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Binance Coin Faces the Heat of the Market; Falls to $22

  • Binance falls to 22 USD after a 0.90% cut.
  • The next resistance may be there at 23.10 USD.

As the whole market is under pressure, Binance Coin has also been down by 0.90% in the last 24 hours. The coin is now roaming at 22 USD after showing four major price changes in this period.

Binance Coin Price Statistics:

  • Binance Coin is the 7th largest coin in the market with an ROI (Return on Investment) of more than 9000%.
  • The total number of coins in circulation stands at 155,536,713 BNB.
  • The market cap as on September 7, at 04:11 UTC stands at 3,450,587,565 USD.
  • The value of each coin stands at 0.00213996 BTC and 22.07 USD.
  • The 24h Volume stands at 220,822,025 USD.

BNB to USD Price Comparison:

BNB Coin Price
BNB Coin Chart by TradingView

At the opening of the day, Binance coin was being traded at 22.3 USD and at 00:30 UTC, it started gaining strength and reached 23.47 USD after a 5.05% hike. This point is the topmost point of the day for the Binance coin. Later in the next 10 and a half hours, the coin went down by 7.46% to reach 21.72 USD. This fall had a break at 17:17 UTC after a 2.30% fall. After this fall, the coin gathered momentum for recovery and gained 3.92% to reach 22.57 USD. Towards the closing for the day, the coin started weakening and lost 1.98% to reach 22.12 USD as far as the latest data is concerned.

Binance Coin Price Prediction:

Binance coin caters in the top 10 list of crypto coins and the coin has still huge potential to perform. However, the next few days may not see any significant improvement in the value against USD. The details of the next resistance and support levels are listed below.

Binance Coin (BNB)
1st Resistance23.10666667 USD
2nd Resistance24.06333333 USD
3rd Resistance24.70666667 USD
1st Support Level21.50666667 USD
2nd Support Level20.86333333 USD
3rd Support Level19.90666667 USD

Source.cryptonewsz.

Binance

Binance liquidity on the rise as BitMEX’s grip on market loosens

According to data made available by crypto-derivatives analytics firm Skew, the $10 million daily average bid-ask spread on cryptocurrency exchange Binance has been falling steadily over the last week. This spread represents the difference in price between assets available for immediate purchase and immediate sale. Reporting a 0.71% spread on 19 February, Binance saw a dip to 0.55% over the week, marking a drop of around 16 basis points.

Binance

Source: Skew

Skew had also reported a 50 basis point drop between 6 January 6 and 4 February. This implies that liquidity on Binance is rising, as more buyers are matching with sellers on the cryptocurrency exchange across a larger range of prices. BitMEX, on the other hand, might be seeing liquidity that’s falling slightly, despite a drop of 5 basis points since last week.

Binance

Source: Skew

19 February saw a bid-ask spread of 0.25% on the BitMEX exchange, which dropped to 0.20% over the next four days. 24 February, however, saw a rise to the 0.22% level, something that could imply that fewer users are choosing to trade on BitMEX.

As AMBCrypto had previously reported, BitMEX users have continued to trust the exchange with their funds, despite multiple scandals and accusations over the past year.

In July 2019, the Commodities Futures Trading Commission (CFTC) had launched a probe into the derivatives exchange, accusing them of deliberately allowing American citizens to trade on the unregulated exchange. Later that year, the exchange accidentally leaked sensitive user data through an error applying a blind carbon copy protocol to its mass email servers.

Though Binance is still quite a way from reigning supreme against BitMEX, they are most definitely on the way. On the day of writing, Binance Futures saw a 24-hour volume of $1.24 billion, less than half of BitMEX’s $2.7 billion over the same period. However, considering the former’s rate of growth over the last few months, it might not be long before Binance takes the throne.

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Binance Now Supports Deposits and Withdrawals in Hong-Kong Dollars

Cryptocurrency exchange Binance has opened a fiat gateway for Hong Kong dollars.

Launched thanks to its partnership with Epay, Binance said on Monday that users can deposit and withdraw Hong Kong dollars from today for trading against supported cryptocurrencies.

Binance already supports euros and pounds sterling through Epay, a payments provider founded in Hong Kong in 2014.

The latest addition is something of a coup for the exchange, as banks in the jurisdiction are notoriously averse to offering accounts to cryptocurrency companies.

The local Gatecoin exchange closed last spring pointing the finger at a funds freeze by a payments processor after having difficulties finding banking for some time. While the firm attempted to survive using other payments services from outside of Hong Kong, it put down its eventual closing to not having ever got the frozen funds back.

Binance has been rapidly rolling out new fiat gateways in a push to serve local markets globally, having been a purely crypto-to-crypto trading platform until last autumn.

It most recently added 15 fiat currencies through a partnership with Israeli payments provider Simplex, and has previously added the national currencies of nations such as Russia, Ukraine, Nigeria and India.


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Binance Not Green Lit To Operate In Malta

  • There has never been a major crypto platform that has been given the green light by The Malta Financial Services Authority.
  • This includes one of the biggest platforms in the world, Binance.

There has never been a major cryptocurrency platform that has been given the green light by The Malta Financial Services Authority (MFSA). This recent announcement was mainly aimed at one of the biggest platforms in the world, Binance.

Last week, a public statement was issued by MFSA which highlighted that the platform “is not authorized by the MFSA to operate in the cryptocurrency sphere.”. It was also noted that despite live media reports, Binance isn’t actually based in Malta.

Big publications in the country have been referring to the platform as a Malta-regulated crypto business and even the MFSA itself has made similar statements before as it has previously highlighted:

“Following a report in a section of the media referring to Binance as a ‘Malta-based cryptocurrency’ company, the Malta Financial Services Authority (MFSA) reiterates that Binance is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA.”

It was further emphasised that operating a crypto related business in the nation requires a license by the MFSA under the Virtual Financial Assets Act.

It is well known that Binance is officially located in China. A police raid was supposedly done on the alleged offices for the platform which sent the cryptocurrency markets into extreme volatility however, the exchange has denied tonight reports as they stated at the time:

“The Binance team is a global movement consisting of people working in a decentralized manner wherever they are in the world. Binance has no fixed offices in Shanghai or China, so it makes no sense that police raided on any offices and shut them down.”

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