Binance exchange, the world’s largest cryptocurrency exchange, suffered a hack of 7000 BTCs worth $40 million, a hack that targeted the exchange’s hot wallet. Following the hack, the exchange shutdown operations temporarily and suspended withdrawal and deposit services. After a long wait, Binance CEO Changpeng Zhao aka CZ, had announced the resumption of services earlier this week.
In a recent tweet, CZ said,
A new requirement to be logged in while confirming the withdrawal mail was added. It caused a small conflict while using the app so it will be rolled back shortly.”
The exchange’s native coin, Binance coin [BNB], saw tremendous growth over the past few days and as Binance gets back on its feet, the community grows stronger. The exchange also announced that it will convert all ERC20 BNB tokens to their new native BEP2 tokens. CZ announced,“@Binance will convert all the ERC20 $BNB tokens in our hot & cold wallets to native BEP2 tokens. To achieve this, all the ERC20 BNB tokens in our hot & cold wallets will be burned and equal amounts of BEP2 tokens will be sent from the creator address to our new BNB cold wallet”
Binance coin [BNB] noted significant growth over the past few days. However, it was falling by 3.88% over the past hour, at press time. It was valued at $25.78 with a market cap of $3.63 billion. The 24-hour trading volume of the coin was noted to be $454 million as the coin noted seven-day growth of 26.91% and 1.69% over the past day.
Binance Coin continues to set new all-time highs, breaks $32
Binance Coin has seen some massive growth over the course of 2019, as well as over the 2018 bear market, seeing a nearly 300% gain. The Binance exchange native token continues to see steady growth following its recent climb to a new all-time high.
Binance Coin (BNB) recently broke it’s all-time high once again, something it has been doing on a regular basis. The new all-time high saw BNB sitting at $32. Binance coin has come a long way in cementing itself as a top cryptocurrency contender, now sitting as the 7th biggest cryptocurrency in the space of 18 months.
Binance Coin has seen consistent gains in 2019, with only 3 weeks seeing the coin fall into the red, while the remainder of the year has accounted for 486% growth from the January low of $5.60.
BNB/USDT Chart provided by Tradingview
Binance continues to grow with the exchange, led by enthusiastic founder Changpeng Zhao who continues to push to make Binance the best possible trading experience for traders in the industry.
— CZ Binance (@cz_binance) May 21, 2019
Crypto Market Wrap: MATIC Moons On Binance Endorsement
The consolidation has continued on crypto markets for another day. There have been slight declines but nothing significant as the SEC ruling on the VanEck ETF gets predictably delayed again by the apathetic US regulator. Total crypto market capitalization is still hovering around $245 billion.
Bitcoin bounced off an intraday high of $8,060 a few hours ago during Asian trading. The minor correction took BTC back below $7,900 and it has been slowly dropping ever since. Currently trading at $7,920 Bitcoin is down about a percent on the day.
Ethereum looks a little healthier even though it has dropped back to $250. A golden cross between the 50 and the 200 day EMAs is a long term bullish indicator and further gains could be on the cards for ETH which has remained flat on the day.
The top ten is mostly in the red at the moment but losses are marginal as the markets continue to consolidate. Stellar has taken the biggest hit with a 2.6 percent loss back to $0.133 and XRP is a close second dumping 2 percent back below $0.40. The rest are little changed from this time yesterday.
There is a little more movement in the top twenty but very few altcoins are gaining at the time of writing. NEO is making a rare 5 percent gain today as it struggles to remain at 20th place. Monero is also on the up adding 2.5 percent to top $90. The rest are dropping a couple of percent with Tezos taking the largest lump of 6.5 percent off its price.
FOMO: Matic to the Moon
Today’s epic pump is going on with the Ethereum based blockchain scaling Matic Network which has surged 80 percent to power into the top one hundred. This is a prime example of the power Binance has as it has pumped the project via the LaunchPad program and subsequent token listing. Unsurprisingly 99 percent of the volume is currently being traded on Binance alone.
Matic Network has officially joined Binance Info's transparency initiative. By sharing project-related information such as news and progress reports on Binance Info, Matic is contributing to keeping the community informed.
— Matic (@maticnetwork) May 20, 2019
Holo is also on a rip with a 40 percent pump as HOT flies up the charts to 34th place. There are no major dumps going on at the moment as markets remain relatively stable. As always there are altcoins at the bottom of the performance pile though at today it is Augur, Tezos, and Aurora.
Total crypto market capitalization is currently at $246 billion, marginally lower than the same time yesterday. Daily volume is still huge at $77 billion so momentum could well continue upwards if the big boys can break resistance. Aside from the weekend correction which was quickly recovered, crypto markets have remained sideways for the past seven days.
Binance’s CZ asks people to embrace crypto; warns non-users against being left out in the future
Consensus 2019 and Blockchain Week NYC witnessed a flurry of developments in the crypto-sector. Many in the community speculated the rise in institutional adoption to be the cause of the massive surge in Bitcoin prices and the collective cryptocurrency market’s value. The long sought after market recovery propelled the digital coins to break several resistance points, despite cooling down shortly after.
The most recent development making headlines was the Gemini and Flexa partnership. In a bid to enable users to purchase from prominent retailers across the US, like Barnes & Noble, Baskin Robbins, Bed Bath & Beyond, Caribou Coffee, and Crate & Barrel, among others, the leading digital currency exchange collaborated with the payment solution provider channel.
While speaking at the 10th Asian Leadership Conference 2019 in South Korea, Binance CEO Changpeng Zhao aka CZ, commented,“If you don’t want to be left out in the future, you will have to embrace it.”
CZ added that cryptocurrencies “could not be ignored” and added that the ones who are doing so would end up making themselves “poorer”.According to the CEO of one of the world’s leading crypto-exchange platforms, Bitcoin [BTC] or cryptocurrencies, do not fall under the category of traditional assets. He said that digital coins are neither securities nor commodities, adding that they are not even “currencies”, but something very different and unique.
In his presentation, CZ also mentioned that if someone was trying to “nib Bitcoin in the bud”, then it would imply that they simply “don’t understand” it. He added,“If you want to ban Bitcoin, which many people have tried, then all you’re doing is just excluding yourself from the future of finance. “