Moneyish

Breaking: Binance Buys The Dip, Adds 101,266 Bitcoin

Binance has brought around 101,266 bitcoins while the price of Bitcoin is hitting its low, this morning.

The price of the world’s largest cryptocurrency slumped down to its lowest price of the year.

BTC down at $19k, more pain?

On Saturday, the crypto market experienced a massive fall in the prices of its leading token.

The Bitcoin price plunged to $19k recording the lowest price of the year. Along with BTC, Ethereum also saw a slump in its price.

Amid this crash, the world’s largest crypto exchange bought nearly 100,000 BTC tokens.

The exchange used a Bitcoin wallet with number 44434365 for this transaction. It is a cold storage wallet according to the bit info charts website.

The wallet is holding around 353,863 BTC tokens. The worth of the total makes up around 7,025,905,968 USD.

At the time of writing, the wallet has 335 unspent tokens.

This BTC wallet has been active since 8th December 2017 and is holding nearly 2% of the total bitcoins mined till now.

Liquidity rises as a result of Binance purchase

This transaction has raised the liquidity of the token with the exchange. The total liquidity between the two is up to 874 according to coinmarketcap’s data.

Though this is not the first time that Binance has brought BTC tokens at the dip.

Back in January, the exchange brought around $43,000 tokens to its wallet.

The token had been going through a tough time in the market this week. BTC saw a slump of nearly 28% in its pricing in 7 days.

At the time of writing, Bitcoin has marked an increase in its trading volume by almost 35% in the last 24 hours.

Currently, the token is trading at the volume of $44,369,436,799, according to coinmarketcap.

After the recent purchase by the exchange, a slight increase in the price of the token has also been registered.

Bitcoin price increased by almost 1.30% in last 24 hours. At the time of writing the token is pricing at $19,630.50 at Binance.

Canada’s Purpose Bitcoin (BTC) ETF Liquidates 50% Holding In A Single Day

Over the last weekend, Bitcoin (BTC) witnessed heavy selling as the BTC price took a dive all the way to $18,000. Since then, Bitcoin has recovered by more than 10% and is currently flirting around the $20,000 level.

Citing data from Coinglass, Arthur Hayes, co-founder of crypto exchange 100x writes that Canada’s Purpose Bitcoin (BTC) ETF sold a staggering 24,500 BTC by Friday close, North American time. It means that they sold 50% of their holdings in a single day which is a lot of BTC to sell in a single day.

BTCC – Purpose ETF puked 24,500 $BTC into the North American Friday close. I’m not sure how they execute redemptions but that’s a lot of physical BTC to sell in a small time frame. pic.twitter.com/BY7foKdPjY

— Arthur Hayes (@CryptoHayes) June 19, 2022

As said that over the weekend, the BTC price took a drop under $18,000 all the way to a low of $17,600. “Smells like a forced seller triggered a run on stops,” writes Hayes.

Hayes further expects more such events of forced selling as the crypto lending market has some dark stories to tell. Hayes writes:

“After the sellers dumped their bags, the mrkt quickly rallied on low volume. Given the poor state of risk mgmt by #cryptocurrency lenders and over generous lending terms, expect more pockets of forced selling of $BTC and $ETH as the mrkt figures out who is swimming naked”.

Is The Bitcoin Bottom Already In?

Bitcoin has shown a good bounce back on Sunday, June 19, after a brutal crash last week. As it floats above $20,000 for now, the bigger question is how long it will sustain. Bitcoin critic Peter Schiff writes:

“Don’t get excited about Bitcoin being back above $20K. 20 is the new 30. This is just another bull trap. Nothing drops in a straight line. In fact, this slow motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom”.

Soon after the U.S. released its inflation data for May 2022, Schiff predicted that BTC will crash to under $20,000 and ETH to under $1,000. This happened just within a week of his prediction.

Even Arthur Hayes adds that he isn’t certain whether there is more pain left. However, he believes that there will be additional opportunities for the “skilled knife catchers”.

UAE and India will cooperate on emerging technologies like blockchain in new trade deal, says Dubai Chamber official

More details have emerged about the scope of the UAE-India trade agreement that came into force on May 1. The landmark agreement named the UAE-India Comprehensive Economic Partnership Agreement (CEPA) will include collaboration on various emerging technologies and innovations.

Speaking during a webinar organized by the Dubai Chamber of Commerce, Omar Khan, the body’s Director of International Offices, disclosed that one of these focus areas will be blockchain technology. It will also focus on innovation-focused sectors such as AI and Fintech.

CEPA is the first bilateral trade agreement signed between the UAE and India. The trade deal is expected to deepen ties between the two countries significantly.

According to one of the 270 participants of the webinar Deepak Sood, the secretary-general of the Associated Chambers of Commerce and Industry of India, the pact will aid two-way trade between the countries to reach $100 billion in the next five years.

“The UAE is the third-largest trading partner for India and synergizes the scope of business opportunities for stakeholders. The trade pact will aid in taking forward the two-way trade to $100 billion in five years from the existing $60 billion. This is a joint effort to combine the vision of both nations,” said Deepak Sood.

The UAE is rapidly becoming a blockchain innovation hotbed

The deal is not the first the UAE has signed with a trade partner to explore use cases for blockchain technology. Back in 2019, the Dubai Chamber of Commerce signed a similar pact with the International Chamber of Commerce, becoming the first chamber of commerce to do so.

The agreement catapulted the Dubai Chamber of Commerce to become the exclusive provider of blockchain trade solutions in the entire Middle East.

The latest trade agreement with India is in keeping with the UAE’s aim to become a global blockchain hub. The Emirates has been running with this vision since 2016 when the government launched the Dubai Blockchain Strategy.

Since then, it has been expanding its adoption of blockchain technology and currently has more than 50% of its government services powered by the innovation. The government has also been making policies to attract digital currency firms and investors.

This year, it introduced a licensing scheme for digital currency firms. Several digital currency firms have already received their licenses under the scheme.