The cryptocurrency market has been on a rollercoaster ride over the past few days, with market surges at one moment and an immediate correction shortly after. Binance Coin [BNB], which was the only coin surging during the bear market, fell following the attack on its exchange. However, BNB on May 17 spiked and noted a growth over 7% in an hour.
According to the Trading View chart for BNB, the coin spiked by a massive 7.95% over the past hour. The coin faced a tremendous fall on May 16, after which it has now started to recover. Over the past seven days, it fell by 30.29% and was falling by 6.72% over the past day. It was valued at $25.06, with a market cap of $3.53 billion. It noted a 24-hour trading volume of $333 million.
The DEX launch has proven to be fruitful for the coin as market sentiment has positively impacted the price of the coin. The CEO of Binance, Changpeng Zhao AKA CZ, also announced Binance’s resumption of services recently. The coin was highly traded on Binance exchange, the coin’s native exchange.
The first place was taken by the BNB/USDT pair on Binance with $98 million in volume. The second spot was taken by the BNB/BTC pair with $63 million in trading volume. EXX took the third place with the BNB/BTC pair and a volume of $24 million.
Binance Bans US-Based IP Addresses, And the Crypto Community is Very Unhappy
- Binance DEX will no longer allow customers to use the exchange with an IP address in the US.
- The community is unhappy with this decision, despite being told that the ban was the decision of Binance.org.
Binance DEX, the decentralized cryptocurrency exchange, made a major announcement a few days ago that is not sitting very well with the community. The announcement declared that the exchange would not be accessible by users that have an IP addresses in the United States.
Considering the massive role that the US plays in cryptocurrency transactions, the community clearly came back with a lot of criticism, even accusing Binance of not being a truly decentralized platform.
The Binance ecosystem has been criticized before for being more centralized than they let on, depending too much on the personnel in management. However, Binance has consistently stated that their platform for trading is decentralized, stating that any accusation otherwise is entirely baseless. The CEO of Binance, Changpeng Zhao, was asked how a decentralized platform could exclude users from a particular region of the world, to which he stated that the exclusion was due to Binance.org instead of the DEX.
Ever since this announcement came out, there have been crypto proponents and stakeholders alike that have lashed out. In fact, Vitalik Buterin of Ethereum even posted to Twitter about this concern, receiving a reply from Zhao that what is said on Twitter is not always true.
He also posted another tweet that repeats the notion above that the DEX did not block US customers, but Binance.Org did.
With the partnership, Binance.US will be launched, which is meant specifically for American customers. Considering the block from the main exchange, this partnership has raised a lot of questions, coming at the same time that a lot of other exchanges have blocked the US, like Huobi Global.
Even with the explanation that Zhao offers, it is clear that the community isn’t exactly convinced that he is being truthful. Last month, after hackers went after the Binance DEX, the platform became the subject of an accusation.
The controversy just got worse after Zhao announced that Binance was a potential reorganization involving the Bitcoin that was lost during this $40 million attack.
The community further stated that they would’ve been persuaded by this idea, eliminating the myths regarding decentralization, if this had been possible.
Bitcoin’s open interest begins to spike as research shows BTC trades shoots up at start of the week
Bitcoin, the world’s largest cryptocurrency has not just seen a rise in price and market cap but also in various other attributes. These rises together contributed to BTC’s current standing on top of the chart with a market cap much higher than $150 billion.
According to new reports, the open interest of Bitcoin is also on the rise with hopes that the parameters will go up again once Bitcoin’s price reaches closer to the psychological $10,000 level. This mark was last achieved on 7 March 2018, and the latest bull run has played a role in pushing Bitcoin’s fortunes into the positive realm. The current analysis of Bitcoin’s open interest showed that the spike in magnitude has been consistent, holding near the 76,000-mark.
Just recently, Bitcoin futures contract also displayed a strong Volume/Open Interest on the event of its contract expiry. Alex Kruger, a popular financial market analyst had stated that:
“Bitcoin is the second most heavily traded asset at the CME when measured by the volume / open interest ratio. In other words, bitcoin is an asset very actively traded throughout the day.”
The rise in Bitcoin’s open interest rate comes at a time when the cryptocurrency has been vying to breach the $9000 mark again. Skew, a Bitcoin analysis website also added:
“The 10,000 strike is the largest open interest on the upside for the upcoming June options expiry on the 28th – ~1,700 bitcoin options contracts open.”
The rise in Bitcoin’s individual sectors went hand in hand with another analysis that informed users that the maximum amount of BTC trade occurred at the start of the week, ie. Sunday and Monday. The daily and hourly breakdown of the trades showed that on an average Sundays saw $183.5 million worth of Bitcoin trade while Monday one-upped it by witnessing BTC trade worth $197.5 million on average. This research was a counter-argument to all those who believed that trades hit a low point during the weekends.
Binance coin pumps by almost 3% in an hour with large volume sell orders
Most major cryptocurrencies saw the bull smile at them as the prices surged on June 15. Binance coin [BNB] saw a rally that pumped the price of the seventh largest cryptocurrency by over 4% within the four hours.
Source: Trading view
The price of the coin pumped and was trading at approximately $33, while according to the data of CoinMarketCap, the spike was noticed by 2.13% over the past day. The market cap of the coin was noted to be $4.75 billion as the 24-hour trading volume was reported to be $696.34 million. In the past seven days, the coin registered 5.42% growth after recovering from a fall.
The twitter users caught the large volume of BNB being traded after a long time. Twitter user @krugermacro said:
“$BNB puking, largest selling volume in ages.”
The news of Binance restricting the users in the United States impacted the price of the coin, however, the coin was quick to recover from it. The highest trading volume within 24-hours was noted by Binance with BNB/USDT and BNB/BTC pairs, respectively. On the first position, BNB/USDT noted a volume of $151 million followed by BNB/BTC with $147 million. The third place was taken by BKEX exchange with BNB/USDT pair as it reported a volume of $99 million.