Binance Burns $165 Million Worth of BNB Tokens

Binance has completed its 14th quarterly Binance Coin (BNB) burn, according to CEO Changpeng Zhao. Burns Will Accelerate A total of 3,619,888 Binance Coin (BNB) have been burned, an amount worth $165.8 million. That makes this Binance’s largest burn to date. In the aftermath of the burn, the total supply of BNB has decreased from 174.2 million BNB to 170.5 million BNB. This burn also makes the beginning of a faster burn rate. Under the current burn rate, it will take Binance only 5 to 8 years to achieve this…

Bitcoin and altcoins correct after Yellen’s ‘illicit financing’ critique

On Tuesday, Ether (ETH) underwent a bullish breakout which propelled the price to a new all-time high at $1,428.  While the move may have been technical, the fundamentals for Etheruem continue to improve as less than one month after launch there is now $3.8 billion worth of ETH locked on the Eth2 blockchain. The rapid rise in price has clearly attracted the attention of pro traders but Cointelegraph analyst Marcel Pechman warns that Ether’s rise to a new high was also accompanied by a large increase in short positions. ETH/USDT…

Yellen: Crypto Is Used for Terrorism, Money Laundering

Key Takeaways Secretary of the U.S. Treasury Janet Yellen spoke against cryptocurrency today, highlighting its use in criminal activity. Yellen also advocated for a market-determined dollar rate and second round of monetary stimulus in Biden’s term. Yellen’s speech appears to have directly affected markets. Share this article Janet Yellen, Secretary of the U.S. Treasury, completed her Senate confirmation hearing today. She attacked cryptocurrency for its use in crime and advocated for an improved U.S. dollar exchange rate. Yellen On Bitcoin During her confirmation hearing, Yellen raised concerns around the use…

Projects weigh security risks, benefits of liquidity pool token collateral

Multiple decentralized finance (DeFi) projects are moving forward with plans to allow liquidity provider tokens as collateral for stablecoin and lending services — though experts caution that the security considerations associated with using LP tokens in this manner can be complex.  LP tokens are distributed to liquidity providers on automated market makers (AMMs) to represent a provider’s stake in a liquidity pool. Providers are incentivized with trading and protocol fees that are paid out upon withdrawal. While they’re often the last stop in a cycle of yield farming transactions, multiple…

Horizen Labs’ co-founder says CBDCs could raise Bitcoin awareness

Central bank digital currencies gained traction all over the world in 2020, as all the world’s biggest economies considered producing their own digital money. But how will CBDCs affect Bitcoin (BTC) if every country comes out with its own? Dean Steinbeck, co-founder and chief operating officer of Horizen Labs, posited that Bitcoin’s core atmosphere would remain the same on the surface.  “There has recently been plenty of activity internationally with governments exploring the development of native virtual assets,” Steinbeck told Cointelegraph. Steinbeck also works as general counsel at Horizen. “A healthy,…

Coinbase buying spree continues with the acquisition of Bison Trails

Coinbase, the U.S.-based cryptocurrency exchange, has made another strategic acquisition — this time in the critical field of blockchain infrastructure.  The company announced Tuesday that it had acquired Bison Trails, a fully managed blockchain infrastructure provider, in a deal that provides a “foundational element” within its growing ecosystem of products. Coinbase said: “By joining forces, we aim to bring the advanced technology that the Bison Trails team has developed — and continues to develop — to more projects and more companies around the world.” Bison Trails will continue to operate…

Curve Accuses Saddle Finance of Copying Its Algorithm

Key Takeaways Saddle Finance, an automatic market maker, launched on Jan. 19 Curve Finance and parts of the crypto community have accused the project of stealing Curve’s own code. Saddle Finance has not responded to requests for comment. The DeFi news category was brought to you by Ampleforth, our preferred DeFi partner Share this article Saddle Finance launched today as an automated market maker. However, parts of the crypto community have criticized Saddle for allegedly copying Curve Finance‘s work. Curve Criticizes Saddle Finance Curve Finance tweeted that Saddle copied its…

Enjin Coin surges 71% after becoming first regulatory approved gaming token in Japan

On Jan 19, Blockchain-based Enjin Coin (ENJ) became the first gaming cryptocurrency to be legally authorized for trade by the Japanese Virtual Currency Exchange Association (JVCEA). This coincided with a sudden 71% increase to the coin’s dollar value which occurred within just 9 hours, and saw the ENJ coin price jump from $0.236340, up to a 3-year high of $0.406356. ENJ/USD. Source: CoinMarketCap.com “Enjin Coin has been approved by the JVCEA and will be listed on Coincheck exchange, making it the first gaming token authorized for use in Japan,” said…

Learn crypto from Biden’s SEC chair pick, part 3/3

This is the third article in a three-part series based on Gary Gensler’s extensive prior public statements on crypto. Here are parts 1 and 2. Cointelegraph has been busily digging through a treasure trove of likely future Chairman of the Securities and Exchange Commission Gary Gensler’s thoughts on crypto, especially from a series of lectures he gave at MIT in the fall of 2018. One especially notable element of Gensler’s thinking is his obvious respect for Bitcoin’s mechanism of internal governance and his obvious interest in seeing that decentralization elsewhere…

Bitcoin can scale on chain just fine as a store of value, Blockdaemon CEO suggests

Can Bitcoin’s (BTC) blockchain handle full mainstream adoption as a store of value, without needing layer-two scaling solutions? Konstantin Richter, founder and CEO of blockchain infrastructure company Blockdaemon, seems to think so. “Bitcoin is the best cryptocurrency suited for store of value,” Richter told Cointelegraph, adding: “In terms of what the Bitcoin blockchain can currently handle from a latency and throughput point of view, Bitcoin is very strong. If we start talking about using Bitcoin for payments, that’s where the need for layer-2 scaling comes into play, but for people who…