Updated at 12:30 pm Eastern Standard Time
A US online trading company specializing in cryptocurrencies was hit hard on Wednesday after BinanceUS, the world’s largest digital currency exchange, abolished Bitcoin’s spot trading fees.
BinanceUS will allow users to trade their largest cryptocurrency, Bitcoin, for free with assets such as US dollars, tethers and other dollar-backed stablecoins, the previous 0.1 for transactions under $ 50,00. Eliminate% taxation.
The move ignites the coveted liquidity of the global crypto market, which has lost billions of values in the last six weeks amid the broader Bitcoin meltdown and the collapse of Luna’s Stablecoin. May be attached.
“We see this as an opportunity to revolutionize the way we approach pricing in the industry, improve access to cryptocurrencies, and help markets and customers when they need it,” BinanceUS said. I am saying. Statement posted on that website..
Coinbase Global ((((coin)- Get the Coinbase Global Inc ReportWednesday’s daytime trading, which generated $ 1.17 billion in crypto trading revenue in the three months to March, was 7.6% lower, trading at $ 53.010 each.
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Robin Hood Market ((((Hood)- Get Robinhood Markets Inc. ReportGenerating much less income from crypto trading, each marked 0.6% lower at $ 7.50.
Bitcoin prices fell 4.5% on the day at $ 20,129.25 respectively. This is a move to increase the annual decline to about 56.4%.
The broader crypto market, which peaked at $ 2.9 trillion last year, has lost nearly $ 1 trillion in value over the past two months.
Soaring inflation, the Federal Reserve and other central banks actively signaling rate hikes, rising bond yields, and the resurgence of the US dollar are all, even in widespread adoption by various governments around the world. Combined to put downward pressure on crypto assets Add or complement Bitcoin to the currency of the country.
The move has led crypto lenders Celsius Network to freeze deposit-based withdrawals last week, what the group called “extreme market conditions.”
The move was temporary but repeated by Binance as the exchange quoted “stack transactions” on the world’s largest crypto trading platform.
In fact, Coinbase announced last week that it would cut about 18% of its workforce. This has reduced the employment of about 1,100 people and is called “another cryptocurrency winter” for a “long term.”
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