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27th January 2024

Binance Smart Chain (BSC) Market Cap Hits New Milestone, Registering 48% QoQ Surge

Binance Smart Chain (BSC) has demonstrated notable growth in key metrics during the fourth quarter (Q4) of 2023, as highlighted in a comprehensive report by Messari.

As the third-largest Layer-1 protocol by market capitalization, BSC experienced positive progress across its financial indicators, signaling a productive quarter for the blockchain ecosystem.

Binance Smart Chain Record-Breaking Transactions

The report reveals that BSC’s market capitalization witnessed a 48% quarter-over-quarter (QoQ) surge. This surge reflects renewed interest in BNB (Binance Coin), the native asset of BSC, following two consecutive quarters of decline.

Moreover, BSC’s revenue measured in USD experienced a significant QoQ growth of 27%. This revenue surge, amounting to over $39 million in Q4, indicates increased activity on the protocol and the implementation of various initiatives throughout the year.

Binance Smart Chain

Gas fees burned in BNB, a metric reflecting network activity, also saw a notable QoQ increase of 21%. The rising number of transactions and smart contract interactions contributed to increased gas fees burned, further reinforcing the Binance Smart Chain ecosystem.

In addition to financial metrics, BSC showcased impressive improvements in other areas. The number of active validators increased by 25% QoQ, highlighting growing trust and participation in securing the network. BSC’s commitment to decentralization was evident as the protocol experienced a 54% YoY increase in active validators.

According to Messari, throughout 2023, BSC demonstrated its ability to handle heightened activity while simultaneously reducing costs for users. Daily transactions on the network witnessed a 35% year-over-year (YoY) increase and a 30% QoQ surge, averaging around 4.6 million transactions per day in Q4.

These spikes in transaction volume were attributed to inscription-related activity, with BSC processing a record-breaking 32 million transactions on December 7, 2023.

BSC’s DeFi Ecosystem Reaches $4.6 Billion TVL

Despite a decline in daily average active addresses and new unique addresses, primarily due to users exploring alternative chains like opBNB, BSC’s on-chain activity remained robust.

The protocol’s ecosystem of stablecoins, dominated by Tether’s USDT, reached a total value locked (TVL) of $4.6 billion in Q4, showcasing a 33% QoQ increase in Decentralized Finance (DeFi) TVL.

Binance Smart Chain

While Non-Fungible Token (NFT)- related metrics declined in Q4, Binance Smart Chain and Ethereum (ETH) witnessed a resurgence in activity toward the end of the quarter, indicating a potential upward trend in the next market cycle.

Binance Smart Chain

In addition to BSC’s growth, BNB also experienced notable price movements. After a sharp drop, BNB surged from $238 to reach the $338 level. However, it later retraced to $287 following a correction.

In the past 24 hours, BNB has recorded a growth of 3.7%, pushing its current trading price above $302.

Featured image from Shutterstock, chart from TradingView.com

24th January 2024

BNB Price Could See Major Drawdown If It Fails To Stay Above This Support

BNB price started a fresh decline from $320 resistance zone. The price is now retesting the $290 support and is at risk of more downsides.

BNB price is gaining bearish momentum from the $320 resistance.
The price is now trading below $310 and the 100 simple moving average (4 hours).
There was a break below a key bullish trend line with support at $315 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might continue to move down if it fails to stay above the $290 support.

BNB Price Takes Hit

In the past few days, BNB price made more than three attempts to clear the $320 resistance zone. However, the bears remained active and protected more gains.

As a result, there was a bearish reaction below the $315 level, like Bitcoin and Ethereum. There was a break below a key bullish trend line with support at $315 on the 4-hour chart of the BNB/USD pair. The pair even declined below the $300 level and tested the key support at $290.

A low is formed near $290.3, and the price is now struggling to correct higher. BNB price is now trading below $310 and the 100 simple moving average (4 hours). Immediate resistance is near the $298 level or the 23.6% Fib retracement level of the recent decline from the $320 swing high to the $290 low.

