Three Arrows’ Founders Take Slingshot From Crypto Community

BNB Chain, launched by crypto exchange Binance, has completed the burn of over $500 million worth of its native BNB tokens as part of a broader program, it said Tuesday. Token burn refers to the process of permanent deletion of coins from their circulating supply. More than 100 million BNB, or half of its total supply, are intended to be removed from circulation through a burning process and to eventually keep only 100 million BNB in circulation. BNB was up nominally in the past 24 hours, trading at $300 on…

Grayscale, Under Pressure as GBTC Discount Widens, Says DeFi Fund Now Trading

The trading debut for the new fund, under the symbol “DEFG,” comes as Grayscale’s largest fund, the Grayscale Bitcoin Trust (GBTC), is under distress, with its shares trading a record 47% discount to the value of the underlying cryptocurrency. Grayscale has said it’s operating business as usual, but speculation about the fund’s future has arisen among traders and on Twitter in recent weeks amid swirling questions about the finances of Grayscale’s parent company, Digital Currency Group, after a halt in crypto lending operations at another subsidiary, Genesis Global Capital. (CoinDesk…

Ether Tops $3K For First Time in 2 Weeks

There was a significant uptick in ETH exchange outflows on Friday, with over 180,000 withdrawn, according to data from IntoTheBlock, a crypto data firm. “The last time such a magnitude of ETH left exchanges was in October 2021, which preceded a 15% price increase within 10 days,” the firm tweeted. Author: Lyllah Ledesma Source link