Will This Move By Binance Create Ripple Effect For BTC, ETH, XRP Rally?

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As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I can’t help but feel a surge of excitement upon hearing about Binance’s latest move. The introduction of zero-fee SEPA bank transfers for Eurite (EURI) stablecoin is a game-changer, especially considering the MiCA regulations attached to it.

Binance, the world’s biggest cryptocurrency exchange, announced on Monday that it has added SEPA bank transfers for the recently listed Eurite (EURI), the first MiCA-regulated EURO stablecoin. This move is expected to boost prices of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and other altcoins, as Binance introduces a zero-fee promotion for purchasing EURI.

Binance Rolls Out Zero Fee Euro to Eurite (EURI) On-Ramp

In simple terms, Binance announced on September 9 that they have made it possible to use SEPA bank transfers for the Eurite (EURI) stablecoin without any charges. This offer will last until October 5th.

Through SEPA bank transfers, users can effortlessly add EUR to their account and receive EURI without any charges. This process involves electronic cross-border transactions in Euros between accounts within the Single Euro Payments Area (SEPA). Ordinarily, converting EUR to EURI via this on-ramp would cost 1 Euro, but with this method, that fee is waived.

The action follows Binance’s decision to list Eurite (EURI) and initiate trade for EUR/EURI and EURI/USDT markets. Moreover, the platform also announced that it would waive fees for both makers and takers in spot and margin trading involving the MiCA-regulated EURO stablecoin, a move that has stimulated investments and trading activity.

Ripple Effect for BTC, ETH, SOL, XRP, Meme Coins Rally?

Over the past 24 hours, the trading volume for EURI on the Binance platform experienced a staggering 412% surge. This suggests that a significant number of cryptocurrency investors have been actively purchasing EURI stablecoins, likely due to the attractive zero-fee trading option for both makers and takers in spot and margin trading.

Additionally, there’s been an increase in the purchase of cryptocurrency investment products across Europe, according to a recent report by CoinShares. Specifically, Germany and Switzerland have seen investments worth $16.3 million and $3.2 million respectively.

According to CoinGape’s prediction, the price of Bitcoin has surpassed $55,000 as anticipated. If Bitcoin manages to break through the resistance at $55,508, which is a significant Fibonacci retracement level (0.236), it could potentially rise even higher, perhaps reaching $57,000 or more. Notably, crypto mogul Arthur Hayes has closed his Bitcoin short position and expressed optimism about the recovery of both Bitcoin’s price and the broader cryptocurrency market this week.

The cost of ETH is currently being influenced by a downtrend, as it appears that significant investors (whales) are offloading their ETH, possibly triggered by transactions associated with the Ethereum Foundation and its co-founder, Vitalik Buterin.

Meme-based cryptocurrencies like Dogecoin and Shiba Inu are experiencing increased demand as well, fueled by Elon Musk’s endorsement following Donald Trump’s announcement about establishing a commission aimed at improving government efficiency.

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2024-09-09 15:38