Source: BNBUSD on TradingView.com

The next resistance sits near the $305 level. It is close to the 50% Fib retracement level of the recent decline from the $320 swing high to the $290 low. A clear move above the $305 zone could send the price further higher. In the stated case, BNB price could test $320. A close above the $320 resistance might set the pace for a larger increase toward the $335 resistance. Any more gains might call for a test of the $350 level.

More Downsides?

If BNB fails to clear the $305 resistance, it could continue to move down. Initial support on the downside is near the $290 level.

The next major support is near the $285 level. The main support sits at $272. If there is a downside break below the $272 support, the price could drop toward the $250 support. Any more losses could initiate a larger decline toward the $220 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $290, $285, and $272.

Major Resistance Levels – $298, $305, and $320.

18th January 2024

BNB Price Signals Bullish Exhaustion, Are Dips Attractive In Short-term?

BNB price is struggling to clear the $320 resistance zone. It might decline toward the $288 support zone before the bulls aim for another increase.

BNB price is struggling to gain traction above the $320 resistance.
The price is now trading near $310 and the 100 simple moving average (4 hours).
There is a major declining channel or a bullish flag pattern forming with resistance near $316 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might continue to move up if it stays above the $288 and $282 support levels.

BNB Price Holds Support

After forming a base above the $280 level, BNB price started a decent increase. There was a move above the $305 and $315 resistance levels. However, the bears seem to be active near the $320 zone.

A high was formed near $320 and the price is now correcting gains. However, the downsides are limited compared to Bitcoin and Ethereum. There was a move below the $312 level. The price is now approaching the 50% Fib retracement level of the upward move from the $289.4 swing low to the $320.1 high.

BNB price is now trading near $310 and the 100 simple moving average (4 hours). There is also a major declining channel or a bullish flag pattern forming with resistance near $316 on the 4-hour chart of the BNB/USD pair.

Source: BNBUSD on TradingView.com

Immediate resistance is near the $315 level or the channel region. The next resistance sits near the $320 level. A clear move above the $320 zone could send the price further higher. In the stated case, BNB price could test $340. A close above the $340 resistance might set the pace for a larger increase toward the $350 resistance. Any more gains might call for a test of the $375 level.

More Downsides?

If BNB fails to clear the $315 resistance, it could continue to move down. Initial support on the downside is near the $300 level or the 61.8% Fib retracement level of the upward move from the $289.4 swing low to the $320.1 high.

The next major support is near the $292 level. The main support sits at $288. If there is a downside break below the $288 support, the price could drop toward the $282 support. Any more losses could initiate a larger decline toward the $262 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $300, $292, and $288.

Major Resistance Levels – $315, $320, and $325.

18th January 2024

BNB Quarterly Burning: Over 2 Million Tokens Vanish, Valued At $636 Million

In a recent announcement by Binance, the BNB Foundation declared the successful completion of the 26th quarterly Binance Coin token burn through the BNB Chain. The burn, which included Auto-Burn and the Pioneer Burn Program, eliminated a significant amount of the exchange’s native token from circulation.

BEP95 Initiative Results In 210K BNB Permanently Burned

During this latest burn event, the Auto-Burn process removed 2,141,487.27 BNB from circulation, equivalent to approximately $636 million in USD.

It is worth noting that the Auto-Burn mechanism operates independently of Binance’s centralized exchange (CEX), providing an auditable and objective process, according to the exchange’s statement.

Additionally, the Pioneer Burn Program contributed by removing 1542.15 tokens from circulation. This program permanently eliminates an amount of BNB equal to the provable lost funds of eligible users.

Since the introduction of BEP95, an estimated 210,000 tokens have been permanently burned under this mechanism. As announced, the Pioneer Burn Program helps maintain the integrity of the ecosystem and ensures that lost funds do not influence the circulating supply.

