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Binance Reports Higher Order Volume than in December 2017 Peak; Is another Bull Run here?

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The year 2017 is an important one in the history of cryptocurrency and Bitcoin in particular. It was the year when Bitcoin reached its all-time high price and several peaks were recorded then including order volume on Binance. However, the exchange through the CEO Changpeng Zhao has just announced that they are seeing higher order volume than they did at the end of 2017 which was the highest until now.

 

Another bull run in sight?

It is quite obvious that the higher order volume recorded on Binance at the end of December in 2017 was an indication that a bull market was coming, hence the correlation. Now that the order volume even exceeds that of 2017, could it be a suggestion that a nigger bull run may be around the corner? Only the order volume exceeds that of the December 2017/January 2018 peak though.

The exchange also reported that the trade volume is only 1/3 of the peak while Bitcoin and Ethereum prices are at 1/3 and 1/5 of the peak prices respectively. The remaining altcoins are at lower fractions of their peaks during the 2017 bull run. Some Twitter users who reacted to the announcement say the increased volume suggests that the ecosystem is maturing and Binance has to brace up to handle the pressure of an impending massive bull run.

Many other 2017 trends repeating

Binance has just announced its own repetition and surpassing of 2017/2018 peak for order volume. Several other such patterns have also been reported such as increased transaction fees for Bitcoin to $4 which was last observed in December 2017 and was found to characterize bull markets. The number of confirmed Bitcoin transactions also reportedly reached 2017 high at the end of April this year. All these repeated patterns raise several questions among cryptocurrency enthusiasts, but the most important may be whether the market is gearing up for another massive bull run that may exceed that of 2017.

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Binance

Binance Plans Launch of New Global Crypto Project to ‘Reshape the World Financial System’

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Binance, the world’s largest crypto exchange by trading volume, is launching a new blockchain project called Venus. It’s designed to spur the development of stablecoins and crypto assets backed by various fiat currencies. As a “localized” take on Facebook’s Libra, the Venus project intends to have a global reach. 

According to the announcement,

“Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies.”

Binance intends to leverage its existing blockchain ecosystem and cross-border payment technology in to launch the stablecoin-focused Venus project. Unlike the California-based Facebook, however, which has had to defend its Libra project at US Senate hearings, Binance is based in Malta.

While the latter’s potential impact on the financial system may provoke less backlash than Facebook, which has the ability to leverage it massive userbase of 2.5 billion active monthly users, Binance has been cultivating its own vast blockchain-based ecosystem since the company first launched in 2017. Its reach extends across the globe and includes partnerships, initiatives and exchanges based in Singapore, Uganda, Argentina, Jersey and Australia, along with its upcoming launch in the US.

Introduced in April of 2019, its distributed ledger technology (DLT)-based platform Binance Chain supports several new stablecoins such as the Bitcoin-pegged stablecoin (BTCB) and Binance BGBP stablecoin (BGBP).     

The company aims to provide full technical support and a “compliance risk control system” while working on the Venus initiative. The exchange also intends to offer a multi-dimensional cooperation network and will leverage its existing infrastructure and regulatory establishments to create the Venus platform.

Like Facebook’s initiative Libra, the Venus project intends to revolutionize the traditional financial system that uses fiat currencies and often excludes people who don’t have access to bank accounts.

According to co-founder Yi He,

“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy.” 

He adds,

“We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries.”

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Binance new set of stablecoins to rival Facebook’s Libra

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  • Binance announced the development of Venus; a crypto inspired by Libra.
  • Binance intends to fight the established financial hegemony with a new set of stablecoins.

Malta-based Binance exchange is getting ready to develop stablecoin that will more or less resemble Facebook’s Libra. Unlike Libra, Binance will have different stablecoins for different regions.

The announcement from the company outlines that the reason for the endeavor is to compete with the monopolistic financial hegemony. Binance intends to utilize its position in the global crypto space to push for the adoption of the stablecoins.

According to the announcement the first of the stablecoins is dubbed Venus. The company says that the idea of Venus was inspired by Facebook’s Libra. This will help Binance “to use the technological innovation power given by the times to instigate a new currency and create an independent “regional version of Libra.” Moreover, Binance seems motivated by the idea of replacing the fiat as a system of payment and fund transfer.

Libra is still in development, however, a number of similar coins have already been announced and undergoing development. Binance has the financial power and position in the crypto industry to push for the adoption of the Venus and other such stablecoins. However, we will wait to see if Venus will spur regulatory heat as Libra did.

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Binance Reveals ‘Venus’ — Its Own Project to Rival Facebook’s Libra

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Top cryptocurrency exchange Binance is launching an open blockchain project “Venus” focused on developing localized stablecoins worldwide.

In an announcement published today, Aug. 19, the exchange argues it is well-positioned to launch such a currency ecosystem in light of its existing public chain technology, Binance Chain, wide user base and already established global compliance measures.

Leveraging existing know-how

The exchange says it is seeking partnerships with governments, corporations, technology firms, and other cryptocurrency and blockchain projects in order to develop a new currency ecosystem that will empower both developed and developing countries

The exchange’s vision for the project, per the announcement, is to “build a new open alliance and sustainable community” that enlists partners who wield influence on a global scale.

Binance Chain, as the announcement notes, has already been running several native asset-pegged stablecoins, including a Bitcoin (BTC)-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound.

Binance says it will leverage its existing infrastructure and experience with various regulatory regimes to consolidate a compliance risk control system and build a multi-dimensional cooperation network for the Venus project.

Vying with Libra

Binance’s ambitious new venture appears to compete directly with plans from social media titan Facebook to launch a fiat-pegged stablecoin, Libra, that would power a global crypto payments network embedded into the company’s three wholly-owned apps: WhatsApp, Messenger and Instagram.

With its choice of name, “Venus,” Binance is also stepping into the astrological waters of both Facebook’s Libra project and the Winklevoss Twins’ Gemini exchange and Gemini dollar

Source:cointelegraph

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