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Bitcoin Liquidity on Binance Has More Than Halved Since February: Kaiko – Decrypt

Binance trading volumes and liquidity have been steadily declining in the first quarter of 2023 amid the spate of U.S. banking failures and after ending its zero-fee promotion.

The result?

Its led to even more chop for the price of Bitcoin, Kaiko analyst Dessislava Aubert told Decrypt.

Aubert said that "Overall, Bitcoin liquidity on Binance has more than halved relative to the start of February from around $45 million to $16 million in early May."

The primary reason for the decline in liquidity was the removal of Binances 10-month zero-fee promotion for 13 different BTC pairs, which also caused market makers to leave the platform.

Specifically, monthly trading volumes for the exchanges most-traded pair, BTC-USDT, volume fell from $16 billion in March to $2 billion in April, said the Kaiko analyst.

Aubert added that the drying liquidity has been more pronounced after the spate of banking failures earlier this year. The collapse of two key on-ramps for the industry in Silvergate and Silicon Valley Bank also hit specific firms, including Ripple, Circle, Yuga Labs, and many others.

Bitcoin market liquidity and trading volume on Binance. Source: Kaiko.

The 1% market depth, a measure of liquidity calculated using the bids and asks within 1% of the mid-price, on Binance declined significantly after the banking failures.

The result of reduced liquidity and volumes on Binance has been increased volatility.

Kaikos intraday volatility metric for the 10-minute interval surged considerably around the time liquidity began dropping on Binance.

Bitcoin intraday volatility at 10-minute intervals. Source: Kaiko.

Low-liquidity conditions mean thin order books on exchanges which provide room for wild price swings from large orders.

We have seen this with BTC's recent sudden price move which did not have a clear catalyst, said Aubert. Volatility is unlikely to go away especially after some larger market makers (Jane Street and Jump Crypto) revealed they were reducing down their crypto exposure.

Notably, Bitcoins price dropped this week despite favorable conditions such as a positive CPI report and market expectations largely inclined toward an interest rate cut in the future by the U.S. Federal Reserve.

A low-interest rate environment enables cheaper debt in the economy which fuels a rise in speculative assets like Bitcoin.

However, the asset failed to stage an uptrend likely due to poor liquidity.

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Bitcoin Liquidity on Binance Has More Than Halved Since February: Kaiko - Decrypt

Binance Delists Two XRP Leveraged Tokens: Details – The Crypto Basic

Binance disclosed its plans to discontinue trading for the XRP leveraged tokens earlier, revealing that the development will occur today.

Binance has discontinued trading for XRPUP and XRPDOWN two XRP leveraged tokens today. The leading crypto exchange earlier announced plans to cease trading for the leveraged tokens against USDT, noting that the move will be implemented on May 12.

In accordance with the prior announcement, trading for XRPUP/USDT and XRPDOWN/USDT ceased at 03:00 (UTC) today, upon which all active trade orders initiated by customers were automatically closed by the system. The exchange had implored customers to trade their XRPUP and XRPDOWN tokens for other assets before the delisting.

The tokens are no longer on the Binance platform as of press time. If some customers still hold these tokens after the delisting event, Binance has kept the redemption service for them open, allowing users to redeem the leveraged tokens for USDT through the dedicated Leveraged Tokens page or the wallet function.

Leveraged Tokensare specifically meant to multiply the gains (or losses) made in a trade. For instance, a 2x leveraged token would deliver 2 times the return of the underlying asset. The XRPUP token multiplies investors returns when XRP goes up, and XRPDOWN multiplies investors returns when XRP goes down.

The XRPUP and XRPDOWN tokens are the latest in a long line of leveraged tokens delisted by Binance this year. In January, the exchange announced plans to delist twenty leveraged tokens from Feb. 14 to 18. Last month, Binance also disclosed that it would cease trading for six leveraged tokens from May 9 to 11.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Binance Delists Two XRP Leveraged Tokens: Details - The Crypto Basic

Binance looks to the UK for regulation amid US crypto crackdown – Cointelegraph

Crypto exchange Binance has acknowledged that a crackdown on cryptocurrencies has made conducting business in the United States challenging. It is now looking to be regulated in the United Kingdom.

During the Financial Times Crypto and Digital Assets Summit, Patrick Hillmann, Binances chief strategy officer, said that the past six months have been quite confusing in the United States. He added that the recent actions taken by the U.S. Securities and Exchange Commission (SEC)against rival exchange Coinbase for allegedly violating securities laws are an indication of how the U.S. right now is in this strange place.

While Hillmann acknowledged the very confusing environment in the U.S., he expressed the companys commitment to doing everything we possibly can to be regulated in the United Kingdom.

This is a change of tone from his earlier statement that the current crackdown on crypto had made it difficult to do business in the United States. Binance has previously clashed withU.K. regulators over its failure to provide essential information about its business activity, which led regulators to suggest the exchange was unregulatable.

In 2021, the Financial Conduct Authority ordered the company to stop all regulated activities in Britain. Other groups have claimed that U.K. officials have been overly wary of fintech and crypto companies.

A representative from Binance stated that the company adheres to regulations concerning money laundering and terrorism financing in the United Kingdom. They explained that Binance has a compliance program, which utilizes Anti-Money Laundering, global sanctions principles, and tools employed by financial institutions to detect and address any suspicious activity.

According to Binance, the crypto exchange can secure approvals and registrationthrough the compliance program in various jurisdictions across the globe, including New Zealand, Dubai, France, Italy and Spain.

Related: Bitcoin priced on Binance.US crypto exchange at $700 premium

Binance has been the target of U.S. regulators clamping down on perceived illicit activity this year. In March, the Commodity Futures Trading Commission (CFTC) brought a lawsuit against Binance, alleging it had been operating illegally in the country and had broken the law by extensively soliciting U.S. customers. At the time, Binance called the CFTC complaint unexpected and disappointing.

Magazine: US and China try to crush Binance, SBFs $40M bribe claim: Asia Express

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Binance looks to the UK for regulation amid US crypto crackdown - Cointelegraph

Warning of AI Threat to ‘Human Existence,’ Health Experts Urge Halt … – Common Dreams

While many experts agree that artificial intelligence holds tremendous potential for advancing medical science and human health, a group of international doctors and other specialists warned this week that AI "could pose an existential threat to humanity" and called for a moratorium on the development of such technology pending suitable regulation.

Responding to an open letter signed by thousands of experts calling for a pause on the development and deployment of advanced AI technology, pioneering inventor, futurist, and Singularity Group co-founder Ray Kurzweilwho did not sign the lettersaid on Wednesday that "there are tremendous benefits to advancing AI in critical fields such as medicine and health, education, pursuit of renewable energy sources to replace fossil fuels, and scores of other fields."

However, an analysis by an international group of physicians and related experts published in the latest edition of the peer-reviewed journal BMJ Open Health warns that "while artificial intelligence offers promising solutions in healthcare, it also poses a number of threats to human health and well-being via social, political, economic, and security-related determinants of health."

According to the study:

Facial recognition systems have also been shown to be more likely to misclassify gender in subjects who are darker-skinned. It has also been shown that populations who are subject to discrimination are under-represented in datasets underlying AI solutions and may thus be denied the full benefits of AI in healthcare.

The publication's authors highlighted three distinct sets of threats associated with the misuse of AI. The first of these is "the ability of AI to rapidly clean, organize, and analyze massive data sets consisting of personal data, including images."

This can be utilized "to manipulate behavior and subvert democracy," the authors explained, citing the role of AI in attempts to subvert the 2013 and 2017 Kenyan elections, the 2016 U.S. presidential race, and the 2017 French presidential contest.

"When combined with the rapidly improving ability to distort or misrepresent reality with deepfakes, AI-driven information systems may further undermine democracy by causing a general breakdown in trust or by driving social division and conflict, with ensuing public health impacts," the analysis contends.

The second set of threats concerns the development and deployment of lethal autonomous weapons systemsoften referred to as "killer robots"that can select, engage, and destroy human targets without meaningful human control.

The third threat set involves the many millions of jobs that experts predict will be lost due to the widespread deployment of AI technology.

"While there would be many benefits from ending work that is repetitive, dangerous, and unpleasant, we already know that unemployment is strongly associated with adverse health outcomes and behavior, including harmful consumption of alcohol and illicit drugs, being overweight, and having lower self-rated quality of life and health and higher levels of depression and risk of suicide," the analysis states.

Furthermore, the paper warns of the threat of self-improving, general-purpose AIor AGIis "potentially all-encompassing":

"With exponential growth in AI research and development, the window of opportunity to avoid serious and potentially existential harms is closing," the authors stressed. "The future outcomes of the development of AI and AGI will depend on policy decisions taken now and on the effectiveness of regulatory institutions that we design to minimize risk and harm and maximize benefit."

"Crucially, as with other technologies, preventing or minimizing the threats posed by AI will require international agreement and cooperation, and the avoidance of a mutually destructive AI 'arms race,'" the analysis stresses. "It will also require decision-making that is free of conflicts of interest and protected from the lobbying of powerful actors with a vested interest."

"Crucially, as with other technologies, preventing or minimizing the threats posed by AI will require international agreement and cooperation."

