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EazyPay Launches Bitcoin, XRP, And Dogecoin Payments Across 5000 Plus Merchants in Bahrain

Albert Brown
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EazyPay Launches Bitcoin, XRP, And Dogecoin Payments Across 5000 Plus Merchants in Bahrain

Bahrain-based financial entity EazyPay Partners with Binance Pay To Launch Crypto Payments Platform.


EazyPay, a Bahrain-based financial services platform, has partnered with Binance Pay to launch the first-ever regulated crypto payments platform in MENA.

Public espousal of cryptocurrencies has seen a massive increase since the COVID-19 pandemic. The global unrest that the pandemic pumped into the financial scene exposed the shortcomings of traditional finance and the benefits of DeFi and digital assets. As demand increases, several financial entities are adopting crypto payments. EazyPay is the latest to do so.

Co-founder and CEO of Binance, Changpeng “CZ” Zhao, disclosed the move through his official Twitter handle Thursday. “Bahrain-based EazyPay has partnered with Binance    Pay to launch the first regulated & approved crypto payments service offering in MENA,” CZ said in the tweet.

 

He further noted that this development would enable the integration of crypto payments in over 5,000 Point-of-Sale (POS) terminals and digital payment gateways in Bahrain. This is due to EazyPay’s wide reach as a payment facilitator in the kingdom.

Users can make payments to several merchants who already accept payments through EazyPay POS terminals. Some of these merchants include leading electronics shop, Sharap DG; multinational supermarket chain Lulu Hypermarket; and luxury jewelry dealer AI Zain Jewellery, among others.

To facilitate payment, users will have to use their Binance app to scan a generated QR code on any EazyPay POS when making payments on any merchant terminal. Users will also get the opportunity to choose the cryptocurrency they wish to pay with.

“As a leader in its space, EazyPay’s decision to accept cryptocurrency payments and integrate Binance Pay into its systems raises the bar for innovation…,” said Nadeem Ladki, Executive Director of Business Development and Strategic Partnerships at Binance.

The move from EazyPay underscores the growing rate of institutional adoption in the Middle East and North Africa (MENA) region. Bahrain and the UAE, in particular, have shown regulatory friendliness to the nascent digital assets and blockchain industry. 

In December of last year, The Crypto Basic reported Binance’s in-principle license issuance in Bahrain. Three months later, in March, the crypto exchange received a full-blown license to operate as a virtual asset provider in the Kingdom.

Presently, Binance Pay backs 40 plus cryptocurrencies.

“ADA, ATOM, AVA, BCH, BNB, BTC, BUSD, CTSI, DASH, DOGE, DOT, EGLD, EOS, ETC, ETH, FIL, FRONT, FTM, GRS, HBAR, IOTX, LINK, LTC, MANA, MATIC, NEO, OM, ONE, PAX, QTUM, STRAX, SXP, TRX, TUSD, UNI, USDC, USDT, VAI, VET, WRX, XLM, XMR, XRP, XTZ, XVS, ZEC, ZIL”.

Baby Doge Coin Officially Announces Launch Date of BabyDoge Swap Mainnet

Zabi
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Baby Doge Coin Officially Announces Launch Date of BabyDoge Swap Mainnet

Finally, the official launch date of the BabyDoge Swap mainnet has been announced.


 

BabyDoge, the third most popular canine-themed cryptocurrency, recently announced the official launch date of its Decentralized Exchange (DEX), BabyDoge Swap.

As per the announcement, the BabyDoge Swap mainnet is expected to go live on October 5th, 2022. The team is also ready to discuss Baby Doge Swap’s features with the Community until launch.

BabyDoge launched its Beta Decentralized Swap application on BSC Testnet on August 16th, 2022. BabyDoge Swap allows users to simply buy, sell, swap, or trade any token on Binance Smart Chain by connecting their respective BSC wallets without any registration. Users can also earn passive rewards with crypto. In addition, BabyDoge Swap claims to be a much lower-cost solution than Ethereum (ETH), as it enables BabyDoge holders to enjoy the lowest swap fees on Binance Smart Chain.