Furthermore, BNB Chain’s Real-Time-Burn mechanism continuously reduces the token supply. This mechanism enables burning a portion of BNB Chain’s gas fees in real-time, further contributing to the ongoing supply reduction efforts.

Completing the 26th quarterly BNB token burn marks another significant milestone for the BNB ecosystem. The independent Auto-Burn mechanism, combined with the Pioneer Burn Program and Real-Time-Burn mechanism, showcases BNB Chain’s approach to reducing token supply and fostering long-term value.

Robust User Adoption

In addition to its quarterly token burn, BNB has recently displayed notable strength and progress, as revealed by Token Terminal’s on-chain data.

With a circulating market cap of $47.86 billion, BNB Chain has experienced a 30.45% increase in market capitalization. This surge in value reflects the growing confidence and demand for the token among investors.

BNB Chain’s financial metrics are equally impressive. The platform has witnessed a revenue growth of 30.47% over the past 30 days, generating $1.72 million in revenue during this period, as seen in the chart below.

Binance BNB BNBUSDT

Extrapolating this data to an annualized basis, the chain’s revenue is noteworthy at $20.96 million, reflecting solid financial stability and sustainable growth.

The data from Token Terminal also highlights BNB Chain’s increasing user adoption and developer activity. The platform has seen a surge in active daily users, with a 30-day average of 1.42 million, representing a robust 48.6% growth.

The Binance Coin price performance has been steady, with a 2.14% decrease over the past 24 hours, while showing a positive trend over more extended periods.

The token recorded a 4.38% increase in the past seven days, and over the past 30 days, it achieved an impressive growth of 30.51%. Furthermore, BNB’s performance over the past 180 days has been significant, with a growth rate of 29.92%.

BNB

Featured image from Shutterstock, chart from TradingView.com

12th January 2024

BNB’s Liquidity Fell In Q4 2023, Bitcoin, XRP, And Dogecoin Lead

Amidst regulatory scrutiny and leadership changes, Binance Coin (BNB) lost its footing in the liquidity race, slipping to 13th place in Q4 2023, according to Kaiko data on January 11. This surprising development contrasts BNB’s position as the third-largest cryptocurrency by market capitalization, raising questions about its general liquidity.

Dogecoin Flips BNB In Liquidity Rankings

Kaiko’s findings, based on spot trading data from multiple exchanges, revealed that Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE) emerged as the top four most liquid cryptocurrencies in Q4 2023.

Q4 2023 token liquidity rankings | Source: Kaiko

Liquidity is a metric that shows how easily a given asset can be traded without significant price impacts. One of the biggest assumptions is that a crypto asset higher up the market cap ranking is more liquid. However, as Kaiko data shows, this is not usually the case, as factors such as exchange listing play a big role.

DOGE flipping BNB in liquidity dynamics may be attributed to a combination of factors, including regulatory concerns surrounding Binance, leadership changes within the company, and the status of Dogecoin. DOGE is the first meme coin, and over the years, it has continued to cement its place as the world’s largest meme coin by market cap despite heavy competition. To illustrate, despite the popularity of alternatives like PepeCoin (PEPE) or Bonk coin (BONK), none has managed to flip DOGE.

Binance Legal Battles, Price Recovers Steadily

In 2023, Binance grappled with legal battles and internal restructuring. In early June 2023, the Securities and Exchange Commission (SEC) filed charges against the exchange, alleging that it had violated securities laws by selling unregistered securities. Additionally, Binance founder and CEO Changpeng Zhao stepped down from his executive role in late Q4 2023, further adding to the exchange’s uncertainty.

Despite its legal troubles, Binance agreed to pay a $4.3 billion settlement with the SEC and other US agencies in late 2023. While this settlement may have eased some regulatory concerns, it is unclear whether it will be enough to restore BNB’s liquidity position.

