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Binance Coin hits all-time highs as BNB surpasses Bitcoin Cash by market cap

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Binance Coin (BNB), the in-house token of cryptocurrency exchange Binance, saw its price hit a new all-time high this week, passing Bitcoin Cash (BCH) by market capitalization.

BNB/USD 1-week candle chart (Binance). Source: TradingView

BNB, Binance volume hit records

Data from Cointelegraph Markets and TradingView confirmed that BNB “flippened” BCH to become the ninth-largest cryptocurrency on Feb. 4.

One of a number of altcoins to reach record highs this week, BNB/USD briefly hit $55 on Thursday before correcting to circle levels just below $54.

Performance appeared buoyed by record volume on Binance itself as trading gathered pace as part of a long-awaited return of “alt season.”

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The action was led by Dogecoin (DOGE) surging thanks to tweets by Elon Musk, which Binance CEO Changpeng Zhao used to promote trading on the platform.

“All time high on system traffic again. In fact, 3 ATHs in the last 15 minutes,” he revealed on Thursday.

“Some isolated latencies observed, monitoring. Funds are #SAFU!”

Bitcoin Cash relegated to the bottom of the top 10

The most conspicuous victim of BNB on the day was Bitcoin Cash, which ceded its position to become increasingly in danger of losing its status as a top 1 cryptocurrency by market cap.

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At the time of writing, eleventh-place Stellar Lumen (XLM) was still $700 million lower than BCH, with BNB’s market cap at $8.3 billion.

BCH/USD vs. BNB/USD 1-hour chart. Source: TradingView

BNB, meanwhile, forms one of the cryptocurrencies supported by Binance Pay, Binance’s latest product, which launched as a beta version this week. Both Bitcoin (BTC) and Ether (ETH) are also available for use in the payment gateway, along with the Binance USD (BUSD) stablecoin, Swipe Token (SXP) and the euro as a fiat currency option.

As Cointelegraph reported, exchange traffic worldwide is expanding rapidly thanks to the bull run, which has received considerable mainstream attention in recent weeks and months.

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Binance

Binance Announces Initial Game Offering for Horses and Attacks “CryptoGames” Market

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Binance has just announced the launch of a new addition to the gaming and blockchain ecosystem.

According to a message sent to Cointimes, the world’s largest brokerage firm wants to “build the ultimate launch pad for NFT games and gamers.” To do this, it will take advantage of the Binance NFTs infrastructure to launch an Initial Game Offering (IGO).

Through IGO distributions, Binance NFT connects the global crypto community to high quality blockchain games and high quality in-game NFT assets. Binance NFT is a dedicated hub where promising game projects can develop and build communities. Our aim is to help strengthen the gaming industry and develop this sector to become more popular. ” – said Helen Hai, global leader of Binance NFT

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IGOs may contain in-game assets such as early access passes, weapons and items, exclusive Binance skins, other cosmetics, and much more.

Binance NFT Announces First IGO

And the first IGO has already been announced, it’s DeRace with a release date of October 26th.

The NFT item game is a horse racing ecosystem, “where players can participate in horse races, create their NFT with unique characteristics, host races on their own NFT racecourse and earn profits in the process.”

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DeRace Binance IGO of Horses
DeRace bets on virtual horse breed

To participate in the purchase of DeRace NFTs you only need to have a Binance account and login to the Binance NFT platform.

The game market using blockchain has grown rapidly. In Brazil, the search for this type of game surpassed even the search for more traditional assets such as Bitcoin and Ethereum.

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Bitcoin

Legendary Trader Peter Brandt Challenges Binance with Four Questions about 88% BTC Crash

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Here’s what is unclear for Mr. Brandt about mysterious Bitcoin (BTC) flash-crash of Oct. 21, 2021

Prominent trader and analyst Peter Brandt has taken to Twitter to ask his four questions in the context of the flagship crypto’s 88% dropdown.

What do Binance and Binance.US have in common?

First of all, Mr. Brandt challenged the character of corporate relationships between Binance and Binance.US, its unit focused on American markets.

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Also, Mr. Brandt asks whether Binance is planning to release detailed documents to specify statistics for trades, their volume and prices during the flash-crash.

Then, the trading legend asked about the role of the platform in taking the opposite side of a client fills.

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Besides the Binance CEO and co-founder Changpeng “CZ” Zhao, Mr. Brandt mentioned the Interactive Brokers platform, U.S. watchdogs CFTC and SEC and Gary Gensler, the SEC chairman.

Most expensive “trading algorithm bug” ever?

Also, Mr. Brandt attached a screenshot of a tweet by CZ when Binance’s boss warned his audience about expected volatility spikes across cryptocurrency markets.

Finally, Mr. Brandt added that he never used Binance for trading.

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As covered by U.Today previously, on Oct. 21, 2021, amidst a spending rally, the Bitcoin (BTC) price briefly tanked to the $8,000 level, losing more than 88% in no time.

A similar flash-crash was registered on 26 other low-liquidity exchanges. A Binance.US representative attributed this dramatic plunge to a critical bug in third-party mechanisms by one of the platform’s sophisticated institutional clients.

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Binance Bitcoin Balances Are Draining: 40,000 BTC Moved Away from Biggest Crypto Exchange

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According to CryptoQuant data, Binance cryptocurrency exchange once again faced a massive fund outflow totaling 38,246 BTC. After a significant drop in the Bitcoin balance, the total balance on the sheets is close to 500,000.

In-house redistribution of funds

Previously, Binance.US faced a major bug that led to so-called “slippage”—the difference between the expected price of a trade and the actual execution of an order.

Whenever the order book on the market is too thin and an exchange cannot provide enough liquidity, volatility on the asset tends to rise exponentially, which leads to a massive drop in value.

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CryptoQuant data
Source: CryptoQuant

Due to the bug that appeared, the price of Bitcoin on Binance.US has dropped to $8,000, with numerous buy orders being executed on the way down. In order to provide more liquidity to the market on Binance.US, the main platform could have moved some of its funds to the U.S.-targeted platform, which is being counted by on-chain metrics as “outflows.”

Natural outflows

With Bitcoin moving past the previous ATH and trading volumes remaining stable, some traders and investors are choosing to move their funds away from exchanges and keep them in their wallets.

TradingView Bitcoin Chart
Source: TradingView

According to volume metrics, no significant selling pressure has been present on centralized exchanges, along with no abnormal trading activities.

Previously, notable exchange inflows appeared back in May, when Bitcoin’s price retraced from the previous ATH to $29,000. Most retail investors have moved funds from their wallets to the exchanges to take profit.

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