Will This Move By Binance Create Ripple Effect For BTC, ETH, XRP Rally?
Highlights
- Binance introduced zero fee SEPA bank transfer to buy Eurite (EURI) with Euro.
- Zero fee Eurite (EURI) on-ramp shoot trading volume above 400% in a day.
- Traders anticipate high odd of a crypto market recovery with the announcement.
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.
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