On the other hand, BabyDoge is inviting other projects to get listed on BabyDoge Swap while offering them a few interesting features, including ZERO swap fees. BabyDoge Swap would also unlock the farming and staking utility for the newly listed projects on the DEX to reward their Communities. Until now, five new projects named GroveToken, Chihuahua Token, Imov, MUU, and BitBurn have partnered with BabyDoge to bring their community rewards via farming once BabyDoge Swap Mainnet goes live.

Over 70M Terra Classic (LUNC) Burnt Following 1.2% Burn Implementation By Binance And Kucoin, 100M In 24 Hours

Mark Brennan
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Over 70M Terra Classic (LUNC) Burnt Following 1.2% Burn Implementation By Binance And Kucoin, 100M In 24 Hours

 

KuCoin and Binance give Terra LUNA Classic (LUNC) tax burn a big boost.



The implementation of the LUNC tax parameter change by KuCoin and Binance has given a big boost to the 1.2% tax burn initiative as the number of tokens burned surged in the aftermath of the implementation of the tax to deposits and withdrawals by these exchanges.

Notably, these exchanges have burnt over 70 million LUNC tokens after implementing the tax parameter change. It bears mentioning that most of this volume likely came from the KuCoin implementation, as Binance only recently implemented the change. The figure above compares to just 18 million tokens burnt in the 13 hours before.

Highlighting that Binance has implemented the tax parameter change, WhaleClubs, a LUNC influencer account, shared a screenshot that suggests possible congestion on the exchange as investors are looking to withdraw large volumes of LUNC tokens. Consequently, it will not be surprising to see another huge surge in the number of burnt tokens.

 

It is worth noting that after weeks of anticipation, the Terra Classic 1.2% tax parameter change went live yesterday. For the uninitiated, the tax parameter change will collect a 1.2% tax for all on-chain transactions. Notably, this tax is sent to the Terra burn wallet to reduce the excess supply of LUNC tokens and raise their value.

So far, over 100 million LUNC tokens have been burnt in the last 24 hours. The community aims to reduce the LUNC supply to 10 billion from a whopping 6.9 trillion.

80M LUNC were burnt on Sep 21 and 23M today so far since tax burn went live.

100M Terra classic LUNC burnt since 1.2 burn launch
100M Terra classic LUNC burnt since 1.2 burn launch

As reported by The Crypto Basic, if the weekly volume of LUNC remains around 1 trillion, then by applying the 1.2% burn tax, 14 billion LUNC can be burnt every week, 60 billion every month, and 720 billion yearly.

The community is also trying to lobby exchanges to apply the tax to off-chain activities. As earlier reported by The Crypto Basic, the community has even launched a proposal in this regard. Notably, Binance is at the top of the list for the LUNC community as it hosts the largest volume in terms of LUNC trading activity. Therefore, the community hopes to bring it up in a live AMA scheduled for today that will feature representatives from the exchange and LUNC developers, leveraging on a promise of support from Binance chief Changpeng Zhao.

LUNC is trading at the $0.0002835 price point, 1.77% lower in the last 24 hours.

Former US Congressional Candidate Says Shiba Inu (SHIB) Started “Entire Burn Craze”

Lele Jima
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Former US Congressional Candidate Says Shiba Inu (SHIB) Started “Entire Burn Craze”

 

Shiba Inu is regarded as the crypto project that started the burn craze in the emerging market.


David Gokhshtein, former US Congressional candidate and the founder of Gokhshtein Media, has taken time out to acknowledge the Shiba Inu (SHIB) community for starting the burn craze in the crypto space. 

“SHIB started this entire ‘burn’ craze,” Gokhshtein said in a Twitter post today. 

Shiba Inu Community Burn Efforts 

Shiba Inu is among the top cryptocurrency projects with a vibrant community that focuses on the growth and development of the entire ecosystem. 

Shiba Inu, which launched in August 2020, attracted the attention of many who missed out on the Dogecoin frenzy. The token had a total supply of 1 quadrillion SHIB at the time of the launch.

