Top Crypto News: Venmo-MoonPay, Grayscale DOGE, Bybit Expands & Binance

October 25, 2024

Crypto World

Maciej Zerelik

Stay up to date with the latest from StealthEX and CryptoDaily! Each week, we bring you the biggest stories in crypto. Want to know what’s new? Our quick recap highlights everything important, all in one spot. Follow the latest trends and key events moving the crypto world forward. Don’t miss out—get all the details here.

Venmo and MoonPay join forces to simplify crypto buying in the U.S. 

Venmo, a popular payment app owned by PayPal, is teaming up with MoonPay to make it easier for U.S. users to buy cryptocurrencies. This move aims to expand access to digital currencies without the hassle of extra accounts or complicated steps.

Venmo’s 60 million monthly users can now purchase crypto directly through the app. The process integrates with MoonPay, allowing payments through Venmo balances, linked bank accounts, or credit and debit cards. However, residents of New York and Texas are currently excluded due to regulatory restrictions. 

The idea behind this partnership is to make crypto buying as easy as sending money to a friend, a core feature Venmo is known for. With this integration, users won’t need to set up new accounts or enter payment details repeatedly. The entire experience is designed to be smooth and fast, fitting perfectly with Venmo’s on-the-go philosophy. 

MoonPay’s CEO, Ivan Soto-Wright, praised the partnership, emphasizing how Venmo has changed the way people make payments. Now, it is expanding that convenience to crypto transactions. The collaboration gives users access to a wide selection of cryptocurrencies and offers a quick way to sign up on MoonPay if they aren’t already Venmo users.

Grayscale explores Dogecoin, sparking ETF speculation

Grayscale, the largest digital asset manager in the U.S., is now eyeing Dogecoin, generating buzz across the crypto world. This announcement has raised hopes of a potential Dogecoin ETF, which could attract more institutional investors and shift the coin’s image from a meme to a serious financial asset.

Recently, Grayscale added Dogecoin to its list of assets under review. With over 35 digital currencies in its portfolio, including Filecoin (FIL) and Decentraland (MANA), Grayscale’s interest in DOGE signals its openness to broader cryptocurrency investments. Institutional investors, who were once cautious about meme coins due to their unpredictable nature, may now take Dogecoin more seriously. An ETF linked to DOGE could simplify access for investors, offering a way to benefit from the asset without directly purchasing or storing it.

This move aligns with Grayscale’s strategy to diversify and expand its product offerings. The idea of a DOGE-backed ETF has already sparked discussions within the industry, raising questions about the evolving role of meme coins. If such an ETF becomes reality, it could mark a major turning point, attracting new attention to Dogecoin and enhancing its credibility in financial markets.

Bybit announces global expansion with new prepaid card launch

Bybit, one of the biggest crypto exchanges, is taking bold steps in the payments world. Partnering with S1LKPAY, a global payment provider, the company is rolling out its Bybit Card to new regions. As part of this push, early adopters who pre-register will receive a $10 bonus. This offer is available only for the first 1,000 applicants.

The Bybit Card is becoming a favorite tool for crypto enthusiasts. It simplifies spending digital assets across countries like Argentina, Brazil, and the Netherlands. Users appreciate the card’s smooth access to Mastercard’s network, fast customer support, and strong security features. These benefits make it an ideal choice for anyone navigating the world of crypto payments.

This new initiative is driven by Bybit Limited, which operates under the oversight of the Astana Financial Services Authority (AFSA). It marks the first time Bybit Limited has issued a branded card. S1LKPAY, a certified Mastercard partner, plays a key role in this venture by providing Banking-as-a-Service (BaaS) and Card-as-a-Service (CaaS) solutions. The collaboration aims to enhance in-app payments for the Bybit prepaid Mastercard, making crypto transactions smoother and more accessible than ever.

Binance Launches Exclusive Staking Rewards Campaign For LUMIA Token Holders

Binance has introduced a new stake-to-earn program for LUMIA token holders. The initiative gives users a chance to earn impressive Annual Percentage Rewards (APR) by staking their LUMIA tokens on the platform. With this launch, LUMIA Chain, a platform focused on Real-World Asset (RWA) DeFi solutions, joins Binance’s growing Earn portfolio, alongside Bitcoin, Ethereum, and other major assets.

According to Mehmet, a key contributor to LUMIA, the campaign will offer more than just staking benefits. It aims to attract new users while helping current holders grow their assets. Mehmet emphasized that the program is not only about earning yield but also raising awareness of LUMIA’s unique RWA-based features and increasing the project’s liquidity.