So far, looking at the daily chart, BNB has been trending higher, quickly shaking off the weakness of late November 2023. After Changpeng Zhao, the founder, exited as the CEO, BNB prices sharply fell. However, without follow-through and the community remaining optimistic about the platform’s prospects, prices recovered as the broader crypto scene rose, hoping the SEC would approve the first spot Bitcoin ETF.

BNB is up 37% from November 2023 lows and is stable, looking at the performance in the daily chart. As a bull flag forms, it is unclear whether the coin will break higher above $340, establishing new 2024 highs or contract following Bitcoin.

12th January 2024

BNB’s Liquidity Fell In Q4 2023, Bitcoin, XRP, And Dogecoin Lead

Dogecoin Flips BNB In Liquidity Rankings

Q4 2023 token liquidity rankings | Source: Kaiko

Binance Legal Battles, Price Recovers Steadily

12th January 2024

BNB Price Prediction – Why Bulls Could Aim Fresh Rally To $350

BNB price is holding gains above the $300 pivot level. It is showing positive signs and might rally toward the $350 resistance zone.

BNB price is moving higher above the $300 resistance.
The price is now trading near $310 and the 100 simple moving average (4 hours).
There is a key declining channel or a bullish flag pattern forming with resistance near $325 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might continue to move up if there is a clear move above $315 and $325

BNB Price Aims Higher

After a major increase, BNB price faced resistance near the $340 zone. The price started a downside correction and recently tested the $290 zone. A low was formed near $289, and the price is now attempting a fresh increase, like Bitcoin and Ethereum.

There was a move above the $295 and $300 levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $332 swing high to the $289 low. BNB is now trading near $310 and the 100 simple moving average (4 hours).

The current price action is positive and signals more upsides. Immediate resistance is near the $315 level. It is close to the 61.8% Fib retracement level of the downward move from the $332 swing high to the $289 low.

The next resistance sits near the $322 level. There is also a key declining channel or a bullish flag pattern forming with resistance near $325 on the 4-hour chart of the BNB/USD pair. A clear move above the $225 zone could send the price further higher.

Source: BNBUSD on TradingView.com

In the stated case, BNB price could test $340. A close above the $340 resistance might set the pace for a larger increase toward the $350 resistance. Any more gains might call for a test of the $375 level.

Downside Correction?

If BNB fails to clear the $322 resistance, it could start a downside correction. Initial support on the downside is near the $300 level.

The next major support is near the $292 level. The main support sits at $288. If there is a downside break below the $288 support, the price could drop toward the $262 support. Any more losses could initiate a larger decline toward the $250 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $300, $292, and $288.

Major Resistance Levels – $315, $322, and $325.

29th December 2023

Binance 2023 Report Reveals: 40 Million New Users Added, Total Registered Users Reach 170 Million

In its recently released 2023 review report, Binance, the world’s leading cryptocurrency exchange, showcased significant growth despite facing legal disputes and regulatory scrutiny.

The report highlighted the evolving crypto market, increasing institutional interest, and the company’s commitment to compliance and user experience.

Binance’s 2023 Review

Despite a volatile year for the market, Binance emphasized that digital asset regulation had taken a direction toward greater clarity and harmonization in some regions.

The exchange acknowledged the challenges but noted that Web3 adoption and institutional interest continued to grow steadily, demonstrating the industry’s resilience and long-term potential.

Regarding growth within the company, Binance Square, formerly known as Binance Feed, was introduced as a social platform designed to be the central hub for Web3 content.

According to the report, the platform experienced substantial growth, expanding from 1,200 to 11,000 creators and attracting over 1.6 million active daily users. Binance Square aimed to facilitate conversations and enable users to generate “compelling content,” fostering engagement within the Web3 community.

In October, Binance Futures launched its Copy Trading feature, allowing users to replicate the trading strategies of expert lead traders. This feature provided a monetization avenue for trading experts and added a social aspect to the trading experience of the platform users.

Binance

Furthermore, Binance continued its support of fiat currencies, reaching 69 supported fiat currencies with 30 fiat channels available globally.