At first, the amount was not a problem; it did not take long before community members pointed out that the enormous total supply of Shiba Inu tokens was responsible for its low price. 

Based on this, the community called on the team to burn a part of the supply to bolster SHIB’s price. A burn wallet was created to this effect, where concerned SHIB investors can send some amount of the tokens to boost its value. 

Several community efforts were made toward burning SHIB, including Bigger Entertainment announcing that it would burn SHIB via some of the profit obtained from selling concert tickets.

Bigger Entertainment later stopped the campaign, leaving SHIB enthusiasts to continue the burn program. After a while, the Shiba Inu development team launched an official burn portal to make burning easy. Since then, above 60 billion SHIBs have been incinerated.

Other Crypto Communities Push for Burns

Following the success made by SHIB enthusiasts toward the burning of SHIB’s total supply, several crypto communities have been pushing for burns. 

The development is mostly seen in crypto projects that have a huge volume of tokens in circulation. Cardano enthusiasts have called on the project team to burn a part of the coin’s supply. However, Charles Hoskinson, the founder of Cardano, has frequently ignored these calls, saying it is impossible.

The Terra Luna Classic (LUNC) community is the moment’s rave of crypto burns. Recall that Terra investors were plunged into huge losses after UST lost its peg to the dollar. 

For LUNC enthusiasts, the only way to get compensated is to burn part of the token’s supply. However, TerraForm Labs (TFL) had different plans; they launched a new token Terra (LUNC) and abandoned Terra Luna Classic (LUNC). Terra team gave no help to the terra classic community for reviving the value of LUNC despite the community’s pleas.

Feeling abandoned, LUNC investors embarked on a journey to reduce the cryptocurrency’s total supply via burns. Like Shiba Inu, an inferno address was created for this purpose, and over 4 billion tokens have been burnt via community efforts. 

Not satisfied with the development, the community proposed and implemented a 1.2% tax burn on all LUNC on-chain transactions to further reduce the asset’s total supply. 

As reported by TheCryptoBasic, over 9 million LUNC were burnt a few hours after the 1.2% tax burn launched, with all top exchanges like Binance, Kucoin, Kraken, Etoro, Mexc Global, and Crypto.Com confirming support for LUNC on chain burns.

Peter Brandt Says CME Group Does Not Control The Bitcoin Price

Mark Brennan
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Peter Brandt Says CME Group Does Not Control The Bitcoin Price

 

Peter Brandt counters arguments that crypto markets are plummeting because of institutional manipulation.


 

In a series of tweets today, veteran trader Peter Brandt countered arguments that the price action of Bitcoin is controlled by CME Group or is a result of bank manipulation. 

The trader made his case by highlighting that data from CoinMarketCap shows that the daily Bitcoin trading volume at CME is only a small fraction of the total Bitcoin daily trading volume and, as such, had little impact on the overall price movements of the asset.

“Does the @CMEGroup control the price of Bitcoin?  According to CoinMarketCap the global daily trading volume is approx. 2.5 million BTC. The daily trading volume at the CME is approx 45,000 BTC. To suggest that the CME controls the price of BTC is utter hogwash,“ Brandt wrote.

 

Emphasizing his point in the comments following a response by Tuur Demeester that the narrative was a conspiracy borrowed from gold bugs, Brandt added:

“In the case of both BTC and Gold bulls, when price goes up, it is destiny, but when price goes down, it’s manipulation by banks and futures markets.”

Notably, despite Brandt’s arguments, some users in the comments noted that CME Group is not the only derivative trading platform available for Bitcoin. Additionally, another user said that it should be a question of the leverage allowed by CME and not the trading volume.

Institutions are often seen as market makers because of the large amount of capital they control. Consequently, large impulsive market moves are often attributed to institutions.

It bears mentioning that the crypto market has been in a steady decline since November last year after many major cryptocurrencies formed new highs earlier in the month. The lackluster price performance has been attributed to the Fed turning hawkish by raising rates to combat inflation. Consequently, this economic tightening has doused many investors’ risk appetite, including institutions. This, combined with the collapse of several crypto institutions this year, has triggered huge sell-offs.

