Cryptocurrency Market News: Binance launches Yield Farming for crypto assets
Here is what you need to know on Tuesday 8, September
BTC/USD is slowly trying to recover from the crash but it’s just creating a bear flag for now. The $10,000 level is offering a lot of support for the bulls.
ETH/USD is having a better recovery trading at $346 from a low of $308 and still above the 100-MA on the daily chart.
XRP/USD is trying to bounce off the daily 200-MA and has formed a strong support area around $0.23 while the daily RSI is on the verge of overextension.
Despite the market weakness, we had some winners today, Unibright saw a 25% price surge followed by BitShares with a 19% increase and a ton of trading volume behind. Hxro, IOST, and Blockstack also had significant gains in the past 24 hours.
Chart of the day: BNB/USD daily chart
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Market
Binance Coin is by far the strongest cryptocurrency right now and got close to a full recovery on September 6 after climbing above $23. It is currently trading at $21.5, still standing above most cryptos thanks to the recent announcement by Binance about the launch of Yield Farming.
If you think CeFi farming yield won't be higher than #DeFi, think again.#BNB https://t.co/jkTJGBrP9K
— CZ Binance (@cz_binance) September 6, 2020
The new Binance Launchpool will serve as a platform for users to stake their tokens to earn other tokens. The first project to join the pool is Bella Protocol. Users will have the chance to stake ARPA, BUSD, and BNB in order to earn BEL tokens. 90% of all BEL tokens airdropped will be in the BNB staking pool.
This announcement has boosted the price of BNB by around 26% with increasing trading volume.
Industry
Ziglu, a digital bank based in the United Kingdom has announced the launch of a new P2P payment system for all currencies already supported by the platform mobile app.
CEO and Founder of Ziglu, Mark Hipperson stated:
Paying people should be instant, free and easy regardless of their location or the currency, whether that is splitting the cost of your AirBnB or sending a Bitcoin birthday present.
Quote of the day
Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.
– Vitalik Buterin, co-founder of Ethereum
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
