Binance Coin
Price analysis 2/23: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT
Bitcoin (BTC) and several altcoins have bounced off their immediate support levels after buyers attempted to arrest the current decline. Bloomberg Senior Commodity Strategist Mike McGlone highlighted in a recent Tweet that Bitcoin was trading roughly 20% below its 50-week moving average and such discounted levels have “often resulted in good price support.” The bearish price action of the past few days does not seem to have deterred the institutional traders from accumulating at lower levels. According to CoinShares’ Feb. 22 “Digital Asset Fund Flows Weekly” report, institutional investors pumped about $89 million into Bitcoin funds between Feb. 14 and Feb. 18, taking the total inflows in the current month to $178.3 million. Daily cryptocurrency market performance. Source: Coin360 Crypto t...
BSC whales have been taking up Cardano (ADA) despite the price not looking up
The largest BNB whale recently acquired in excess of 5.1 million worth of ADA BSC whales have also been dabbling in Dogecoin and ALPHA tokens On-chain monitoring tool WhaleStats revealed that the biggest BNB whale added $5.1 million worth of ADA to their portfolio on Sunday. The blockchain service, which tracks the top hodlers on the BSC and the tokens they own, published the information on its BSC-focused Twitter account @WhaleStatsBSC. More specifically, the giant investor copped 5,367,075 ADA tokens for a price of $5,106,208. To note is that the tokens in question are ADA BEP20 tokens, which exist purely on the BNB Chain. They are not actual ADA (Cardano native) tokens but rather tokens tied to ADA’s price on Binance’s chain, meaning such tokens cannot be transferred t...
Binance Chain, Binance Smart Chain morph into BNB Chain
Binance has renamed its blockchain ecosystem to reflect changes the chain has undergone since its launch The exchange also introduced ‘MetaFi’, an amalgamation of cutting-edge DeFi infrastructure and projects, including the metaverse. The world’s largest crypto exchange Binance has rebranded its Binance Chain and Binance Smart Chain blockchains into a single unified name; BNB Chain, or Build and Build Chain. The new name is expected to take a more prominent role in the blockchain’s branding. According to an announcement made on Tuesday, Binance said the BNB Chain shows the evolution of the Binance Smart Chain. The ‘new’ name would represent the crypto exchange’s governance and staking platform BNB Beacon Chain (previously Binance Chain) and its Eth...
Price analysis 2/2: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX
Bitcoin (BTC) rose above $39,000 on Feb. 1 but the sharp fall in the shares of PayPal may have resulted in aggressive selling by the short-term traders. However, in the long-term, large investors seem to be viewing the decline as a buying opportunity. On-chain monitoring resource Whalemap said that whales holding between 100 to 10,000 BTC have accumulated during the recent decline. Fidelity recently released a paper dubbed “Bitcoin First,” which highlights that Bitcoin is the most “secure, decentralized form of asset” and is unlikely to be overtaken by any of the altcoins “as a monetary good.” The report said that Bitcoin combines “the scarcity and durability of gold with the ease of use, storage and transportability of fiat.” Daily cryptocurrency market performance. Source: Coin360 I...
Price analysis 1/26: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX
Bitcoin (BTC) and most major altcoins have bounced off their strong support levels but could the rally sustain to the extent that traders feel confident that a bottom in place? Bloomberg Intelligence senior commodity strategist Mike McGlone said that Bitcoin’s price is “about 30% below its 20-week moving average,” roughly at the same position, which had led to bottom formations in March 2020 and July 2021. Although Bitcoin has corrected sharply in January, the exchanges’ balances dropped from 2.428 million Bitcoin on December 28 to 2.366 million Bitcoin on Jan. 24, according to data from CryptoQuant. This indicates that investors may be stashing away their recent purchases safely. Daily cryptocurrency market performance. Source: Coin360 However, it may not be a V-shaped recovery for ...
Buyback-and-burn: What does it mean in crypto?
Miners can burn virtual currency tokens using the proof-of-burn (PoB) consensus mechanism. Proof-of-burn is one of several consensus mechanisms blockchain networks use to verify that all participating nodes agree on the blockchain network’s genuine and legitimate state. A consensus mechanism is a collection of protocols that use several validators to agree on the validity of a transaction. PoB is a proof-of-work mechanism that does not waste energy. Instead, it works on the idea of allowing miners to burn tokens of virtual currency. The right to write blocks (mine) is then awarded in proportion to the coins burned. Miners transmit the coins to a burner address to destroy them. This procedure uses few resources (aside from the energy necessary to mine the coins before burning them) an...