In July, The Crypto Basic reported that large institutions have sold over 236,000 BTC since May. The data shows that most of the selling was forced by institutional blowups like the Terra ecosystem collapse. We see less institutional capital inflow into the crypto markets as macroeconomic concerns persist.

Bitcoin is trading at the $18,665.63 price point, 2.12% lower in the last 24 hours, as concerns longer that the Fed may raise rates by 100 basis points later today.

 

Judge Torres Approves Chamber of Digital Commerce’s Request to File Amicus Brief in Ripple vs. SEC Lawsuit

Lele Jima
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Judge Torres Approves Chamber of Digital Commerce’s Request to File Amicus Brief in Ripple vs. SEC Lawsuit

The Chamber of Digital Commerce has been officially conferred with Amici Curiae status in the Ripple vs. SEC class action.


Judge Analisa Torres has granted a request made by the Chamber of Digital Commerce to file an amicus curiae brief in the ongoing lawsuit between the Securities and Exchange Commission (SEC) and Ripple.

The decision was made yesterday after the court reviewed the Chamber of Digital Commerce’s request and the responses filed by the parties – Ripple and SEC. 

“The Court has reviewed the request by the Chamber of Digital Commerce for leave to file an amicus curiae brief, ECF No. 632, and the parties’ responses, ECF Nos. 644, 646. Accordingly, the request is granted,” an excerpt of the order reads. 

Following the order, the Chamber of Digital Commerce must officially file its brief on or before September 26, 2022.

The development was also announced by the Chamber of Digital Commerce on Twitter.

Easy Decision Following Parties’ Consent

It is noteworthy that Judge Torres did not have a tough time approving the request because both the SEC and Ripple did not object to the move.

However, in the SEC’s response to the Chamber’s request, the commission said it would require extra time and pages to file an opposition if another third party files an additional amici curiae brief.

This suggestion did not go down well with Ripple. The Silicon Valley tech company believes the suggestion is a plot by the SEC to further delay the lawsuit’s outcome. Thus, asking the court to reject the SEC’s demand or allocate the same number of pages to the company.

Court Approves Another Motion to Curb Further Delays

Meanwhile, Judge Torres also approved a recent motion jointly filed by Ripple and the SEC. The motion seeks to ensure that all sealing motions by third parties should be due by December 9, 2022, while all oppositions will also be due by December 22, 2022. 

The move is to prevent any further delay in the lawsuit’s outcome. Former U.S. federal defense lawyer James K. Filan made this known yesterday on Twitter.

Attorney Deaton Predicts Date of Lawsuit’s Conclusion

Meanwhile, the lawsuit has taken a huge toll on XRP investors, who have seen the value of their holdings decline by a large margin. Since it became known that Ripple would be charged by the SEC for allegedly violating U.S. securities law, the price of XRP has plunged from an all-time high of $3.4 to a paltry $0.4.

Following a massive dip in XRP price, investors are eager to see the lawsuit come to an end in Ripple’s favor.

Cumulative Holdings of Ethereum Whale Investors Drop After ETH Merge Launched 

Lele Jima
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Cumulative Holdings of Ethereum Whale Investors Drop After ETH Merge Launched 

The recently launched Ethereum Merge has resulted in a decline in the cumulative holdings of large ETH investors. 

Santiment, a leading cryptocurrency on-chain analytics platform that tracks the top 2,000 cryptocurrencies, noted that Ethereum whales have continued to reduce their position in the asset class since the Merge upgrade went live. 

According to Santiment, the cumulative holdings of addresses holding between 1,000 and 10,000 Ethereum have dropped by 2.24% in the last six days since the Merge launched. 

In a similar development, addresses holding between 100 to 1,000 ETH have recorded a reduction of 1.41% in their cumulative holdings. 

