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Poloniex Eliminated USDC Fees to Increase Trade Volume

  • Antony Koroid
    πŸ“° News

    One of the main world-wide altcoin exchanges Poloniex canceled the trade fees for USD Coin at least until the end of November to stimulate its trade turnover


Poloniex Eliminated USDC Fees to Increase Trade Volume
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One of the main altcoin exchanges Poloniex canceled the trade fees for USD Coin to stimulate its trade turnover.

USD Coin has already been listed for use on one of the largest Bitcoin exchanges in the world, Coinbase, and of course, they immediately put it to work on Poloniex. Now, people wanting to trade USD Coin at Poloniex have more incentives to do so as Circle has decided to encourage its use by eliminating the trading fees for the coin on the Poloniex platform at least until the end of November.


Poloniex users got the possibility of trading two versions Bitcoin Cash for USD Coin. It means that Poloniex users have two stablecoin options. It’s unclear whether Poloniex will list USDT forever, but it was on the exchange almost since its inception as Poloniex has evolved from a major altcoin exchange to a major everything exchange.

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Now, there is a minor arbitrage opportunity existing between USDC, which implies the possibility to buy USDC for $1 or $1.01 worth of USDT. It is assumed that Tether can be exchanged directly for $1 via Bitfinex, so divergent trading made in massive amounts is an opportunity for experienced traders with deep pockets to make profits.

The goal of stablecoins is to help traders to denominate their crypto assets without fiat money transactions as well as to have coins that are tied with some degree of confidence to the US dollar.

History

Back in February, the exchange Poloniex was acquired by peer-to-peer payments technology company Circle. Until now, it has been focused on large coins vs. fiat pairs, but after the acquisition of Poloniex, it got the opportunity to work with other tokens and in September released its own stablecoin to compete with Tether (USDT) and the Gemini Dollar (GUSD).

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There are more than 130 mln USDC in circulation now, Circle notes. This number should expand as the token usage will increase. The trading volume, however, is not yet in line with the market capitalization as the daily turnover is only $3.4 mln.

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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    πŸ“° News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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Contents

After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

β€˜Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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