Cryptocurrency Market News: Binance expects DeFi projects to fill the platform

Here is what you need to know on Wednesday 30 September

BTC/USD is trading at $10,747 after several days of trading sideways. Bulls are still eying up $11,000 in the short-term.

ETH/USD is trading at $356 and getting rejected from the daily 12-EMA and the 26-EMA.

XRP/USD is changing hands at $0.24 and still looking to crack $0.25 in the short-term.

Chart of the day: BNB/USD daily chart

Market

Binance CEO Changpeng Zhao has recently explained how Binance is tapping into the DeFi craze. The world’s largest exchange is not trying to build a CeFi, according to CZ. 

There is a trade-off between more decentralization versus speed, so we thought that 21 nodes run by the community is probably enough

BNB has recently profited from all the announcements coming from Binance. The newest launchpool addition is one of the major factors affecting the price of the token. BNB is currently trading at $28.5 and outperforming the entire market again, surging by 6% in the past 24 hours.

Following up on KuCoin’s recent hack, several projects have already conducted 1:1 ratio swaps essentially rendering most of the tokens the hacker stole useless. Close to $130 million was basically frozen from the hacker which is still trying to launder the money using decentralized exchanges. 

Industry

David Guetta, one of the most famous French DJs in the world has signed a deal with Sensorium Galaxy, a crypto-based virtual reality platform. 

One application we’re currently exploring is related to how users will save their profiles on the platform. Unlike with other social VR platforms, Sensorium Galaxy avatars are powered by Artificial Intelligence, meaning that they identify behavioral patterns of their users and can act autonomously based on that learning. As time goes by, avatars become a surprisingly accurate virtual representation of oneself. That said, saving that profile on the blockchain will provide higher security and immutability

The product is expected to hit the market around mid-2021 and has already received funding from other personalities like Mikhail Prokhorov, a Russian billionaire. 

Quote of the day

Bitcoin will do to banks what email did to the postal industry

– Rick Falkvinge