Bitcoin Dominance Grows Amid Market Turmoil: Altcoins Struggle, Binance Eyes India Return, and USDe Holders Warned of Risks
Bitcoin (BTC) has been making waves in the crypto market as it continues to dominate amidst challenging macroeconomic conditions and impending halving. The largest cryptocurrency by market value was trading below $61,400 during Asian hours on Thursday, facing a sell-off in risk assets. While bitcoin struggles, layer-1 blockchains and altcoins are facing even greater losses, with tokens like Solana’s (SOL), Avalanche’s (AVAX), Cardano’s (ADA), and Filecoin (FIL) all experiencing significant drops.
In other news, Binance, the cryptocurrency exchange that was previously removed from India, is looking to re-enter the country by paying a $2 million fine. This comes after Binance and other exchanges were removed from the Apple Store in India earlier this year due to compliance issues raised by India’s Financial Intelligence Unit (FIU).
USDe holders are being advised to monitor the project’s reserve fund to avoid risks related to potential negative funding rates, according to data provider CryptoQuant. Ethena Labs, the firm behind the stablecoin, is offering an annual yield of 17.2% to investors who stake USDe or other stablecoins on the platform. The yield is generated from a tokenized “cash and carry” trade strategy, aimed at keeping asset prices on derivatives exchanges close to underlying assets.
As the crypto market continues to evolve and face challenges, investors and traders are advised to stay informed and vigilant to navigate the changing landscape effectively.
