Bitcoin Blockchain
ByAuthor J.D. SmithPosted on
13
0

Binance Coin becomes the third-largest crypto following parabolic rally

BY
img-ads

Binance Coin (BNB), a cryptocurrency issued by the world’s largest crypto exchange Binance, has hit a major historical milestone, becoming the third-largest coin by market capitalization for the first time in history.

At the time of writing, BNB’s market cap stands at $38 billion, outstripping the biggest stablecoin Tether (USDT) by about $5 billion, according to data from crypto tracking source CoinGecko.

Binance Coin is trading at $257, up 47% over the past 24 hours and skyrocketing 107% over the past seven days at publishing time.

Source: CoinGecko

Alongside propelled growth in market capitalization, BNB also saw a major spike in daily trading volumes, which saw the average daily trading volume of Binance Coin hit a new all-time high of $14 billion today, up from around just $9 billion yesterday.

Binance Coin’s entrance to the top three coins by market cap follows a massive rally. As reported by Cointelegraph, BNB recorded a major surge yesterday, outperforming XRP and becoming the sixth largest coin, following Polkadot (DOT) and Cardano (ADA).

BNB’s surge comes amid the success of Binance Smart Chain-based decentralized exchange, PancakeSwap. The decentralized finance platform has seen some parabolic growth in the past weeks, overtaking Uniswap as the largest decentralized exchange by trading volume yesterday. At the time of writing, PancakeSwap’s average daily trading volume stands at $1.6 billion, up from $1.2 billion of Uniswap, according to CoinGecko.

Binance CEO Changpeng Zhao noted that BNB has been setting new all-time highs not only in fiat terms, but also in relation to the world’s largest cryptocurrency, Bitcoin (BTC). “From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years,” Zhao wrote. He said that BNB’s performance against BTC has been the main goal of Binance:

“This has always been our goal, to grow a bit faster than BTC. Not over taking it, but with so much effort we put in, we want to see it grow a bit faster. Otherwise, we should just buy BTC and not work.”

img-ads

Leave a Comment

Your email address will not be published.

You may also like

Bitcoin
ByAuthor J.D. SmithPosted on
9
0

$5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near?

BY

The price of Bitcoin (BTC) plummeted by more than 17% in the last 24 hours as the futures market saw mass liquidations across the board.

Liquidations occur when leveraged futures positions fall to a certain threshold. For example, a position using 10x leverage would get liquidated or turn worthless if the price of BTC drops by 5%.

What triggered the mass Bitcoin liquidation fest?

If the Bitcoin futures market is highly overleveraged and overcrowded, a minor price movement can trigger mass liquidations.

According to analysts at Santiment, a data analytics firm, an address was responsible for the second-largest Bitcoin transaction of the year, as Cointelegraph reported.

More than 2,700 BTC were transferred right before the drop, which were bigger than the 2,000 BTC inflow seen before the March 2020 crash when Bitcoin dropped below $4,000. The analysts said:

“As we noted yesterday, there was an 11x exchange inflow…

View More Article
Bitcoin Investment Latest Policy & Regulation Tech
ByAuthor J.D. SmithPosted on
8
0

Major Asian banks unite to form ‘multiple’ CBDC pact on blockchain

BY

Several major banks across Asia have joined forces to construct a cross-border central bank digital currency, according to a joint announcement issued on Feb. 23.

Dubbed the Multiple Central Bank Digital Currency Bridge — or m-CBDC — the project sees the Hong Kong Monetary Authority, the Bank of Thailand, the Central Bank of the United Arab Emirates, and the Digital Currency Institute of the People’s Bank of China combine to create a CBDC prototype using distributed ledger technology.

Building upon the “Inthanon-LionRock” research project started in 2019, the latest phase of the exploration into CBDCs will develop a proof-of-concept to “facilitate real-time cross-border foreign exchange payment-versus-payment transactions in a multi-jurisdictional context and on a 24/7 basis,” states the announcement.

