Discover the Biggest News in the Crypto Space This Week

Are you curious to know what’s up in the crypto space? This edition of this week in Crypto is packed!

Binance delists six digital assets listed on its exchange. While there is no specific reason, the exchange remains committed to ensuring that every coin listed on its exchange adheres to industry standards. Partnership seems to be a key driving force in the crypto space. Bitso Partners with Coincover to enhance security on its exchange.

Also, this week in crypto, MetaMask partnered with Mastercard and Baanx to launch the Metamask crypto card. OKX Wallet Brings Solana’s Blinks to Ethereum and Toncoin Explodes with $900 Million in Volume. Let’s explore each of these crypto news in detail.

Binance to Delist 6 Altcoins; Takes Effect in two weeks

On August 12th, Binance, the world’s largest cryptocurrency exchange, announced plans to delist six digital assets from its platform. Predictably, the announcement led to sharp price declines for the affected assets, as panic among traders reduced liquidity and negatively impacted prices

This was evident when Binance withdrew support for Polkastarter (POLS), Bainbridge (BOND), Dock (DOCK), and Mdex (MDX). These cryptocurrencies saw significant losses, with DOCK plummeting nearly 50% within 24 hours.

Altogether, Binance identified six altcoins and further suspended their operations, including PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF) and VGX Token (VGX). The delisting is set to take effect on August 26. However, as of now, CVP, FOR, EPX, and VGX have tumbled by approximately 40%, while LOOM and REEF recorded declines of 14% and 23%, respectively.

According to Binance, not all trading pairs for these assets have been removed. Orders in the remaining pairs will be automatically canceled once trading ceases. The removed pairs include CPV/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, and VGX/USDT.

Why Does Binance Delist Digital Assets?

Earlier this year, Binance terminated operations with Monero (XMR), Aragon (ANT), Multichain (MULTI), and Vai (VAI). As usual, the prices of these assets took a beating following the announcement, possibly affecting many users since XMR was quite popular. With another round of delistings, the question for many may be, why is Binance delisting digital assets?

Binance is a reputable exchange, and as the leading platform globally, it strives to maintain its reputation and protect its users. To do this, the exchange regularly reviews the digital assets listed on its platform to ensure they meet industry standards and requirements..

“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics,” Binance explained.

Other factors Binance considers include trading volume and liquidity, the stability of networks against attacks, the project’s commitment, the quality of development activity, and more.

Crypto Exchange, Bitso Partners with Coincover to Enhance the Security

As cyberattacks become increasingly rampant, Blockchain protection becomes an absolute necessity rather than a mere nice-to-have for all crypto firms. In Q2 of 2024, crypto losses rose to $572 million, exceeding double the $220 million from Q2 of 2023. A significant portion of these losses were traced to hacks and scams on centralized exchanges.

In response, Bitso, a leading crypto exchange, has partnered with Coincover to bolster the security of its assets in Latin America. According to a press release by Coincover, this strategic partnership aims to safeguard Bitso users’ funds by protecting them against disaster scenarios, such as hacking incidents.

MetaMask Launches Crypto-Powered Debit Card with Mastercard

Cryptocurrency wallet provider MetaMask, has partnered with Mastercard and Baanx to launch the Metamask card crypto solution: a crypto-powered debit card that enables users to spend their cryptocurrency on everyday purchases. The pilot program was announced early hours of Wednesday, August 14, 2024.

This announcement has generated significant excitement among users, as the card is designed to bridge the gap between cryptocurrency and daily life, allowing cardholders to spend their crypto coins seamlessly on everyday transactions.

Consensys, the developer behind MetaMask, in a press release, highlighted that the Metamask card will eliminate the complexities of transferring crypto to fiat currency—an obstacle that has long challenged the widespread adoption of digital assets. With the Metamask crypto card, users can directly spend their crypto holdings from their self-custodial MetaMask wallet anywhere Mastercard is accepted.

The Executive Vice President of Blockchain and Digital Assets at Mastercard, Raj Dhamodharan, highlighted that this initiative is aimed at making life easier for custodial wallet users. The collaboration leverages Mastercard’s extensive payment network, MetaMask’s secure wallet platform, and Baanx’s expertise in card programs and technology. Additionally, the Linea network provides the underlying infrastructure, ensuring speed and efficiency.

To use the Metamask crypto card, users can set spending limits on their MetaMask wallet. Cryptocurrency is then instantly converted to fiat at the point of sale, ensuring that users maintain control over their funds until the transaction occurs. Users must also hold their crypto on the Linea Network.