“The #Ethereum #merge on 9/15 has brought on a shift in large address behavior. In the past 6 days since the shift to #proofofstake, addresses holding 1k to 10k $ETH have dropped 2.24% of their cumulative holdings. 100 to 1k addresses have dropped 1.41%,” Santiment noted in a tweet today. 

Ethereum Merge Launch and Its Subsequent Effect

The Merge is a significant event for the Ethereum network. The upgrade resulted in the transition of Ethereum from a Proof-of-Work (PoW) algorithm to a Proof-of-Stake (PoS). Since the upgrade went live, a lot of controversies have trailed the event. 

Firstly, a majority of miners led by Chandler Guo kicked against the event, which resulted in a network fork that birthed EthereumPoW. 

Moments after the Merge went live, the price of Ethereum has been on a massive decline, down 14.5% in the past seven days. The massive decline in the value of ETH stems from the rapid sales of ETH by whale investors, who are unhappy with the network’s transition to a PoS algorithm. 

Interestingly, Ethereum co-founder Vitalik Buterin said last month that he does not expect ETH to be harmed by another fork. According to him, many Ethereum stakeholders are in support of the network’s transition to a PoS algorithm. 

“In general, my impression from pretty much everyone I talk to in the Ethereum ecosystem is that they have been completely supportive of the proof-of-stake effort, and the ecosystem has been quite united around it,” he said.  

On the contrary, the value of ETH has continued to decline and large Ethereum holders are offloading their assets days after the Merge launch. 

 

Fed to Hike Interest Rates Again, Prompting Negative Reaction in the Crypto Market

Lele Jima
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Fed to Hike Interest Rates Again, Prompting Negative Reaction in the Crypto Market

 

Another interest rate hike is set to be announced today by the Federal Reserve.


In a CNBC interview, Joe Maglia, the former CEO of TD Ameritrade, said that Fed chair Jerome Powell is committed to reducing inflation by hiking interest rates further. For Powell, raising rates is the most suitable way to mitigate U.S. inflation and help reduce inflation volume to 2%.

“We’re going to go to 2% on inflation, we’re going to continue to raise rates until we get there, and if we don’t do that, the problems we’re going to have long term are much more significant,” Moglia was quoted as saying in the interview.

He added that while everyone is expecting 75 basis points to the range of 3%-3.25%, the real concern should be on what the terminal rates will be in the long term.

Fed Ignore Investors’ Plea, Continue Hiking Rates

Despite calls made to the Federal Reserve to halt its continuous increase in interest rates, the Fed has continued to ignore them. The United States Federal Reserve is expected to further raise interest rates as part of its push to control rising inflation. 

According to sources familiar with the matter, as published by the Wall Street Journal (WSJ), the Fed will raise interest rates by three-quarters of a percentage point today, at the end of its two-day policy meeting.

The Federal Reserve has continuously increased interest rates since March 2022. At the time, the U.S. central bank hiked the rate by 25 basis points, while in May 2022, rates were hoisted to 50 bps. In June 2022, the interest rate was hiked to 75 bps and has remained so ever since. Financial investors expect an announcement from the Fed today on this month’s rate.

Later today, at 2 p.m. EDT (1800 GMT), the U.S. central bank will announce the new rates, and investors expect the country’s apex bank to maintain the 75 basis points hike.

Increased Crypto Volatility Amid Rates’ Hike  

The constant hike in interest rates has continued to negatively affect various assets, including cryptocurrencies. With many people expecting a hike in interest rates, the crypto market has been increasingly volatile since yesterday. 

However, Mike Novogratz, the CEO of Galaxy Digital, is confident that Bitcoin and other crypto assets “will win if the Fed reverts interest rate.”

Top Whale Dumps 3 Trillion Shiba Inu

Zabi
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Top Whale Dumps 3 Trillion Shiba Inu

 

Top Whale Gets Rid Of 3 Trillion Shiba Inu.


Shiba Inu’s Price Might Experience Further Bearish Pressure as the 2nd Biggest SHIB Whale Sold an Alarming 3 Trillion SHIB, Worth $32.94 Million in One Transaction.

