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Customers Bank Reportedly Debanks Crypto Hedge Funds Amid FDIC Alert
Customers Bank, which services major cryptocurrency firms, including Galaxy Digital, Coinbase, and Circle, has started cutting off some hedge fund clients. Citing people familiar with the matter, the Pennsylvania-based bank has reportedly decided to ‘unload’ several funds, though the amount is undisclosed. One of the informants argued that this move affected only inactive accounts and was not as radical as debanking within the sector.
Customers Bank Tightens Crypto Hedge Fund Services
This came after the collapse of Silvergate Bank and Signature Bank in the previous year, which highlighted the problems the crypto firms encountered in getting banking services in the United States. Customers Bank, a subsidiary of Customers Bancorp, only deals with US dollars and does not support cryptocurrencies or crypto lending products. Rather, it provides Customer Bank Instant Token (CBIT)—a blockchain-based payment system enabling round-the-clock USD transactions involving over a hundred digital asset companies.
A representative from Customers Bank noted that the bank is quite selective in its client selection, which is part of its risk management plan. ”We have previously disclosed publicly our 15% exposure limit in the CBIT vertical. Because of this policy, we are very demanding in terms of new business and conduct a lot of analysis on each industry that we cater to,” the spokesperson explained.
FDIC Highlights Insolvency Risks in Banks
This banking shift occurs against a backdrop of broader financial instability. Recently, the Federal Deposit Insurance Corporation (FDIC) flagged potential insolvency risks within the U.S. banking system, noting $517 billion in unrealized losses and identifying 63 banks at risk. These concerns are compounded by disappointing manufacturing data, with the ISM Manufacturing PMI indicating a more significant contraction than expected.
This recent loosening of the U.S. Federal Reserve expectations has boosted Bitcoin price and the cryptocurrency market generally. Currently, BTC price is trading in bullish sentiment with a price increase of 0.08% and is currently sitting at $71,145.
The Federal Reserve Board’s decision to end the Bank Term Funding Program (BTFP) on March 11 has further strained regional banks, amplifying the risk landscape that institutions like Customers Bank must navigate.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Ripple Labs-backed cryptocurrency, XRP, has taken a considerable upside momentum following massive whale and escrow movements today, July 2. On-chain insights streamlined by the tracker Whale Alert illustrate nearly 3 billion XRP shuffled in the past 24 hours, piquing investor interest despite the coin’s price consolidation in recent days.
The massive 3 billion XRP movement involving both escrow and whale transactions has sparked intense speculation about the coin’s future price movements. So, let’s delve deeper into these transactions and XRP’s current market statistics.
Nearly 3Bln XRP Moved: What’s Happening?
According to the insights revealed by the tracker Whale Alert, a series of transactions took place in the past 24 hours, resulting in the reshuffling of 2.93 billion XRP. This colossal move encompassed escrow locks, unlocks, and whale movements.
As per the data, 1 billion XRP, worth $476 million, was unlocked via escrow at two unknown wallets. These addresses were recorded to be rw2hzLZgiQ and rDqGA2Gfve.
Also, 800 million XRP, worth $382 million, was locked in escrow at Ripple.
On the other hand, whale transfers from unknown wallets to Ripple were recorded.
Notably, 1.1 billion XRP was transferred to Ripple, equal to the amount unlocked from escrow. Among these transfers, 500 million coins were shifted by the abovementioned address, rw2hz, whereas 500 million coins were moved by the address rDq. Simultaneously, another unknown address moved 100 million coins to Ripple.
Lastly, it’s worth mentioning that the renowned XRP whale Rzn did not miss dumping today, shifting 30.76 million XRP, worth $14.64 million, to Bitstamp.
Subsequently, XRP price gained a significant upside momentum, garnering substantial investor interest. Earlier this year, pro-XRP lawyer Bill Morgan shared vital insights into these XRP releases, claiming it did not have significant downside pressure on the asset. For context, speculations about Ripple dumping XRP have raised severe investor concerns, although the XRP community denies it.
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XRP Price Gains, A 25% Rally Ahead
At press time, XRP price gained 1.40% today to trade at $0.4873. Its 24-hour bottoms and peaks were evaluated as $0.4759 and $0.4877, respectively.
Intriguingly, in a post by the crypto market analyst Captain Faibik on X today, it was pointed out that XRP remains poised for a 25% rally ahead. The analyst proclaimed that the token is on the “CUSP of Falling Wedge Breakout.” Moreover, the RSI is hinting at a bullish divergence, further accompanied by a MACD bullish crossover, he added.
Meanwhile, Coinglass data underscored a market uptrend for XRP as its Futures OI and derivatives volume surged alongside the price. XRP OI jumped 1.19% to $615.98 million, whereas the volume upsurged 25.23% to $739.54 million.
This data collectively paints a bullish portrait of XRP’s future. Also, it’s worth noting that XRP whale movements have spiked considerably as Judge Torres’ final decision looms in the XRP lawsuit, adding an optimistic tint.