The stated aim of the project is to address “pain points” in conducting cross-border transfers. These include cost inefficiencies and the complex regulation which accompanies moving…

View More Article
Blockchain Business Latest Tech
ByAuthor J.D. SmithPosted on
10
0

State Bank of India joins JPMorgan’s blockchain payments network

BY

The State Bank of India, or SBI, a major Indian government-owned bank, is looking to improve cross-border payments with a blockchain solution by American investment bank JPMorgan Chase.

According to a Feb. 23 report by The Economic Times, the SBI has joined Liink, a new blockchain-based interbank data network developed by JPMorgan. By integrating the technology, the bank expects to reduce transaction costs and improve cross-border payments for its customers.

SBI deputy managing director Venkat Nageswar said that the bank has already gone live on Liink. “We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JPMorgan on implementation and exploring applications as part of the network to better serve our clients,” Nageswar stated.

Liink is a peer-to-peer network and ecosystem operating under the umbrella of JPMorgan’s blockchain and digital currency-focused business dubbed “Onyx.”…

View More Article
Bitcoin Markets
ByAuthor J.D. SmithPosted on
16
0

Bitcoin falls to $45K in sequel to 20% BTC price crash

BY

Bitcoin (BTC) extended its losses on Feb. 23 as selling pressure took markets below $47,000 for the first time in over a week. 

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

Fresh dive takes BTC/USD to 8-day lows

Data from Cointelegraph Markets and TradingView painted a gloomy picture for bulls on Tuesday as BTC/USD hit lows of $45,000 on Bitstamp. 

The losses reverse a rebound that halted Monday’s 20% price crash from all-time highs near $58,000. Bitcoin bounced at $47,400 on the day to return to $54,000 before a fresh dip took hold.

At the time of writing, $47,000 was again acting as some form of focus for support, with the trajectory still unclear amid heavy volatility.

Analysis of buy and sell positions produced little hope for stemming losses should that level fail, with support lacking below $46,500.

BTC/USD support and resistance levels chart. Source: WhaleMap

$50,000 set…

View More Article
Bitcoin Investment Opinion Tech
ByAuthor J.D. SmithPosted on
12
0

Bill Gates warns Bitcoin buyers: If you have less money than Elon Musk — watch out

BY

Microsoft founder Bill Gates has issued a warning to would-be Bitcoin (BTC) buyers looking to follow Elon Musk’s investment strategy. Speaking to Bloomberg’s Emily Chang, Gates suggested Musk had access to sophisticated trade management techniques that the average investor isn’t privy to.

When asked about the susceptibility of Bitcoin to tumble in price in reaction to a mere tweet (undoubtedly a reference to Elon Musk’s own social media posts), Gates said Elon Musk was probably insulated from such market crashes:

“Elon has tons of money and he’s very sophisticated so, you know, I don’t worry that his Bitcoin would randomly go up or down.”

On Feb. 23, little over two weeks since Tesla’s $1.5 billion acquisition of Bitcoin was announced, the price of Bitcoin fell 20% — from $58,258 to $46,624. At the same time, almost $400 billion was wiped off the…

View More Article
Bitcoin Tech
ByAuthor J.D. SmithPosted on
9
0

Bank of Korea chief says crypto has no intrinsic value, expects volatility

BY

Amid a major downward correction in the cryptocurrency market, the head of South Korea’s central bank is skeptical about digital currencies like Bitcoin (BTC).

Bank of Korea Governor Lee Ju-yeol said that crypto assets like Bitcoin have no intrinsic value, local news agency Yonhap reports Tuesday. The official said that he expects more price swings on the market, stating, “It is very difficult to predict the price, but its price will be extremely volatile.”

Speaking at the National Assembly, Lee also addressed possible reasons behind the recent sharp crypto rally, which led Bitcoin to become a $1 trillion asset. The BOK governor cited a number of factors including global concerns over excessive inflation, growing institutional interest, as well as a massive $1.5 billion Bitcoin purchase by Elon Musk’s Tesla.

“These assets saw a steep rise in the shortest period of time,” Lee stated. “I would…

View More Article
%d bloggers like this: