ADA) is now the third-largest Cryptocurrency by market cap, thanks to BNB's recent price rise.
While the BNB price has been consolidating over the past two weeks, the whales have continued to accumulate. However, Santiment, an On-chain data supplier, refers to this as a technical breakout. It states:
Binance Coin (BNB) is on a temporary breakout and the accumulation from its millionaire holders appears to be paying dividends. Holders with 10k to 100k $BNB have accumulated 412k $BNB in the past two weeks, adding 8.7% more coins to their total holdings.
Binance announced its billion-dollar blockchain fund on Tuesday, the 12th of October, to bring the next billion users into the Binance ecosystem. The money goes to the Binance Smart Chain (BSC), which bills itself as the "largest growth fund in crypto history."
Ripple has announced a $44 million solar energy fund.
According to the official press release, Ripple recently signed a strategic ESG investment collaboration with Nelnet, a Lincoln-based financial services business, through a $44 million joint clean energy fund for solar energy projects in the United States.
The joint investment will fund sustainable energy projects around the country, resulting in a reduction of about 1,5 million tons of carbon dioxide over 35 years to minimize the industry's carbon footprint.
Right back at you, @Nelnetsolar! We’re excited to work with Nelnet to support solar energy projects throughout the U.S. as part of our commitment to reduce the carbon footprint of financial services globally and deliver on the promise of a #CarbonNegative #crypto industry. https://t.co/ETMUboLW2o
— Ripple (@Ripple) October 11, 2021
According to the press release announcement, the blockchain company will be the majority investor in the joint venture.
“We are thrilled to have a best-in-class investor platform that enables us to work with investors like Ripple to further our effort toward advancing clean energy generation within the US,” said Scott Gubbels, Executive Director of Nelnet Renewable Energy.
Litecoin surpasses Ethereum in terms of Address Activities.
On-chain data provider Santiment reported that Litecoin had flipped the world's second-largest blockchain platform Ethereum (ETH) in terms of address activity. The data provider reports:
Litecoin has just flipped #Ethereum in terms of address activity for just the third time this year. We’ve also discovered that #Litecoin‘s payment count, which quantifies the number of addresses receiving $LTC, has hit an #ATH.
According to Santiment, an on-chain data supplier, the daily active addresses have surpassed 600K, which is incredible for a UTXO coin. In addition, unlike Ethereum, Litecoin does not support DeFi or NFT donating to active addresses.
The on-chain data provider's other key measure, "payment count," has surpassed the 2017 bull run high. The information provider noted:
This specific UTXO metric counts the number of addresses which are receiving Litecoins. And it’s very close to count of active addresses. Okay, LTC belongs to UTXO. May be it makes sense to compare it’s onchain activity to Bitcoin.
FinTech firm, Stripe building a Crypto Payment Team
The company, which first entered the crypto space with Bitcoin in 2014, later dropped support for the nascent Cryptocurrency, citing long transaction times and high transaction costs as reasons. Stripe later stated that it was concerned that a possible crypto payments integration was not on the horizon because the Lightning Network was still under development at the time.
Stripe also mentioned the possibility of initiatives that arose from or ran concurrently with the Ethereum blockchain, although decentralized finance had not yet developed to its current state.
It appears that the payments company, valued at over $100 billion, is re-entering or planning to re-enter the crypto and blockchain market on a big scale. According to a job posting on the company's website, Stripe is hiring for four engineering positions that require experience in the crypto industry. Stripe's Head of Engineering for Crypto, Guillaume Poncin, announced the opening on Twitter:
We’re starting a new crypto team at @Stripe. I’m hiring engineers and designers to build the future of Web3 payments: https://t.co/A40QPCw3XG. pic.twitter.com/ygYTrA125T
— Guillaume Poncin (@gponcin) October 12, 2021
The new positions will assist in "create the groundwork to support and inform Stripe's crypto strategy," according to the description. They will require more than a decade of experience "designing and engineering large-scale systems."
Stripe claims that the crypto market is in desperate need of "better building blocks" for accepting payments, transferring funds, and converting fiat to crypto, among other things. These needs, the company argues, will be met by "faster, more trustworthy, and higher quality crypto-enabled experiences" as a result of its revived crypto initiative.
John Collison, Stripe co-founder and president, quoted Poncin's tweet and said:
“Stripe and crypto have grown up at the same time; we started writing code the year after the Bitcoin paper dropped. We’ve always kept an eye on things (e.g. bitcoin support 2013–2015) but last few years’ developments (L2s, new chains, stablecoins, DeFi) are particularly exciting.”
Russia won’t follow in China’s path in banning Cryptocurrency outrightly
Russia's Deputy Finance Minister, Alexei Moiseev, told reporters on Tuesday that the government has no plans to enforce a cryptocurrency trading restriction similar to China's. Citizens will be able to acquire digital assets and use crypto wallets on overseas markets, according to Moiseev.
He did, however, emphasize that the prohibition on cryptocurrency payments will stay in place:
For now, I can say that cryptocurrency settlements are prohibited. At the same time, citizens can buy [cryptocurrencies] and use e-wallets outside Russia. I believe things will remain the same for now. There are no plans to change anything so far.
Russian legislators enacted a significant law in July 2020 that clarified the legal position of Bitcoin and other cryptocurrencies. The bill also prohibits the use of digital assets for payment transactions.
Not a Geco. one user yet? Sign up today and stand a chance to earn a 20% lifetime commission from every fee paid by the referred customer.
Geco. one News Bulletin presents daily crypto news which reflects the state of the market.
Join Geco. one on Telegram and follow on Twitter
Readers should not use this information to make investment decisions, nor should it be considered advice to engage in investment activity. Trading digital assets carry a high level of risk and can result in the loss of your entire investment. Make sure you understand the risks involved and your level of experience and investing goals. Get independent financial counsel if necessary.
