Connect with us

Binance

Binance Announces Support for Cardano’s Alonzo Hard Fork

Published

on

Binance will temporarily halt deposits and withdrawals for Cardano holders.

Binance, the largest digital asset exchange by trading volumes, has announced that it will support Cardano’s upcoming Alonzo upgrade.

The holders of ADA will temporarily not be able to deposit or withdraw the cryptocurrency. However, trading will not be impacted by the hard fork.     

As reported by U.Today, Cardano’s most important upgrade to date, which will make it possible to launch smart contracts on the proof-of-stake blockchain, will officially take place on Sept. 12.

The hard fork will commence at around 21:44 UTC. Binance will resume deposits and withdrawals as soon as the upgrade is considered to be stable.  

Advertisement

ADA is currently trading at $2.53 on Binance after a 6% spike. 

News Source

Advertisement

Binance

Despite regulatory woes, Binance aims to become registered crypto firm in the U.K

Published

on

Binance, the world’s largest crypto exchange by trade volume has faced heat from regulators worldwide. Different regulators including U.K’s Financial Conduct Authority (FCA). It has been tightening its grip around the cryptocurrency in a bid to eliminate bad elements. Nevertheless, Binance’s chief executive Changpeng Zhao remains undeterred from his crypto-centric narrative.

In the latest development, Binance has expressed its main goal. The aim is to become a registered crypto asset firm in the U.K. As covered by Telegraph, it aims to achieve the said mark in 6 to 18 months.

Advertisement

“Binance aims to become a registered crypto asset firm in the country in six to 18 months,” CEO Changpeng Zhao told the local newspaper.

The move would allow the world’s biggest cryptocurrency exchange to offer a wider array of products. however, it won’t be a smooth sail. For instance, it needs to “overcome British anti-money laundering standards that have stymied the industry.”

If successful, Binance could offer products such as futures and derivatives in the region.

Advertisement

Zooming out a bit, the said exchange and the regulatory watchdogs have had an on-off relationship in the past. In July, the FCA laid out several warnings against Binance to caution users. Since then, Binance hired a couple of hundred compliance employees to staff an office in the country

Not so surprisingly, a month later, it got a green signal to operate in the U.K. Reason? It had successfully complied with its regulatory requirements.

Not only in the U.K but even other countries in Europe and its regulators also maintained a similar, anti-crypto narrative. At least for a while. Nonetheless, Zhao has announced different initiatives to increase crypto traction. As part of this, it launched a $116 million initiative with nonprofit French Fintech to build a research hub and accelerator in France. In fact, Binance and CZ have plans to make France its headquarter.

Advertisement

Even the native token, Binance Coin (BNB) reacted positively to this news. At press time, the token was trading just shy of the $578 mark, thanks to the 6% hike in 24 hours. The graph below highlights the same.

Source: CoinMarketCap

Even, Binance Smart Chain (BSC), a blockchain system from Binance continues to impress despite regulatory woes. Of late, it reached 2 billion total transactions.

News Source

Advertisement
Continue Reading

Binance

Binance Coin Price Analysis: BNB is bullish for the next 24 hours

Published

on

  • Binance Coin price analysis is bullish today.
  • BNB/USD is currently trading at $560.
  • Support was found at $490.

Binance Coin price analysis is bullish today, as we anticipate a quick recovery following another downswing that was powerfully repelled once the $490 mark was broken this morning. Consequently, BNB/USD has established a new swing low and is poised to recoup some of its loss in the next 24 hours.

Binance Coin price movement in the last 24 hours: Binance Coin drops 21 percent after being resisted by $630 yesterday

The daily chart shows that investors are standing by ready to jump on board this rare opportunity for an entry; however, it is important to highlight that there has been no significant change in either candlestick size or length throughout the past couple of days which suggests that participants might be treating this market with caution.

As such, any attempt made will likely be met with stiff resistance, and we will more than likely see a retest of the $600 area if and only if 100 SMA crosses above 200 SMA to indicate that buyers are gaining control of the market.

