In this article, we take a look at the latest news in cryptocurrency. Binance Connect is closing, Bitcoin saw its lowest trading volume ever, and Everlodge started off its presale with an incredible response. Let’s break down these news stories one by one and see how they could affect the crypto market.
Everlodge (ELDG): From luxurious villas to digital NFT assets
Everlodge is revolutionizing the domain of real estate by artfully blending fractional property ownership, the allure of timeshares, and the transformative potential of NFTs. This pioneering fusion earmarks Everlodge as an industry game-changer.
In essence, whether luxurious coastal villas or five-star hotels, prime properties undergo a metamorphosis into NFTs. This digital alchemy ensures every pertinent detail — from ownership rights to title deeds — is enshrined safely within the smart contract’s metadata.
Once in their NFT avatar, these properties get segmented, offering enthusiasts a novel gateway to tap into the high-end real estate market. As these upscale properties grow in value, so does the corresponding fraction of the NFTs.
But Everlodge isn’t just an investment platform; it’s a holistic real estate experience. A shining star in its portfolio is the Rewards Club. It not only showers members with the luxury of free stays, echoing traditional timeshare perks, but also provides a unique avenue to capitalize on these stays by reselling their allotted time slots.
At the core of Everlodge’s innovative ecosystem is the ELDG token. This token is a passport to a realm of privileges. From special rates on coveted properties to the prospects of generating a passive income stream through staking, ELDG token holders are in for a lavish treat.
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ELDG tokens are priced tantalizingly at $0.010 in the initial presale phase before the planned price rises in the subsequent rounds. Market savants predict an astounding 280% surge in the presale window, with a potential for a jaw-dropping 30-fold crescendo once the platform makes its grand debut.
BNB’s ongoing battles with US regulatory giants
Binance Connect, the regulatory-compliant division of Binance exchange dedicated to buy-and-sell crypto activities, announced its cessation on August 16. The root cause lies with its primary provider terminating support for card payments.
Further challenges presented themselves within the same timeframe. Binance Australia temporarily halted its fiat operations, pointing fingers at complications with an external partner. On European fronts, German financial watchdogs turned down Binance’s application for a crypto custody license earlier in June.
Adding to its litany of troubles, Binance is entangled in legal disputes. It is presently defending itself against claims from the US Securities and Exchange Commission and the Commodity Futures Trading Commission, both accusing the exchange of unauthorized operations on American soil.
All these developments have culminated in a challenging phase for Binance. Reflecting the tumultuous atmosphere, the BNB token hasn’t been spared, registering a 9% drop over the week and currently trading at $218. Should it breach the crucial $200 threshold, a freefall to $100 could very well be on the horizon.
Bitcoin (BTC): The uncharacteristic calm before the storm?
Bitcoin’s volatility has plummeted to historical lows, as evidenced by a mere 2.9% difference between its Bollinger Bands during August. This suggests an unusually constricted trading range for the usually volatile cryptocurrency.
In recent weeks, BTC’s price fluctuations have been marginal, staying bound between $29,050 and $29,775. This stagnant Bitcoin price behavior has given rise to a notably low 30-day annualized volatility rate, clocking in at 17%.
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Furthermore, data underscores a significant reduction in the supply held by short-term BTC holders, reaching a multi-year trough at just 2.50 million Bitcoin. It appears that there is a slowing of capital influx into the market.
But this period of calm seems to be ending, with BTC’s price taking a sharp 7% tumble in just one day. While some are seizing the opportunity to buy at $26,500, others interpret this price decline, emerging from Bitcoin’s most restricted Bollinger Band width ever, as an ominous sign for the cryptocurrency’s immediate future.
