HomeNewsBitcoin Maintains $26K Level Ahead of Powell's Key Speech

Bitcoin Maintains $26K Level Ahead of Powell’s Key Speech

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  • Bitcoin remains stable at $26,000, with eyes set on U.S. Federal Reserve Chair Jerome Powell’s upcoming speech.
  • Binance, the leading crypto exchange, is taking strides towards enhancing liquidity protection for certain low-liquidity tokens.

Crypto Sphere on Tenterhooks: A Gaze towards Jackson Hole

As the financial ecosystem keenly awaits U.S. Federal Reserve Chair Jerome Powell’s much-anticipated discourse at Jackson Hole, Bitcoin seems to hold its breath, maintaining its stance around the $26,000 mark. Christine Lagarde, the European Central Bank President, is also slated for an address later today. A widespread anticipation circles this gathering, with investors on the lookout for potential shifts or confirmations in monetary policy direction.

However, according to a research excerpt by Bank of America, this year’s convention might not be a ground for revealing strong policy signals. This heightened anticipation has somewhat subdued the crypto market, resulting in a 1.5% dip for Bitcoin and 1% for Ether in the preceding day. Additionally, most altcoins, such as Lido DAO’s LDO token, witnessed a downturn, registering a significant 6% decline.

Binance’s Proactive Strategy for Liquidity Protection

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In another crucial development, Binance, which boasts the title of the world’s predominant crypto exchange in terms of trading volume, has initiated contact with several low-liquidity crypto projects. This move, as articulated by a Binance spokesperson, is rooted in a drive to amplify “liquidity protection.” The initiative focuses on certain projects with assets on Binance’s platform, particularly those with limited market liquidity or smaller market capitalizations.

Such attributes could leave users vulnerable to potential market manipulations. The exchange is reportedly inquiring about the market makers of these projects and if they’d contemplate allocating a portion (up to 5%) of their circulating tokens into Binance’s saving pools, offering interest in return.

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Num Finance’s Stablecoin Embarks on a New Journey

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Amidst these developments, Num Finance, a reputable stablecoin issuer, announced the launch of its Colombian peso-anchored token, nCOP, on the Polygon network. This token, backed significantly by reserve assets, ushers in a streamlined methodology for individuals and businesses to execute transactions and manage funds utilizing blockchain. This release is notably timely, considering the escalating demand for stablecoins, especially in regions marked by fragile financial infrastructures, like Latin America and Turkey.

With Colombia becoming a predominant conduit for remittances in Latin America, attracting nearly USD 10 billion, Num Finance envisions nCOP playing a pivotal role in this financial exchange ecosystem.


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