Binance Burns $620 Million Worth of BNB

Binance removed over two million of its native cryptocurrency from circulation.

The world’s largest cryptocurrency exchange continues with its goal to reduce the overall BNB in circulation to 100 million.

To do so, the company announced completing the 22nd burn of its native token.

Binance’s statement informed that it has removed 2.064 million BNB from circulation, worth almost $620 million at today’s prices.

The bulls have returned, bitcoin is bouncing back

 Bitcoin is in the middle of a massive rally, but will it last?

Bitcoin (BTC) gained nearly 21% in the previous seven days, and was trading at $20,994. At the same time, ethereum (ETH) was trading at $1,549, up more than 16%.

While the market is recovering from Terra’s collapse, the bankruptcy of leading DeFi players such as Celsius and Voyager, and the high-profile collapse of FTX, favorable sentiments have finally resurfaced for the cryptocurrency market.

According to CoinMarketCap, the overall market cap, which was $982bn at the time of writing, is approaching the $1 trillion mark due to bullish sentiment, a level not seen since November 2022.

Argo Blockchain’s BTC Production in December Crippled by a Winter Storm

The miner produced only 147 BTC in December, compared to 198 BTC in November, because of the snow blizzard that hit Texas.

The bitcoin mining giant – Argo Blockchain – mined 147 BTC in December, roughly 25% less than the production levels registered in November.

The main reason for the decrease was a massive winter storm that hit the US last month and negatively affected the company’s Helios facility in Dickens County, Texas.

Bitcoin Soars to $19,000 Amid $380 Million in Liquidations

Bitcoin has returned to a trading price last seen before FTX’s implosion.

Bitcoin has returned to $19,000 for the first time since October, soaring beyond its low trading range established after FTX’s collapse.

The move has many on crypto twitter calling for a new bull market – though some believe it’s a bull trap. 

Bitcoin traded for $17,911 early on Thursday, experiencing some volatility after December’s CPI inflation clocked in at 6.5%. 

The asset pumped by roughly $1000 at about 17:35 UTC, and has maintained its elevated price level since then. By 19:47 UTC, Bitcoin had reached $19,036, before pulling back to $18,864 at writing time.

Data from Coinglass shows that the crypto market has experienced $382 million worth of liquidations within the past 24 hours, affecting over 59,000 traders, stemming from recent volatility. 

Most of these liquidations took place on ETH trades, which alone accounted for $165 million in wiped trades. 

The biggest liquidations took place on OKX, on a BTC-USDT swap with a value of $3.52 million.

📣 Cosmos-based e-Money discontinues euro-backed stablecoin

Cosmos-based electronic payment system e-Money has stopped issuing its euro-backed stablecoin EEUR citing bear market conditions. They can exchange their tokens for USDC or Cosmos-native assets like atom and osmo. 

Customers who wish to redeem amounts larger than 100,000 EEUR can do so directly for euros, the announcement added. These users will have to pass through customer identification checks and the process will take up to five business days. e-Money stated that unwinding its stablecoin project was a difficult decision. “Given the current market conditions, that effort has unfortunately reached a stage where it is prudent and responsible to wind it down,” the project stated.

Bank of France Governor Thinks Crypto Companies Should Abide by Stricter Rules

The “disruption” in the crypto sector is the main reason for more stringent rules, Villeroy stated.

Francois Villeroy de Galhau – Governor of Banque de France – believes cryptocurrency firms should obtain tougher regulatory licenses to continue providing their services.

He also stated France should introduce stricter rules for domestic digital asset entities as soon as it is ready with its legislation instead of waiting for other European countries. 

Mutant Ape Planet scammer also probably pulled rug on Crazy Camels and Fashion Ape NFTs

Pseudonymous blockchain sleuth ZachXBT discovered that Aurelien Michel — the man recently charged for running the Mutant Ape Planet non-fungible token (NFT) exit scam — also pulled the rug in the Crazy Camels and Fashion Ape NFT collections.

In his research, ZachXBT uncovered that the Binance address where Michel moved his ill-gotten Mutant Ape Planet proceeds also received funds from the Crazy Camels and Fashion Ape NFT exit scams.