- “While many VCs have “paused”, we are actually more comfortable investing now,” Binance CEO CZ.
- Bitcoin is stuck in a larger range resistance with the upside limit at $3,600.
The CEO of the world’s largest cryptocurrency exchange, Binance Changpeng Zhao or otherwise known as CZ said earlier today that the company is perfectly fine with Venture Capital putting money into the crypto industry even as the market continues to spiral as opposed to investing while the market is down. The comments he shared via Twitter read:
“While many VCs have “paused”, we are actually more comfortable investing now.
Valuations are more reasonable, most have prototype/product, only strong teams left. Much better investment opportunities than at ATH.”
It is believed that the CEO made the comments in regards to another comment published by, Barry Silbert, the founder of a VC firm, Digital Currency Group (DCG) on Wednesday this week. Barry wrote saying:
“We’ve seen half a dozen fundraising deals fall apart over the past month after the lead pulled out. All is not well in crypto VC investor land. Good time to remind founders that a signed term sheet does not equal cash in the bank.”
Binance Labs, the VC branch of Binance was recently reported by CoinDesk, a crypto news website that it “will launch new incubator programs in Berlin, Buenos Aires, Lagos, Singapore and Hong Kong come March 2019.” This how Binance is comfortable investing at the moment, when the market is generally in the red.
Bitcoin price technical picture
Bitcoin refreshed 2018 lows towards the end of the session yesterday. The asset touched base with $3,200 as the sellers envisioned BTC/USD at $3,000. However, the buyers were able to draw the line in the sand preventing declines below $3,200. At present, Bitcoin is changing hands at $3,256.38, unfortunately the bulls do not have a catalyst to support above $3,300. The hourly moving averages are above the price to show that the bears’ influence is still significantly present in the market. Bitcoin is stuck in a larger range resistance with the upside limit at $3,600 and a support at $3,200 as seen in the chart below. Technical levels are not extremely bad for Bitcoin since the RSI has avoided the oversold region and is currently in a slight downward slope. The same trend is seen with the DMI on the same 1-hour range.
Twitch discontinues crypto payment options, Binance Launchpad update and more
Crypto News – 25th March – Twitch discontinues crypto payment options, Binance Launchpad update and more
— AMBCrypto (@CryptoAmb) March 25, 2019
Crypto News – 25th March
Bitcoin hash rate vs Ethereum hash rate: Recent reports show that Bitcoin’s hash rate had seen a drop of 50% but then steadily increased to register an 80% gain.
Read more on https://bit.ly/2Wp2IAS
Charles Hoskinson on Cardano’s status as a multi-asset ledger: He stated that it would not be a “particular usual financial system,” if users cannot issue their own assets, adding that Cardano was a multi-ledger system that would support multi-currencies.
Read more on https://bit.ly/2Fr6Eu3
Cryptopia on deposits: The statement said that deposits that took place more than 24 hours after the announcement would not be recovered.
Read more on https://bit.ly/2HWDCW5
Bitfi adds XRP: Bitfi claimed that XRP addition was another step in the wave of mainstream adoption because the platform was mainly Bitcoin-friendly.
Read more on https://bit.ly/2upongl
Bitmain’s IPO filing officially lapses this week The mining firm is back in the spotlight yet again after Dovey Wan, Founding Partner at Primitive, pointed out that Bitmain’s Hong Kong Stock Exchange initial public offering filing would expire this week on 26 March, 2019.
Read more on https://bit.ly/2TYYses
Justin Sun’s Twitter followers may be fake: A researcher found out that most of Sun’s latest followers are fake or are bots.
Read more on https://bit.ly/2CEPtEu
Binance Launchpad update to introduce token sale by lottery
One of the largest cryptocurrency exchanges in the world, Binance, introduced a lottery system for its token sale through Launchpad, the exchange’s token launch platform. The update was announced via an official post on 24 March.
The update will see the exchange abandoning its “first come-first-served” system which left many users tokenless owing to their surging demand. A notable example of this system was Binance’s sale of BitTorrent tokens [BTT] in January, 50 billion of which was sold out in 15 minutes.
Binance will introduce a “lottery” as an upgrade on its previous system. Under this new method, prior to the scheduled date of the lottery, the tickets that can be claimed will depend on how many Binance Coins [BNB] users hold within a 20-day period. The lottery will then be drawn via a “transparent, randomized system with a random selection of lottery tickets based on tail digits.”
The Lottery Ticket allocation based on the BNB held is given below,
Users will be allowed to decide how many lottery tickets they wish to enter, with the maximum amount being based on their BNB holdings. The exchange will then select multi-digit numbers that will be matched against the tail digits of the tickets issued to determine the winners.“This process will continue until the maximum number of winners (previously set) are matched. The respective BNB will be deducted from each winning user’s balance, as soon as they are deemed a winner.”
Binance also listed out the set of risks and concerns it foresaw with this system. The exchange’s native token will see a degree of price fluctuation due to this model. However, Binance predicted that these will be minimal changes. After the announcement was made, the price of BNB surged by over 15 percent against the US Dollar.
During the 20-day period when users will accumulate BNB, the exchange attested that the price will fluctuate,“If BNB price drops, it is entirely possible the drop in BNB price will outweigh any gains made by the new token. That is first assuming you win in the lottery draw. Further, the new token being sold is not guaranteed to increase in price. It may drop in price.”
Binance ended on an advisory note, requesting users to not hold BNB for the sole purpose of the Launchpad events. The next set of projects emanating from the Launchpad will be intimated to the community in the next two weeks, the exchange concluded.
Additionally, reports suggest that the exchange is looking to make cryptocurrency trading riskier. Binance is looking to introduce margin trading within their services, thereby allowing users to trade on borrowed funds.
Further, Binance will look to shift their base of operations if regulators voice their disapproval for the margin trading feature.
Binance Coin [BNB] surges by 15% following Launchpad roll-out announcement
Binance coin [BNB], the seventh largest crypto asset on CoinMarketCap, pumped by over 15% and posted significant gains while slowly emerging from the crypto winter.
At press time, BNB held a market cap of $2.45 billion. The coin’s price was clocked at $17.35. The crypto asset registered a 24-hour trading volume accounting for $326.90 million. Further, Binance’s native token exhibited a growth rate of 9.71% over the past seven days.
The coin continued to show bullish movement despite hitting minor lows. BNB token gained traction after the cryptocurrency exchange revealed a new structure for the token launch on its native Launchpad. According to the latest announcement, the token launch will be conducted as a lottery, as opposed to the previous system of first-come-first-served.
Binance’s official blog released the table below. It presents the new structure that would allows users holding more BNB tokens with greater access to the lottery tickets.
The latest token launch drew considerable flak from BNB token holders, with some calling the format unfair and accusing the trading platform of catering only to BNB whales. Addressing these criticisms, Binance’s CEO and Founder, CZ tweeted,“Will address some of the questions/concerns/feedback in this thread. Our new Launchpad model is not set in stone. It’s the result of multiple detailed discussions over the weekend, while considering all angles. We will consider suggestions and will make certain tweaks.”