"If AI is to ever fulfill its promise to benefit humanity and society, we must protect democracy, strengthen our public-interest institutions, and dilute power so that there are effective checks and balances," the authors concluded.

The new analysis comes a week after the White House unveiled a plan meant to promote "responsible American innovation in artificial intelligence."

On Wednesday, Data for Progress published a survey showing that more than half of U.S. votersincluding 52% of Democrats, 57% of Independents, and 58% of Republicansbelieve the United States "should slow down AI progress."

According to the survey, 62% of voters also support the creation of a federal agency to regulate the development and deployment of AI technology.

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Warning of AI Threat to 'Human Existence,' Health Experts Urge Halt ... - Common Dreams

This ‘Soft and Comfortable’ Sundress Has Racked Up 1,300+ Perfect Ratings and It’s Up to 55% Off – Yahoo Entertainment

Dotdash Meredith and Yahoo Inc. may earn commission or revenue on some items through the links below.

I cant wait to wear it this summer

People / Tyler Roeland

While I love to bundle up under cozy sweaters and scarves, there's something special about sundress season. I adore the airiness, the singularity, and, of course, the twirl-ability that a sundress has to offer and my new favorite piece promises all of the above and then some.

I was influenced to buy the Britt Tiered Maxi Tent Dress from The Drop after seeing it pop up in so many stories by fellow PEOPLE writers. Although I've only had the dress for a few weeks, I've already worn it several times both for casual and dressier outings. And I'm hardly the only fan: The dress has garnered more than 1,300 perfect ratings at Amazon and, if you act fast, you can snag so many of its colors and sizes on sale up to 55 percent off.

Related: 13 Beautiful Mother's Day Dresses That Are on Sale for Under $50 at Amazon Right Now

The dress is made from super soft and breathable fabric that's great for beating the heat. Plus, its sleeveless top and tented skirt facilitate even more airflow, which is a necessity for me during East Coast summers; I already know this dress will be my everyday pick for the season. Still, the maxi hemline, tiered silhouette, and strong fabric stay put, so you don't have to worry about a Marilyn Monroe-esque accident happening when a gust of wind blows by. And to top it all off, its straps are adjustable and convertible to wear with a cross-back design.

Amazon

Buy It! The Drop Britt Tiered Maxi Tent Dress in Black, $20.16$59.90 (orig. $59.90); amazon.com

In addition to its comfort and breathability, my favorite part about the Britt dress is its stylish versatility. I've paired it with a number of different accessories thus far: Sneakers to keep the look casual, ballet flats for a slightly dressier touch, both dainty and statement-making jewelry, and more. I'm sure I'll find new ways to wear it this summer, too.

Story continues

I bought the dress in black (which just so happens to be on sale right now!), but after owning and loving it, I definitely intend to stock up on other colors. One shopper wrote that they "want this dress in every color and to wear [it] every day" in their review, then finished off by calling it "soft and comfortable." You can also snag the Britt Dress on sale in ginger and rosette, along with full-price styles like dusty purple and navy stripe.

Amazon

Buy It! The Drop Britt Tiered Maxi Tent Dress in Ginger, $20.16$59.90 (orig. $59.90); amazon.com

Related: Shoppers Say People 'Often Mistake' These Flats for Rothy's but They're a Fraction of the Price

The dress is available in women's sizes XXS5X and a total of 18 different styles; discounts vary depending on size and style. And if you're an Amazon Prime member, you can give the dress a test run with Try Before You Buy, which allows members to order up to six eligible items free of charge, try them on over the course of a week, keep and pay for the pieces they like, and send back the items they don't. If you're not a member already, sign up for a 30-day free trial of Amazon Prime to give the Britt dress a proper try-on in different colors, sizes, and styles to find your perfect fit.

Get ahead of the sweltering curve this summer and stock up on The Drop Britt Tiered Maxi Tent Dress while so many of its sizes and styles are on sale. Keep scrolling to see some of its other standout styles.

Amazon

Buy It! The Drop Britt Tiered Maxi Tent Dress in Rosette, $20.16$59.90 (orig. $59.90); amazon.com

Amazon

Buy It! The Drop Britt Tiered Maxi Tent Dress in Dusty Purple, $59.90; amazon.com

Amazon

Buy It! The Drop Britt Tiered Maxi Tent Dress in Navy Stripe, $59.90; amazon.com

Amazon

Buy It! The Drop Britt Tiered Maxi Tent Dress in Olive Oil, $59.90; amazon.com

Clara McMahon is a commerce writer who covers home, fashion, beauty, and more. She occasionally receives products to review and writes about her favorites.

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This 'Soft and Comfortable' Sundress Has Racked Up 1,300+ Perfect Ratings and It's Up to 55% Off - Yahoo Entertainment