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Binance Futures Look Promising as Bitmex Records Huge BTC Futures Volume

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Cryptocurrency exchanges like Binance have recorded about $170 million BTC Futures Volumes in the last 24-hours, Deribit $230 million, CoinFlex $330 million, bitFlyer $860 million and Bitmex $2.52 billion.

Recently, the price movement in the crypto sphere has caused indecisions amongst investors and traders, owing to the current consolidation and sideways movement in the market. As a result of this, most of the altcoins are in a range-bound, waiting for the next significant move to shape the actual direction of the market for future trading.

Considering Bitcoin, which has been the primary drivers of the whole market scenario over the past months, is currently indecisive as the price struggles between the $10000 – $10200 key levels. However, a price break is most likely to happen when trading holds in a tight range.

By the way, BTC dominance is still pretty above 70% with over $15 billion trading volume under 24-hours. While some altcoins are currently losing value, the leading currency is up by 0.79% at the moment. Although the recent volatility has shown a heavy shrink in trading volumes as Bitcoin’s price roams averagely at $10330.

Crypto Market Global Chart
Source: CoinMarketCap.com

According to a tweet by SKEW earlier today, cryptocurrency exchanges like Binance have recorded about $170 million BTC Futures Volumes in the last 24-hours, Deribit $230 million, CoinFlex $330 million, bitFlyer $860 million and Bitmex $2.52 billion – which remains the highest volume so far.

While Bitfinex exchange is yet to record a significant amount, CryptoFacilities has managed to hold $50 million worth of BTC – making it the lowest volume based on SKEW statistics.

From a technical standpoint, the cryptocurrency exchanges holding the least amount of volume has a great potential than the highest in future trading. The outward flow of liquidity from the most top holders will flow inwardly to the lowest. From the Reinventing Capital Market (SKEW) opinion: Binance futures is considered a strong start with max leverage 20x.

Another reason for this effect is that investors and traders are possibly lodging liquidity on Bitmex for stability and security purposes due to current BTC conditions and most especially for FOMO and FUD reasons. Regardless of the scenario, the next couple of days trading will play out the actual BTC futures volume for each of these exchanges as charted by the crypto analyst.

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Binance’s 10th burn [$38.8M] is the third highest recorded BNB burn

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Binance, although close to a monopoly in the cryptocurrency market, will not achieve it; the reason for this is the ever-changing landscape and new entrants with amazing products. However, even with these new entrants gaining traction, Binance hasn’t lost its foothold in the space. It is one of the world’s largest cryptocurrency exchanges today. With its 10th BNB burn complete, Binance has burnt $38.8 million worth of BNB, reducing its market cap forever.

Binance’s 10th BNB burn

Binance announced its 10th successful quarterly burn in a blog today, and with it, a total of 2.216 million BNB tokens worth $38.8 million were burnt from October to December 2019. Binance has been burning BNB for over 10 quarters now [3+ years]; the goal of this would be to achieve a total circulating supply of 100 million from its initial supply of 200 million.

Over the course of 10 burns, this burn constituted the 3rd highest burn in terms of USD [$40.3 million worth BNB was the highest burn] and the 2nd highest burn, in terms of BNB.

Source: Binance

A cumulative burn of 8.45% of BNB’s total supply has been vanquished, as of today, leaving users with 187.536 million BNB in total supply. This leaves another 87.536 million BNB to be burnt in the upcoming quarterly burns.

The ‘Burn’ Logic

Burning tokens, although not similar, can

be compared to stock buybacks in the traditional world since both of these effectively increase the price of existing tokens. The reduction of the total supply constricts the ones that are in circulation while the demand remains the same; the burn mechanism induces a negative supply shock, which ultimately leads to an increase in price, something that is quite similar to stock buybacks which increase the EPS.

Binance first announced its BNB burn program 2 years ago, while it was still on the Ethereum blockchain. While burning tokens vary from exchange to exchange, the underlying mechanism remains the same. Binance’s burn depends on the trading volume that occurs in a quarter; for the 10th burn, it was October to December 2019. Similarly, the first burn took away 986,000 BNB.

Perhaps, the burn mechanism reached a wider consensus in the crypto-space due to Bitfinex’s LEO token burns/buyback. Unlike Binance, Bitfinex sought to reduce the supply of LEO tokens by buying the tokens back based on the consolidated revenues [27%] of iFinex. However, for LEO tokens, the buyback will continue until 100% of these tokens are redeemed.