Price analysis 1/21: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX, DOGE
Bitcoin (BTC) and most major altcoins continue to witness a bloodbath on Jan. 21 and the result of the most recent downturn has been a $200 billion reduction in market capitalization. A new report by Huobi Research, in collaboration with Blockchain Association Singapore, forecast Bitcoin to enter a bear market in 2022. The liquidity tightening measures undertaken by the U.S. Federal Reserve and other central banks across the world and the regulatory action by authorities could play spoilsport and keep crypto prices under check. Daily cryptocurrency market performance. Source: Coin360 The calls for a bear market have not shaken up the resolve of MicroStrategy CEO Michael Saylor who is determined to hold on to the company’s Bitcoin holdings. Saylor said in a recent interview...
Binance Auto-Burn program torches nearly $800 million worth of BNB tokens
6296 of the burned tokens were adjusted from the BNB Pioneer Burn Program Binance’s 18th quarterly burn of its native BNB token saw the highest dollar value in tokens cleared off the network. The leading exchange announced yesterday that it had cut from circulation a total of 1,684,387.11 BNB, valued at around $798,079,000 at the time of writing, according to market data. Comparatively, the 17th burn done in October cleared out 1,335,888 BNB valued at $639,462,868 at the time of the burn, and the 15th, which torched in excess of 3 million tokens, did not reach $600 million in dollar value cleared. Of the burnt tokens, 6296.305493 were tokens removed via the BNB Pioneer Burn Program. The program is a Binance initiative to cover customer losses in select cases where tokens are erroneou...
Price analysis 1/17: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOT, AVAX, DOGE
Bitcoin’s (BTC) volatility has been shrinking in the past few days. The standard deviation of daily Bitcoin returns for the last 30 and 60 days as calculated by the Bitcoin Volatility Index is at 2.63%, the least volatile it has been since November 2020. Generally, tight ranges are followed by strong price expansions. In 2020, the low volatility period in November was followed by a sharp rally in mid-December, which resulted in a supercycle that carried the price all the way to $64,854 on April 14, 2021. Daily cryptocurrency market performance. Source: Coin360 However, there is no certainty that the volatility expansion will happen only to the upside. The price could break out in either direction. Commentator Vince Prince warned that the high leverage ratio of Bitcoin could trigger a big c...
Price analysis 1/14: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE
Bitcoin (BTC) and most major altcoins are facing selling at higher levels and buying on dips, indicating the possibility of a range formation. On-chain analysis firm Whalemap said that a “reclaim of $46,500 will look like a trend reversal,” for Bitcoin as the previous accumulation phase of 90,000 BTC was at this level. Fidelity Digital Assets said in its annual report that the “massive “ Bitcoin accumulation by Bitcoin miners suggests that the “Bitcoin cycle is far from over.” The report went on to add that more sovereign nations may “acquire Bitcoin in 2022 and perhaps even see a central bank make an acquisition.” Daily cryptocurrency market performance. Source: Coin360 Switzerland-based financial institution SEBA Bank CEO Guido Buehler said in a recent interview that if the right co...
Vitalik Buterin runs polls to determine the preferred crypto outside ETH
The Ethereum community has marked out Cardano’s ADA and Bitcoin as the two best Ethereum alternatives in storing value and enabling transactions In currently running polls, Vitalik Buterin queried his 3.1 million-large Twitter following, which among a listed number of tokens would be the best alternative in a hypothetical future without Ethereum. “Poll for Ethereum community. You wake up in 2035, and 80% of all transactions + savings in the world are in one currency that is not ETH. Which would you prefer it to be?” the tweet read. The first poll, which has Bitcoin (BTC), Cardano (ADA), Solana (SOL) and the US dollar has so far received almost $560,000 responses. Cardano (ADA) is leading, but the margin is tight At the time of writing, Cardano’s native token ADA had...
Price analysis 1/12: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE
Bitcoin (BTC) and most major altcoins appear to have started a relief rally. Glassnode data suggests that Bitcoin addresses with a non-zero balance have risen to about 40 million, indicating increasing adoption by retail traders. Edelman Financial Engines founder Ric Edelman said that the number of Americans owning Bitcoin could rise from 24% currently to one-third by 2022. He expects this to happen as “Bitcoin is becoming more and more mainstream. People are hearing about it everywhere — it isn’t going away.” Daily cryptocurrency market performance. Source: Coin360 The investors buying Bitcoin seem to be in it for the long haul if the outflows from major exchanges are any indication. CryptoQuant data shows outflows of 29,371 BTC on Jan. 11, the highest withdrawals since Sep. 10. Could the...
