Altcoins
Binance Shows Greater Resilience in Net Flows, Capital Leaves US to Asia, OKX Apply for VATP License in Hong Kong
Last Updated: November 29, 2023 5:33 PM EST | 3 minutes of reading
Get your daily digest of crypto and blockchain-related news, investigating the stories that are flying under the radar in today’s news.
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Market News
- Contrasting with the crisis experienced by the stock markets as FTX, Binance demonstrated greater resilience in its net flows, according to to digital asset data provider CCData. During the FTX crisis, Binance saw an outflow of almost $1 billion worth of BTC in an hour. Since the official United States DOJ announcement on Tuesday, Binance recorded outflows from major assets (BTC, ETH, USDT, USDC) – a total of approximately $800 million in outflows from specified assets. “This comparison highlights market perception of risk, potentially influenced by new compliance requirements imposed on Binance by the US government, providing some assurance to investors and reducing counterparty risk,” the report said. The speculation caused by the prior announcements created a significant increase in BNB open interest (OI), with over $100 million in OI added over a one-day period. The current OI remains near its highs, indicating further speculation on BNB, he concluded.
- “The big trend that we are observing is that of capital leaving the WE and become primarily global, and a lot of that happened in Asia,” said Dmitry Lapidus, CoinFund‘s new Senior Liquids Analyst is based in Hong Kong, tasked with strengthening the company’s presence in the region. New York-based crypto-focused venture capital (VC) firm CoinFund has made its first hire in Hong Kong, aiming to expand into Asia, The South China Morning Post reported. CoinFund sees more crypto trading and more crypto entrepreneurs coming from Asiawhere the company hopes to expand its reach, Lapidus said.
Redeem new
- OKX has officially applied for a Virtual Asset Trading Platform (VATP) license under its Hong Kong bifurcate, OKX Hong Kong FinTech, eight months after the creation of the branch. Thus, it became the seventh company to officially apply and “the first major industry player to apply under a new legal regime aimed at transforming the city into a regional crypto hub”, The South China Morning Post. reported. She filed the request on November 16, according to the Securities and Futures Commission (CFS). Panther tradean exchange with apparent links to Futu Holdingssubmitted its application the day before OKX, according to the report.
- BingX announced the launch of its rebranding initiative. According to According to the press release, the exchange has updated its visual identity to make the trading experience more intuitive and user-friendly. The revamped design simplifies its logo by smoothing edges and removing internal shadows, focusing on a cleaner, more direct aesthetic that aligns with users’ business goals, it said. Over the coming months, BingX will undergo a complete visual transformation, including updates to its color palette and typography across mobile and desktop platforms.
Mining News
- United Arab EmiratesBitcoin mining company based Phoenixis oversubscribed $370 million IPO on the Abu Dhabi Stock Exchange signals budding enthusiasm for bitcoin mining In the region, according to to a weekly Miner report from BlocksBridge Tips. Retail and professional investors showed strong interest, oversubscribing 180 times and 22 times respectively. Meanwhile, the report said, Phoenix so far appears to be more of a bitcoin mining equipment distributor as a miner owner or machine hosting company. Although its focus is on power capacity and infrastructure, its revenues appear to depend primarily on hardware sales, i.e. Antminers And What are the minors.
Artistic news
- Curated platform Avant-Arte announced a collaboration with generative, NFT artist Erick Calderon, known in the Web3 domain as Snowto release the first limited edition art print of its Chromie Squiggles series. By Following the announcement, Snowfro personally selected one of his favorite Chromie Squiggles from his personal collection for the print, Chromie Squiggle #8107, which will be available for seven days only, starting December 7, at avantarte.com. This exclusive print edition allows art lovers and collectors to claim a piece for €350 ($380). Avant Arte stated that thanks to his engraving abilities, his master engraver Preparation in London, and its expertise in integrating digital native projects into the physical realm, the Chromie Squiggle #8107 printing process replicates the way each Chromie Squiggle is arranged digitally.