Binance CEO sees 'stabilization' as the deposits are returning meanwhile future of the EVM seems bright
The US Fed's rate hike causes a drop in price of BTC & ETH.
In this newsletter :
Cryptocurrency prices today: The US Fed's rate hike causes a drop in Bitcoin and Ether.
In early trade, Bitcoin had lost hold of earlier gains after the US Federal Reserve raised interest rates by another 50 basis points at its last meeting of the year and signalled further increases were likely in 2023.
On December 15, the cryptocurrency market suffered a setback and was trading with losses, however certain altcoins were up and trading with gains. While Solana and others were trading with gains, Bitcoin, Ethereum, and Binance were all trading with losses.
The crypto market cap fell about 1.17 per cent to $861.03 billion and its trading volume was down by 12.84 per cent to $46.36 billion
The price of BTC fluctuated wildly, trading in a small, constrained range between $17,800 and $17,900. But in the evening, BTC's price suddenly began to rise, taking it from lows of $17,800 to highs of $18,000 and even more. However, by the stroke of midnight on December 15, this encouraging trend had vanished.
Like BTC, ETH was trading in a turbulent manner. A positive trend was dominant in the ETH market, and as a direct result, the price of ETH increased by $1,261 to $1,339 in under 4 hours. However, its trading volume levels remained lower.
Solana’s price was up by 1.43 per cent at $14.08 today.
After significant withdrawals, crypto firm Binance claims deposits are returning.
A day after experiencing significant cryptocurrency outflows and halting some stablecoin withdrawals, the CEO of prominent cryptocurrency exchange Binance claimed on Wednesday that deposits were recovering.
According to blockchain data company Nansen, Binance experienced the highest 24-hour outflow of funds since June on Tuesday, with $1.9 billion in withdrawals. Over the seven days prior to Tuesday, users had removed $3.7 billion in cryptocurrency, it was later revealed.
The exchange is also experiencing legal pressures. It was announced on Monday and resulted in a decline in price of about 5%.
“Things seem to have stabilised,” CEO Changpeng Zhao wrote in a tweet. “Yesterday was not the highest withdrawal we processed, not even top 5.”
Binance said on Tuesday it always had “more than enough funds” to meet withdrawal requests. “User assets at Binance are all backed 1:1 and Binance’s capital structure is debt free,” a spokesperson said.
The future of the EVM(Ethereum Virtual Machine).
EVM, which serves as the foundation of the Ethereum Blockchain, gives programmers a run-time environment in which to create DApps and other applications.The EVM is by far the most widely used execution environment among developers of smart contracts. Decentralized applications, or dApps, are widely used on Ethereum and Layer 2s, which is evidence of the thriving building scene.
It's no wonder that the Ethereum Virtual Machine, or EVM, has drawn and kept a sizable number of Web3 developers given that Ethereum invented the general-purpose smart contracts layer on top of its blockchain.
Less widely known is the fact that the EVM is not inherently linked to Ethereum. It has already been installed on a number of other blockchains. Here are three predictions for the direction in which the EVM market will expand and change in the upcoming year.
The future is bright for EVMs. They are spreading, growing in number, integrating Cosmos and Ethereum, and adding new features. Years of infrastructure development will culminate in 2023, when EVM apps will be more potent and interconnected than ever before, bringing this to life for users.