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Binance coin pumps by almost 3% in an hour with large volume sell orders

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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

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.”

Source: Twitter

Source: Twitter

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.

Source :ambcrypto

Binance

Binance Futures increases leverage for BTC/USDT contracts to 125x

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Malta-based cryptocurrency exchange giant Binance has announced that it is increasing the leverage on its Futures platform for its BTC/USDT Futures contract to 125x, which previously only supported 20x leverage.

According to Binance, traders will be able to trade at any leverage between 1x and 125x. As per the release, at 125x leverage a 100 USDT collateral deposit will allow users to hold 12,500 USDT in BTC. Aaron Gong, Director of Binance Futures, said that the exchange saw increased activities from traders, transferring in and out from spot to futures during periods of high volatility. He added, 

“We’ve seen continued improvement in our volumes and market share, and we expect to see further gains in the coming months. In Q4 of this year, we will roll out new major features that address community feedback, including several developments to improve the user experience.”

Binance CEO Changpeng Zhao also commented that there had been an increase in institutional participation in trading. He said,

“These professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance. And they are flocking to Binance Futures”

Yesterday, in a blog post addressing the performance of BNB during the third quarter of 2019, CZ had said that Binance Futures had recorded higher volumes than its spot market. It is now ranked 2nd in terms of trading volume for crypto-futures exchanges, despite having launched just last month.

Source:ambcrypto

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Binance Burns More Crypto Tokens as Quarterly Profits Surge

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There has been little to get excited about this week on crypto markets. The bears have ramped up the pressure and the selloff has continued resulting in $14 billion leaving the space since late last week. Leading exchange Binance is soldiering on regardless and has just completed another coin burn.

Binance Burns 2 Million BNB

The world’s leading crypto exchange Binance has just completed its quarterly coin burn resulting in the destruction of just over 2 million BNB.https

The exchange based token had been one of the year’s top performing altcoins until it dumped over 60% in a fall from $40 to $15. It is still up overall though and the coin burns serve to decrease the circulating supply.

At today’s prices the burn is the equivalent of $36.8 million and the supply has dropped to 185.5 million tokens. The company plans to destroy BNB each quarter based on the trading volume on the exchange, this will continue until 50% of the total supply, 100 million BNB, is burned.

The Block’s Larry Cermak has been doing some calculations to arrive at the conclusion that Binance has just had its second highest quarterly profit. He added that this 9th coin burn was higher than Q2

“Since Binance burns 20% of profits, we can deduce that it made approximately $186 million in profit in Q3. This is the second-highest quarterly profit”

He added a few more charts showing that 14.5 million BNB have been burned so far leaving 85.5 million to go. The numbers are surprising when volumes and current market conditions are considered;

“Binance’s spot volume dried up in the last few months. The market has been dead and yet Binance just burned the equivalent of the second-best quarter in existence.”

Cermak also observed that the average daily volume in October is 2.6 times smaller than volume in June, adding that this indicates Binance must be generating a lot more from other branches – such as Futures and peer to peer OTC crypto trading in China.

He added that Binance quietly changed their whitepaper in April to remove the clause about the firm using 20% of its profits to buy back BNB and revenue for exorbitant listing fees has been replaced by other sources.

BNB Crypto Market Reaction

At the time of writing Binance Coin has not reacted and was trading marginally down on the day. It is currently priced at just over $18 which is flat on the week but down 12% on the same time last month. Daily volume is around $237 million according to Coinmarketcap.com and BNB is currently ranked seventh with a market capitalization of $2.8 billion. It has not been able to escape the bears and has fallen with the rest of the crypto market over the past three months, shedding over 60% since its epic pump to $40 in June.

Source:newsbtc

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Binance Rakes in $186 MM in Profits in Q3 2019; Burns 2.1 MM Binance Coin [BNB]

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Binance, in a recent update, announced that it has completed its 9th BNB Token Burn. A total of 2.1 BNB coins have been burnt. The figures are more than Q2 and Q3 combined.

Profits Worth $186 Million Made by Binance in Q3

Source- Twitter

Binance burns 20% of its profits every quarter. Thus, it can be deduced that it made profits worth $186 million in Q3. The leading cryptocurrency exchanges had tweaked its whitepaper earlier to remove the clause of burning 20% profits. However, the figures are the same, as confirmed by a Binance spokesperson.

Source- Twitter

Binance CEO, Changpeng Zhao (CZ), also posted a tweet sharing his enthusiasm and announcing the token burn. He said its a big announcement and if the audiences are worried about crypto they shouldn’t be!

Leading data researcher Larry Cermak shared that Binance burns 20% of profits every quarter until 100 million BNB is burned. So far, in the last 9 quarters, Binance burned 14.5 million BNB, which means it still has to burn 85.5 million. He further said that Binance cumulatively crossed $1 Billion in profit and Binance has indeed diversified its stream of revenue.Advertisement

Source- Twitter

Speculations behind the token burn started surfacing when 2.29M BNB ($41.86M) were transferred from Binance to an unknown wallet. The speculations oscillated between a figure of 925K to even 2.3 M.

The first, second, third and fourth quarter of 2018 saw 986K, 1.82M, 2.22M, and 2.53 M BNB being burnt respectively, whereas, 1.62 M and 830K BNB were burnt in the first and second quarter of 2019. Furthermore, profits worth $50,013, 594 and $78,009,472 were made in 2019’s first two quarters.

Also, per a blog post on Sept. 12, Binance had announced that it will include all its products into quarterly BNB burns in accordance with community feedback. The new BNB burning practice will include tokens from Binance Futures. The last BNB token burn took place on the 11th of July. It was the 8th BNB token burn which removed 830K BNB tokens. Also, BNB slipped 5% on the day the burn was completed.

BNB Price Charts

At press time, BNB is trading at $18.18 with a price decline of 0.8%, as per data provided by CoinMarketCap.

Source- CoinMarketCap

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