Also Read: MiCA Regulation: Circle Execs Reveal How This Will Impact Crypto Market
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a bid to enhance its trading offerings and user experience, Binance, one of the world’s top crypto exchanges, announced the addition of new trading pairs. The exchange will launch new spot trading pairs for Dogwifhat (WIF), zKSync (ZK), and LayerZero (ZRO). Increased adoption by a popular exchange like Binance could also boost the price for these cryptocurrencies.
Binance Lists New Spot Trading Pairs
According to the latest Binance announcement, on Wednesday, July 3, 2024, at 14:00 UTC, the CEX will open trading for the WIF/BRL, ZK/USDC, and ZRO/USDC pairs. This move marks another step in Binance’s ongoing efforts to provide its users with diverse trading options and robust market opportunities. Moreover, the provision of USD Coin (USDC) as the quote currency is also crucial to note here as this comes after Circle bagged the MiCA e-money license.
Furthermore, the inclusion of Brazilian Real (BR as a trading pair is particularly noteworthy. It highlights Binance’s strategy to integrate more fiat currencies, making the platform more accessible to users worldwide. In addition to the new trading pairs, Binance will also enable Trading Bots services for WIF/BRL, ZK/USDC, and ZRO/USDC.
For context, trading bots on Binance are automated systems that allow users to execute trades based on pre-defined strategies. This feature is designed to help traders optimize their trading processes and potentially improve their trading outcomes. Moreover, the availability of Spot Algo Orders for these pairs means users can leverage advanced trading tools to maximize their market engagement.
In addition, to incentivize trading, Binance will offer discounted taker fees on all existing and new USDC spot and margin trading pairs until further notice. This discount aims to lower trading costs for users, thereby encouraging higher trading volumes and liquidity in the market. However, trading these new pairs is subject to regional restrictions and eligibility criteria.
Also Read: Bitcoin Price Slips Below $63K As Entity Dumps $114M BTC To Binance, What’s Next?
Implication On WIF, ZK & ZRO Prices
The addition of WIF, ZK, and ZRO trading pairs is expected to create significant market interest and potential price movements. Moreover, the integration of these assets into Binance’s trading ecosystem provides them with greater visibility and liquidity, which could drive their value up. Market participants will be closely watching the performance of these pairs post-launch to gauge investor sentiment and market dynamics.
Recently, Dogwifhat rebounded from lows and surpassed the $2 mark. At press time, WIF price marked a sideways action, trading at $2.24 on Tuesday, July 2. On the other hand the zKsync crypto plunged 3.26% to $0.1768. However, LayerZero rallied unprecedentedly with over 17% gains, trading at $3.97. Moreover, the latest listing could also propel the ZRO price higher.
Also Read: Binance Rejoices Partial Victory Against SEC As Legal Battle Continues
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A Pepe coin whale has again sent tongues wagging across the broader crypto industry today, primarily with its massive PEPE accumulation. On-chain insights revealed that a staggering $1.2 trillion PEPE was bought from the Binance crypto exchange amid Pepe coin’s monthly crash.
Notably, despite a roughly 20% price fall recorded over the past month, the staggering amounts of coins accumulated have ignited optimistic market sentiments over the frog-themed meme coin’s future price action. So, let’s gain a deeper understanding of why.
Colossal Accumulation Glimmers Hope For Future Price Movements
With such massive accumulations coming into the light, the usual market sentiments take an optimistic turn. These accumulations reflect whales’ confidence in the asset’s potential to offer significant gains ahead, sparking hope for the coin’s future.
According to data highlighted by Whale Alert, 1.23 trillion PEPE, worth $14.74 million, was bought from Binance today, June 2. The purchase order was made by the whale address 0x835678a6.
This massive accumulation has reflected a sense of confidence in Pepe coin’s potential to offer gains ahead, as also mentioned above. Meanwhile, the transaction brings additional buying pressure to the digital asset.
Also, it’s worth noting that the whale entered the PEPE market at a $0.000011 price level. On the other hand, the PEPE price shows signs of consolidation today, moving sideways.
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Pepe Coin Market Performance
At press time, the PEPE price gained 0.23% to trade at $0.00001148. Its 24-hour bottoms and tops were recorded as $0.00001133 and $0.0000117, respectively, illustrating signs of consolidation.
Coinglass data further rationalized Pepe coin’s turbulent movement, as its Futures OI surged while derivatives volume noted a significant dip. PEPE OI jumped 7.32% to $142.06 million, whereas its derivatives volume dropped 20.98% to $799.11 million. This data pointed to increased investor interest but reduced market activity, birthing uncertain sentiments on price.
Besides, the RSI moved along 46, underscoring the asset’s neutral stance in the market. Should further buying pressure persist, as in the one mentioned above, Pepe coin could see a significant upside momentum ahead.
Conversely, recent reports by CoinGape Media have spotlighted colossal PEPE whale dumps to exchanges, aligning with its current bearish movement.
Also Read: Binance Rejoices Partial Victory Against SEC As Legal Battle Continues
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
XRP Price Gains Amid Massive Escrow & Whale Movements, A 25% Rally Ahead?
BONK Shakes Up Meme Coin Market, Wants Further Gains
Binance Expands Support For WIF, ZK & ZRO, Price Rally Ahead?
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