At press time, however, Binance’s BNB token seemed to be under a momentary surge, same as other altcoins, after they started surging in mid-December. Now that the BNB token has halted its slide downwards following a 72% collapse from its all-time high, the 10th burn might have an effect on BNB in the next few days.

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BINANCE COINS (BNB) WORTH $38.8 MILLION NOW ‘OUT OF CIRCULATION’

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The Rundown

  • Binance Performs its 10th Quarterly Token Burn
  • Will it Affect BNB’s Price?

Binance carried out its 10th token burn, removing ~$38.8 million worth of BNB from circulation, forever.

BINANCE PERFORMS ITS 10TH QUARTERLY TOKEN BURN

The malta-based crypto exchange, Binance, has just carried out its 10th quarterly token burn, removing $38.8 million worth of its tokens (2,216,888 BNB) from circulation, forever. According to the exchange’s founder and CEO, Changpeng Zhao, this is the 2nd biggest burn when it comes to the coins’ USD value, and also the third-biggest burn in terms of BNB.

Zhao also pointed out that this was the fourth consecutive quarter in which the USD value of BNB burn grew. As some may remember, the 9th BNB burn took place in mid of October last year, when the exchange burned 2,061,888 BNB, which was equal to $36,7000,000 million, as compared to the current $38.8 million.

Binance reported the 10th successful BNB burn yesterday, January 17th. In the announcement, CZ pointed out that,10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

The 10th quarterly burn represented the first full quarter that we factored in the performance of our most recent new products.

By that, CZ means Binance’s margin trading, launched in July; lending, launched in August; and futures, launched last September.

He also noted that Binance made an effort to increase its

fiat-to-crypto options by adding support for 24 global fiat currencies to its exchange. He admitted that Binance Coin is still quite far away from its ATH, which it reached in June 2019. He says,

But I don’t worry about it as much, because we view BNB as a long-term play, and many in the Binance community continue to use and hold BNB.

WILL IT AFFECT BNB’S PRICE?

Token burning is a common practice in which the token issuer removes a certain amount of existing cryptocurrency from circulation. This is done by token creators, who buy the coins back from the community, and permanently lock it away.

Tokens are burnt usually for deflationary purposes. The Malta-based exchange had already announced quarterly token burn plans when the coin was initially launched, to keep the supply to 100 million BNB,

The exchange-based crypto asset’s current circulating supply is 187,536,713 BNB. However, after 10 token burns that were performed so far, the total supply has dropped down to 155,536,713 BNB. In other words, there are still over 55.5 million BNB that Binance will burn in future token burns, in an attempt to reduce the number of circulating tokens. BNB price could grow as a result.

At the time of writing, BNB is priced is at $17.75, after seeing a 1.49% drop in the last 24 hours. On the day of the burning, January 17th, BNB price grew from $17.17 to $18,03. However, the coin’s price was unable to breach the resistance level at $18. Even so, it was strong enough to handle the rejection and only drop by around $0.60 before returning and attempting to breach the resistance for the second time, once again unsuccessfully.

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$38 Mln in BNB Destroyed in Token Burn – CZ of Binance Spreads Word

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Another quarterly token burn has been conducted by the Binance crypto behemoth. This time, 2.2 mln BNB was incinerated (that’s equal to $38.8 mln).

The people laughed till she said “Burn!”

This is the tenth coin burn Binance has conducted on a quarterly basis, having taken another large portion of BNB out of circulation and reducing the current supply – this is supposed to increase the coin’s value.

The head of Binance, CZ, has spread the word about it, taking to his Twitter page.

BNB 1

Image via Twitter

The BNB token has been widely used by Binance, including IEOs on its LaunchPad, on which several big token sales were conducted throughout 2019, starting with BitTorrent and MATIC.

Criminal money laundered in banks and via Binance

Binance remains the crypto exchange with the largest trading

volume. However, a recent research made by Chainalysis says that such major exchanges as Huobi and Binance assist criminals in laundering their funds.

In a recent tweet the Weiss Ratings agency reminded the audience that last year criminals sent around $2.8 bln in Bitcoin to crypto exchanges, as per the study from Chainalysis. The company stated that half of that amount went to Binance and Huobi.

However, Weiss Ratings suggests that much more money is laundered via traditional banks and that this study by Chainalysis should not be taken as prejudice against Bitcoin and crypto overall.

“In 2019, criminal entities moved a total of $2.8 billion in #BTC to #crypto exchanges, according to a study from #Chainalysis#Binance and #Huobi together received over 52% of that total. Numbers sound big until you realize criminals launder TRILLIONS every year – using banks.”

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