Binance Coin Technical Analysis (BNB/USD) Using the daily chart, it is clear that Binance Coin price analysis has gained some momentum as bulls push prices past our immediate resistance at $545, which lies just below the upper BB.  As the graph above shows, BNB/USD slid down to test support at $490 but was well defended against another sell-off towards our key support area between 3100-2700 Satoshis. At the time of writing, the market is trying to break above $570. However, it may find stiff resistance at $600.

Advertisement

BNB/USD 4-hour chart: BNB rejects downside at $490

The Binance Coin price action on the 4-hour chart appears to repel further downturn over the previous hours, most likely as a new swing low is established.

Binance Coin Price Analysis: BNB is bullish for the next 24 hours 1
BNB/USD 4-hour chart. Source: TradingView

The Binance Coin price action has been in a strong upward trend for the past few weeks, with a fresh major swing low set at $510 on November 18th. After a fast reaction higher, BNB/USD approached the all-time high of $660 on November 26th.

The 100 SMA is below the 200 SMA, which suggests that the path of least resistance is to the downside or that sellers control price action. If the bulls can muster enough strength to push prices above $600, we could see a retest of the previous highs near $650-680.

RSI (relative strength index) looks like it’s about to cross over into bullish territory, which suggests that buyers are starting to take over control from sellers. Stochastic is also heading north, so there might be some buying pressure left for BNB/USD at this point.

Advertisement

As the Binance Coin price consolidated, another higher low was formed on Thursday until a rapid drop sent the market to $570 on Monday. Overnight, there was some initial resistance followed by additional selling, resulting in the current low of $490 set at dawn today.

Binance Coin Price Analysis: Conclusion 

The Binance Coin price analysis is bullish today, as we anticipate the current sell-off to result in a strong recovery later today. As resistance comes next, BNB/USD will likely attempt to break through previous barriers at $600.

News Source

Advertisement
Continue Reading

Binance

Binance Coin Price Analysis: BNB briefly spikes below $500, sharp reversal incoming?

Published

on

  • Binance Coin price analysis is bullish today.
  • BNB/USD dropped over 20 since yesterday.
  • Support was found at $490.

Binance Coin price analysis is bullish today as we expect swift recovery to follow after further downside was sharply rejected once the $490 mark was reached this morning. Therefore, BNB/USD has set a new swing low and is ready to regain some of the loss over the next 24 hours.

Binance Coin Price Analysis: BNB briefly spikes below $500, sharp reversal incoming? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen a strong decline over the last 24 hours. The market leader, Bitcoin, is down by 18.29 percent, while the top altcoins, Ethereum (ETH) and Binance Coin (BNB), dropped around 16 and 15 percent, respectively.

Binance Coin price movement in the last 24 hours: Binance Coin drops 21 percent after being resisted by $630 yesterday

BNB/USD traded in a range of $518.48 – $628.32, indicating strong volatility over the last 24 hours. Trading volume has increased by 112.5 percent, totaling $4.26 billion, while the total market cap trades around $87.8 billion, ranking the coin in 3rd place.

BNB/USD 4-hour chart: BNB rejects downside at $490

On the 4-hour chart, the Binance Coin price action can be seen to reject further downside over the last hours, likely as a new swing low is set.

Binance Coin Price Analysis: BNB briefly spikes below $500, sharp reversal incoming?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has seen bullish momentum over the past weeks after a new major swing low was set at $510 on the 18th of November. After a quick reaction higher, BNB/USD retested the previous all-time high around $660 on the 26th of November.

From there, further higher lows were set while BNB/USD prepared to finally break above the all-time high. However, after a slow move higher at the end of November, a new lower high was set at $650.

Advertisement

The Binance Coin price started to consolidate as another higher low was formed on Thursday until a quick spike lower took the market to $570 Yesterday. After some initial rejection, further drop followed overnight, leading to the current low at $490 set in the morning.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as we expect the current rejection for downside to lead to a strong recovery latest today. Likely BNB/USD will move to test previous support around $570 as resistance next.

While waiting for Binance Coin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

Advertisement

News Source

Continue Reading