Cryptocurrency exchange Binance said they will be performing a scheduled system update tomorrow. The exchange said, in a post, that the major updates would include, Matching Engine, API, and WebSocket performance optimizations; New order type: OCO (Order Cancels Order), available via the API and; 5,000 and 10,000 order book levels available from Rest API (GET api/v1/depth).
The exchange said that the upgrade would last anywhere between 6 and 8 hours and in that time, all activities such as deposits, withdrawals, and trading would be suspended. It further stated that all the deposits that could not be processed before the upgrade, would be processed after the update.
In the post, Binance said, “Once the upgrade is complete, we will make a further announcement and provide users with a 30 minute window to cancel orders, process deposits, withdrawals, and use all other account related functions before trading resumes.”
It further advised users with open margin positions to re-assess their collateral balances prior to the start of the upgrade to mitigate against price fluctuations that may occur during the upgrade period.
The last upgrade took place in May this year. At the time, the company had advised users to periodically change their passwords, reset their 2FA secrets and update their anti-phishing codes for precaution. It had also advised the users to follow the 14 steps outlined in a blog post published on 14th of May to enhance the security of their Binance accounts.
At the time, the update ran a little longer than usual. To compensate for that, the exchange had also announced some rewards for its users to thank them for standing with the company throughout that episode. One of those rewards was a 50,000 BNB reward pool, and the other is improvement of one VIP level for a week.
Binance Coin Price Analysis: BNB Coin Moves with a Flattening Trend; Continues to Trade Around $28
- Binance Coin moves with a flattening trend.
- BNB continues to trade around $28 with no major ups and downs.
Binance Coin, investors and traders are facing a flat trend since yesterday as the coin continues to trade around similar price mark, with cent change. There is no superficial intraday movement by the BNB price that may gain bountifully. Although this seems to be the calm before the storm as BNB coin has enough potential to trade with greater numbers in the future.
BNB to USD Price Chart by TradingView:
The below chart is a data feed by Binance as on August 20 at 05:24 UTC.
BNB Price Comparison:
Tracing the intraday movement, yesterday the Binance coin opened with a price mark of $27.95 and closed with a slight growth of 3% it closed the day around $28.81. In the past 24 hours the coin has topped as high as $29.33. However, today the coin is exhibiting a flattening trend since the start of the day. With this coin is ranked at 6th position in the crypto market and fetches >9000% Return on Investment with its current trading BNB price being $28.54. The market cap of the price of Binance is nearing around $4.5 million and the BNB coin makes its position amongst the top 10 coins of the market.
The current trading price ($28.54) of the coin is 3.08% and 7.78% less than its 50-day SMA ($29.45) and 100-day SMA ($30.95)
The current trading price of BNB is ought to face 0.00% Fib resistance at $29.343, which is the coin’s 24-hour high price.
The MACD of the coin seems to have taken a bearish turn just now as the signal line seems to overpower the MACD line which shows a selling pressure as per the concerned Moving Average. The RSI of the coin is slightly above 50, which shows no extremities or intense volatility at present.
Binance Plans Launch of New Global Crypto Project to ‘Reshape the World Financial System’
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.”
“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.”
Binance new set of stablecoins to rival Facebook’s Libra
- 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.