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Latin America’s Nubank sunsets trading of its Nucoin crypto

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Brazilian Nubank has abruptly halted trading of its Nucoin cryptocurrency, citing a need to protect users from potential market volatility.

Digital fintech Nubank is closing its cryptocurrency, suspending immediately all trading within its app.

In a Sept. 10 blog post, Nubank said it has decided to cease its purchase and sale of its cryptocurrency to “prevent market volatility,” adding that those holding at least 1,745 Nucoins can be redeemed the token for Bitcoin (BTC) or USD Coin (USDC) until Dec. 9. Those who do not redeem their tokens by this deadline will still be able to use them for various in-app benefits.

“From now on, the ability to buy and sell Nucoins within the app will no longer be available. Trading has been suspended, and Nucoins will only be used for redeeming benefits and products within the app.”

Nubank

Nucoin was launched on Polygon (POL) in late 2022 as part of a reward program intended to offer customers various perks, including discounts and special benefits.

While the exact reason behind the move remains unclear, the sudden policy shift comes amid increasing scrutiny over Nubank’s financial health, with concerns about rising non-performing loans and asset quality. According to Bloomberg, the bank’s portfolio of troubled loans has reached levels “above industry norms,” and while its stock has surged by over 60% this year, some analysts consider it “overvalued,” per a Bloomberg report.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

Stablecoin inflows surge, investors rush to buy Bitcoin, altcoins

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Crypto investors have started depositing stablecoins in centralized exchanges, showing potential bullish momentum for Bitcoin and altcoins.

According to data provided by Santiment, the total exchange net inflow of the top three stablecoins — Tether (USDT), USD Coin (USDC) and Dai (DAI) — reached $141.2 million in the past 24 hours.

BTC price, stablecoin exchange net flows – Sept. 10 | Source: Santiment

USDT alone saw a net inflow of $101.95 million, followed by USDC’s $34.87 million, per data from Santiment. DAI, the third-largest stablecoin by market cap, recorded an exchange net inflow of $4.24 million.

The surge in the stablecoin exchange net flows shows increased buyer optimism.

Moreover, the crypto market witnessed a similar movement on Aug. 22, sending the Bitcoin price above the $64,000 mark and the global cryptocurrency market capitalization reached a local high of $2.36 trillion.

The global crypto market cap surged to $2.09 trillion and the stablecoin market cap is currently sitting at $170.9 billion, according to data from CoinGecko. This category’s daily trading volume also surpassed the $60 billion mark following the bullish momentum.

Bitcoin (BTC) gained 3.8% in the past 24 hours and is trading at $57,250 at the time of writing. Per a crypto.news report, whales have started accumulating BTC and started sending the assets to their self-custodial wallets.

One of the main reasons behind the market-wide bullish momentum is the release of the U.S. Consumer Price Index report, which shows the country’s inflation rate for August. 

Notably, the market could potentially go the opposite way if the inflation rate comes higher than the expected 2.6%.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News