As foreseen in the BNB protocol, the crypto has just registered its 16th quarterly deflationary burnout process. In fact, the world’s largest crypto exchange has burned the equivalent of nearly $ 400 million of its BNB tokens.
To be more precise, the total number of tokens amounts to 1,291,565 BNB ($ 393 million), plus an additional 5,163 BNB from Pioneer program. From this burn, we can deduce that the exchange has made 2 billion profits since the recent burn in April.
It is worth remembering that the deflationary burnout process is a technique used by many crypto projects that involves decreasing the number of tokens in circulation of a crypto so that the value of the crypto increases in the market.
No price family at the BNB price level
Binance’s 16th burn did not have a positive effect on the price of BNB. At the time of writing this article, the value of BNB ($ 282) is below the psychological threshold of $ 300. It is down 6.83% on a daily basis. However, the price of crypto still tends to move higher after deflationary processes.
The latest burn to date estimated at nearly $ 600 million, took the price of BNB to its highest peaks. In fact, the crypto registered an ATH ($ 675) after April’s deflationary process. The 16th is unfortunately caught in the shackles of the Bear Market of the crypto sector. However, BNB remained largely bullish over the year. On an annual basis, BNB is up 757%.
The Bear Market: The trend of the moment
It was believed that the crypto market had woken up after bursts in early July. But, statistics from the last 7 days show us that we are far from the end of the Bear Market. For this session alone, the market globally fell 3.57% to $ 1.250 billion. All Top 10 cryptos show negative daily growth.
Bitcoin stands out from the $ 31K – $ 35K range. Its price has dropped below $ 31,000. Ethereum sinks a little further below the psychological threshold of $ 2,000. It is currently traded at $ 1,821 in the market. Dogecoin is at $ 0.17 for a daily drop to (4.71%). Cardano, Ripple and Polkadot fell 4.62%, 4.35% and 8.38% respectively on a daily basis.