Starting October 24 at 9 AM UTC, LUMIA holders can stake up to 25,000 tokens on Binance, with the campaign continuing until March 21, 2025. APR rewards vary based on the staking period. Users who commit for 30 days will earn 6.9% APR, while those staking for 60 days receive 12.9%. The highest reward, 19.9%, is reserved for users who stake their tokens for a full 90-day period.

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Retail Investors Come Back to Bitcoin’s Market

According to CryptoQuant’s analysis, Bitcoin’s blockchain activity is picking up after four months of decline. Over the past 30 days, the number of transactions below 10,000 USD has increased by 13%. These smaller transactions are typical for retail investors, who tend to react quickly to current market events rather than long-term trends.

The last time similar interest in Bitcoin was observed was in March, when it hit its previous price record. Recent trends suggest that these smaller transactions could signal a trend reversal, possibly leading to price increases in the coming weeks.

Some analysts predict that Bitcoin may soon enter a parabolic growth phase. Ted Pillows, a well-known analyst, recently commented on social media that the consolidation phase has ended and the market is ready for new gains.

The declining dominance of stablecoins further suggests that investors are gaining confidence in Bitcoin’s potential to rise against the US dollar. When the role of stablecoins decreases, it often indicates a higher appetite for risk and increasing interest in Bitcoin and altcoins alike.

Tesla Still HODL Bitcoins

On October 15, Tesla transferred 11,509 Bitcoins, worth 780 million USD, distributing them across seven wallets. Two of these wallets hold significant portions, with balances of 142.2 million USD and 128.1 million USD. The news initially raised worries about a potential Bitcoin dump, which could have negatively affected the cryptocurrency’s price. However, data from Arkham Intelligence shows that none of these wallets have moved funds since the transfer.

The reason behind these Bitcoin transfers remains unclear. Some analysts speculate that Tesla could be moving assets to custodians to secure a potential loan. Currently, Tesla uses Coinbase Prime Custody for its Bitcoin storage, adding weight to these speculations.

Elon Musk, Tesla’s CEO, might address these actions during the upcoming shareholder meeting, providing more insights into the company’s crypto plans.

If Arkham Intelligence’s analysis is accurate, Tesla remains the fourth-largest corporate Bitcoin holder, following MicroStrategy and Bitcoin miners Marathon Digital and Riot Platforms. Musk’s other company, SpaceX, also holds 8,285 Bitcoins worth 560 million USD.

Binance Lose Market Share As DEXs Gain Momentum

Binance has been struggling with a decline in its spot trading market share. In October 2023, the exchange controlled 52.5% of the market, but that number has now dropped to 39.5%. A similar pattern is seen in futures trading, where Binance’s share has fallen from 50.9% to 42.5% over the past year.

Competitors are moving quickly to capitalize on this shift. Bybit has climbed to second place, with its market share rising to 8.51%, more than double its previous share. OKX also boosted its market position, increasing from 5.4% to 6.38%.

Bitget has also gained momentum, attracting new users through educational campaigns and partnerships with stars like Lionel Messi. The exchange’s market share rose from 8.2% to 12.7%, reflecting its growing influence.

Meanwhile, DEXs are emerging as strong competitors to centralized exchanges. In both March and June 2024, DEX trading volumes surpassed 250 billion USD, reaching levels not seen since 2021.

By mid-October, DEXs accounted for 13.6% of spot trading. This means that for every billion dollars traded on centralized exchanges, 136 million was traded on DEXs. This trend could pose a serious challenge to major players like Binance and Crypto.com.

Despite its losses, Binance remains the market leader. Throughout 2024, it maintained over 40% of the spot market and 45-50% of the derivatives market. The platform processed more than 22.5 trillion USD in trading volume this year alone, with a cumulative total exceeding 100 trillion.

Bitcoin Network Hits Record Hashrate of 769.8 EH/s, Boosting Security

The Bitcoin network has reached a new all-time high hashrate of 769.8 EH/s, enhancing its security and stability. This increase benefits both investors and users, as greater computational power makes it harder to manipulate the network. A higher hashrate also indicates more participants validating transactions.

Hashrate plays a key role in Bitcoin’s security. It measures the computing power used to verify transactions and add new blocks to the blockchain. The higher the hashrate, the harder it becomes to launch a 51% attack, which requires control over the majority of the network’s power. More participants reduce the risk of manipulation and strengthen the network.

However, the increased hashrate brings economic challenges. Higher operating costs are particularly difficult for smaller mining firms. After the 2024 halving, the block reward was cut in half, forcing some miners to upgrade equipment or leave the market entirely.

Despite rising costs, Bitcoin miners have been holding onto their coins. On October 20, they sent just 2,916 BTC to exchanges, one of the lowest levels in the past 30 days. This suggests miners are optimistic about future price increases, choosing to hold their Bitcoin rather than sell at the current price.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.