The Biggest SHIB Whale sold a spine-chilling amount of Shiba Inu in one transaction as the value of the most popular canine-themed cryptocurrency breaks below the critical support level located at $0.00001173 on the 4-hour chart.

Etherscan.io reports that the 2nd biggest deep-pocketed SHIB investor just showed creepy behavior towards holding Shiba Inu tokens and sold 3,000,000,000,000 (3T) SHIB, worth $32,940,000 ($32.94M) to one of the Binance wallet tagged “Binance 14” while performing one aggravated transaction about 4 hours ago.

SHIB Whale Sold Trillions of Shiba Inu
SHIB Whale Sold Trillions of Shiba Inu

Despite this formidable selling, the biggest Whale still holds an encouraging 45,732,607,971,750 (45.73T) SHIB, worth $502,144,035 ($502.14M) in her wallet.

Here’s why the Biggest SHIB Whale Gets Rid of Canine-Themed Crypto:

The selling of the Shiba Inu token comes after the price of Shiba Inu breaks below the critical support level located at $0.00001173 on the 4-hour chart. Since 28th July, the price of Shiba Inu has traded at a critical support level. The recent widespread sell-off in the global crypto market caused Shiba Inu’s price to slip below the $0.00001173 mark to reach the next support level located at $0.00000991 on the 4-hour chart.

Shiba Inu Technical
Shiba Inu Technical

According to CoinMarketCap, the value of Shiba Inu is now down more than 14% over the past week. At press time, the Shiba Inu is seen trading at the price of $0.00001057, down -2.58% over the last day with a 24-hour trading volume of $233,364,287 ($233.36M).

Bitcoin Hits Fresh Milestone as Addresses Holding at Least 1 BTC Reach 900,000

Albert Brown
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Bitcoin Hits Fresh Milestone as Addresses Holding at Least 1 BTC Reach 900,000

 

Bitcoin addresses holding at least 1 BTC reach a peak of 900,000.


Once regarded as a plaything for geeks, Bitcoin has risen to solidify its position as one of the most-demanded risk assets around. Global adoption rate has surged, as institutional and retail investors indicate interest in the asset class. This surging adoption rate has recently led to a new milestone of 900k addresses holding at least 1 Bitcoin.

Bitcoin-focused Twitter handle, Documenting Bitcoin, recently highlighted the feat on the aves-themed social platform, Twitter. “New record! 900,000 addresses now hodl over 1 #bitcoin,” the handle noted as a Glassnode chart of wallet addresses holding at 1 BTC was shared. 

 

The chart aptly highlighted the reality of things with the firstborn crypto, as a massive surge in the addresses is noticed. Since its launch in 2009, Bitcoin has seen nothing but espousal from the general public who desire financial freedom. This has led to the increase in wallet addresses despite the bearish market conditions.

Data from crypto market intelligence provider Messari corroborates with the Glassnode chart. According to Messari, there are about 42.8M wallet addresses holding BTC as of press time. Out of this number, 903,615 addresses hold at least 1 Bitcoin, which is about 2% of all wallet addresses. Additionally, 15,940 addresses hold at least 100 BTC.

Notwithstanding, whale addresses with balances greater than $10M worth of BTC are currently 4,123. Amongst these whale addresses, only 5 addresses hold at least 100K BTC ($1.9B). A landmark as massive as this at a time when Bitcoin is feeling the effects of the bear market underscores the average investor’s faith in the asset.

After starting September on a bearish note, Bitcoin has not had the best of times this month. The asset managed to surge above the $22.5k-mark on September 13, but a series of rejections brought it back below the support at $20k.

Due to its recent entanglement with traditional finance, the Bitcoin bear market has been exacerbated by several inauspicious macro conditions. As inflation hit the global scene, most central banks have resorted to interest rate hikes to combat it. The Federal Reserve, in particular, has not relented in this practice.

Bitcoin currently trades at $19,358 at the time of reporting, up 2.23% in the past 24 hours. Despite its hold above $19k, the asset’s position remains delicate especially considering the upcoming FOMC meeting, as market watchers expect a further interest rate hike from the Fed.

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