Altcoin
Will This Move By Binance Create Ripple Effect For BTC, ETH, XRP Rally?
The world’s largest crypto exchange Binance on Monday said it has introduced a new Single Euro Payments Area (SEPA) bank transfer for the newly listed Eurite (EURI), the first MiCA-regulated EURO stablecoin. This is anticipated to bring a rally in BTC, ETH, SOL, XRP, and other altcoins prices as the exchange launches zero fee promotion to buy EURI.
Binance Rolls Out Zero Fee Euro to Eurite (EURI) On-Ramp
Crypto exchange Binance in an official announcement on September 9 revealed a new SEPA bank transfer availability for Eurite (EURI) stablecoin with zero fee. The promotion is valid until October 5.
Users can deposit EUR and receive EURI with zero fee using the SEPA bank transfer mode. The cross-border electronic payments in Euros between bank accounts in the Single Euro Payments Area (SEPA). Typically, EUR to EURI on-ramp costs 1 Euro.
The move comes after Binance listed Eurite (EURI) and open trading for EUR/EURI and EURI/USDT pairs. Also, the exchange even announced zero maker and taker fees for spot and margin trading pairs for the MiCA-regulated EURO stablecoin, which boosted investments and trading.
Ripple Effect for BTC, ETH, SOL, XRP, Meme Coins Rally?
EURI trading volume saw a massive 412% increase in trading volume over the last day. This indicates massive buying of EURI stablecoins by crypto investors on Binance due to zero fee maker and taker fees for spot and margin trading.
Moreover, crypto asset investment products in Europe record buying amid positive sentiment, with Germany and Switzerland seeing $16.3 million and $3.2 million, respectively, as per a CoinShares report today.
As predicted by CoinGape, Bitcoin price has recovered above $55,000. It can rise further above $57,000 if BTC successfully crosses above $55, 508, a 0.236 Fib retracement level. Crypto billionaire Arthur Hayes closed his Bitcoin short position and predicted Bitcoin price and crypto market recovery this week.
ETH price is trading under pressure on selloff by whales considering transfers by wallets linked to Ethereum Foundation and co-founder Vitalik Buterin.
Meme coins are also flashing signs of buying with Dogecoin and Shiba Inu, with support from Elon Musk in response to Donald Trump confirming the creation of a government efficiency commission.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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