OKX Wallet Brings Solana’s Blinks to Ethereum

In related news, OKX, a centralized crypto exchange, has expanded its OKX Wallet to support Solana’s blockchain links, known as Blinks, across all Ethereum Virtual Machine (EVM)-compatible chains.

According to a press release by the exchange on August 15, users can now seamlessly initiate fee-less blockchain transactions, such as staking and swapping tokens, directly from their social media feeds and platforms. By utilizing Blinks, users can interact with decentralized applications (DApps) without the complexities of blockchain interfaces, offering easier access to blockchain technology and decentralized finance (DeFi).

Blinks is Making Blockchain Accessible to All

Blinks, a collaboration between the Solana Foundation and Dialect, is revolutionizing user interactions with smart contracts by simplifying the way people engage with decentralized applications (DApps).

This innovative tool allows users to seamlessly interact with DApps directly on platforms like X, eliminating the complexities of traditional blockchain interfaces. By integrating Blinks and partnering with Dialect, OKX is also eliminating transaction fees, making blockchain technology and decentralized finance (DeFi) more accessible to the public.

“With the addition of multi-chain Blinks, users can now perform even more on-chain actions directly embedded in their usual sites and platforms,” said Jason Lau, OKX’s chief innovation officer. “We’re also working with partners across both the Solana and EVM ecosystems to ensure their applications are supported.”

Building upon the recent integration of 100 protocols, including the recently added To coin (TON), OKX Wallet is set to expand further through upcoming partnerships focused on enhancing Blinks. This expansion is poised to make blockchain technology more user-friendly and widely adopted.

Toncoin Explodes with $900 Million in Volume

Telegram’s native crypto (TON) continues to flourish despite the market dip, especially after a sensational influx of $900m in trading volume over the past 24 hours. This comes amid growing VC and institutional interest in TON, which has recently partnered with the Binance Launchpad program to help develop the Toncoin ecosystem.

Ton Price Analysis

As TON price battles against a major upside resistance level, Toncoin is currently trading at a market price of $6.68 (representing a 24-hour change of -3.09%). Despite the recent dip of -3.09% in its 24-hour price change, TON has exploded in volume, signaling increased trader interest.

A long-standing historical resistance level of around $6.88 is currently dominating attempted upside breakout moves from TON, which has exploded amid a +$900M uptick in trading volume.

Trader interest peaked on August 13, after recovery moves reclaimed the support of the 20DMA – which is currently providing a lower level of support to upside price moves at $6.33. Traders are eyeing a potential breakout above the $6.88 resistance, with the next target set at $6.9. The Relative Strength Index (RSI) currently reads 52.19, indicating there’s still room for upward momentum.

If TON manages to break through the resistance, it could see a short-term rise to $6.9, marking a potential 3.5% increase. Conversely, if the price fails to hold, it might fall back to the 20DMA support at $6.33, representing a possible 5.1% decline.

Overall, Toncoin presents a short-term risk-reward ratio of 0.68, suggesting that entering at this stage might be risky, given the potential for a retracement after the recent recovery surge.

Closing Remarks

A lot has happened this week in crypto. However, something worth highlighting is that the crypto space is ever evolving and project owners are constantly leveraging the power of partnership. In crypto news this week, we highlighted two partnerships, among many.

Bitso Partners with Coincover to enhance security on its exchange and mitigate loss. Metamask’s collaboration with Mastercard and Bannx seeks to remove a major barrier to mainstream crypto adoption. Blinks, also a collaborative effort between the Solana Foundation and Dialect, seeks to make Blockchain accessible to all. Apparently, we should expect more partnerships and consequently, growth in the crypto space.

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FAQs

Is Toncoin On The Verge of a Major Breakout Move?

Overall, on the short-time frame, TON price could see a swing to the upside to $6.9, while downside risk could see a tumble back to 20DMA support at $6.33. Therefore, Toncoin has a short-time frame risk.

What’s the Purpose for Bitso’s Partnership with Coincover?

Coincover is a blockchain protection company, which focuses on providing detailed security for digital assets. By partnering with Coincover, Bitso seeks to enhance its security, thereby mitigating risks, and enabling recovery of access in an event of loss.

Is CVP Still Listed on Binance?

Binance’s announcement to delist six altcoins, including CVP, is set to take effect from August 26,2024. As such, CVP is still listed on Binance until the said date. Keep in mind however, that certain trading pairs have been removed.

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