Overnight Increase in USDC, VET, and TFUEL Trading Activities in BingX as BTC continues to drop to 2023 lowest.
Recent events have led to increased trading activities. This comes as Bitcoin, the world’s most popular cryptocurrency, has experienced a significant drop in value to its lowest point in 2023. As of 12:33 p.m., the price of Bitcoin stands at $19,944.00, representing a decrease of 8.24% over the past 24 hours. This recent price movement has resulted in a market capitalization of $385,174,241,608.58 for BTC. Crypto Exchanges have also seen an increase in trading volume of 60% . This could be attributed to contract traders taking advantage of the drop in Crypto prices.
The reason for the increased trading activity can be attributed to the recent announcement by Silvergate Bank, a leading cryptocurrency-friendly bank. Silvergate confirmed that it will be temporarily closing its Silvergate Exchange Network (SEN) due to a technical issue. The SEN is a popular platform used by many cryptocurrency exchanges and their customers to transfer funds quickly and securely.
The closure of the SEN has caused concern within the cryptocurrency community, leading to increased trading activity as investors and traders seek to capitalize on the market’s volatility. Many experts believe that this increased trading activity will continue until the issue with the SEN is resolved and trading returns to normal levels.
Despite the recent drop in Bitcoin’s value, some analysts are optimistic about the future of cryptocurrency. They believe that the recent events will lead to increased regulation and security measures in the cryptocurrency market, which will ultimately lead to greater stability and wider adoption.
As the market rallies, BingX is taking the opportunity to release new listings of Crypto coins.
VeChain (VET) – is a blockchain-based platform designed to enhance supply chain management and business processes by leveraging distributed ledger technology. The platform aims to provide transparency and traceability of goods and products throughout the supply chain, enabling businesses and consumers to track the entire lifecycle of products from raw materials to the end consumer. VeChain uses a two-token system, with VET serving as the primary token used for transactions and governance, and VeThor (VTHO) used for transaction fees and as a unit of value for carrying out transactions on the VeChain network.
Theta Fuel (TFUEL) – is a cryptocurrency that powers the Theta Network, a decentralized video streaming and delivery platform that aims to provide better quality video content and a more efficient delivery system. TFUEL is used as a transactional currency within the Theta Network, enabling users to pay for bandwidth and other network resources. The platform uses a Proof-of-Stake (PoS) consensus mechanism, which allows TFUEL holders to earn rewards for staking their tokens to help secure the network. Overall, TFUEL aims to improve the video streaming industry by providing faster, more reliable, and cost-effective video delivery.
Founded in 2018, BingX has grown to become the world’s leading social trading platform. It is a global digital asset, spot, and derivatives trading platform that provides a safe, reliable, user-centric, and open ecosystem with intuitive social trading features. BingX offers VET USDT, and TFUEL USDT spots and derivatives to more than 100 countries and regions worldwide with over 5 million user.
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