Binance P2P, the peer-to-peer trading platform, expanded the number of supported payment methods to 970 and fiat currencies to 112. The report highlights that the platform facilitated 18% more trades with 39% more users than the previous year.

The report further noted Binance’s commitment to compliance, with a significant investment of $213 million in its compliance program, a 35% increase from the previous year.

Binance allocated substantial resources to develop in-house compliance tools, including a case management system and an internal transaction monitoring engine.

Is Binance Leading The Way In Crypto Venture Funding?

Per the report, in 2023, Binance focused on enhancing user experience by partnering with localized KYC (know-your-customer) vendors and implementing various electronic ID (eID) solutions globally.

The exchange added support for 298 new ID and proof-of-address documents across 64 countries, streamlining the onboarding process for users.

To make Web3 “more accessible,” the report notes that Binance launched its Web3 Wallet, which aims to provide a “secure” gateway into the world of decentralized finance (DeFi). The platform aimed to address usability barriers and attract new users by offering improved product and user experience across DeFi, blockchain gaming, and SocialFi.

Ultimately, while the crypto venture funding market faced challenges in 2023, Binance Labs emerged as one of the most active participants in the crypto venture capital (VC) space, particularly in the DeFi and Web3 gaming sectors, according to the exchange.

Overall, Binance’s 2023 Review Report highlights the company’s focus on compliance, user experience, and expanding Web3 offerings as key to continued growth despite ongoing legal issues and regulatory enforcement actions.

Binance

As of the current update, Binance Coin (BNB) demonstrates a significant upward trend in price action, surging to $330. This surge represents a 21% increase over the past seven days.

Featured image from Shutterstock, chart from TradingView.com

28th December 2023

Binance Coin (BNB) Blazes Ahead: Predictions Point To New All-Time Highs In First Half Of 2024

Binance Coin (BNB), despite experiencing a significant decline earlier this year due to market volatility and the SEC lawsuit against Binance and its founder Changpeng Zhao (CZ), has shown remarkable recovery and promising prospects.

Recent data indicates a resurgence in the BNB price, driven by the growing usage of decentralized applications (DApps) on the Binance Smart Chain (BSC).

Additionally, BNB’s fundamentals, including impressive market cap figures and increased revenue, further contribute to the positive momentum.

BNB Price Rally Fueled By DApp Adoption?

After witnessing a sharp decline from its yearly high of $350, BNB experienced a drop to the $203 level following the SEC lawsuit against Binance and CZ. However, recent price movements show signs of recovery and bullish sentiment.

Over the past 24 hours, BNB has gained 4.5%, and its performance in the seven, fourteen, and thirty-day time frames demonstrates an upward trend, with gains of 20%, 24%, and 38%, respectively.

One of the driving factors behind BNB’s price rally is the increasing use of DApps on the Binance Smart Chain. Data from DappRadar reveals a surge in DApp volume, currently at $4.83 billion, representing a 12% increase.

The BNB chain boasts an ecosystem of 5,120 DApps and has recorded 4.89 million transactions, reflecting a 12.73% surge in the past seven days. These figures indicate a growing demand for BNB as it serves as the primary token within the BSC ecosystem.

BNB

Comparing BNB to Ethereum (ETH), DappRadar data highlights BNB’s superior performance in various indicators such as contracts, total unique active wallets (UAW), decentralized finance (DeFi) total value locked (TVL), and non-fungible token (NFT) volume.

The BNB chain has held the top position over the past 24 hours, showcasing its usage and adoption. This outperformance contributes to the positive market sentiment surrounding BNB and bolsters its price.

Binance Coin Market Cap Surges To $48 Billion

Further boosting the Binance Coin prospects, Token Terminal data reveals impressive market cap figures for BNB, with a circulating market cap of $48.02 billion, marking a 14.18% increase.

Additionally, BNB’s fully diluted market cap stands at the same value, reflecting a 28.32% growth. The revenue generated by BNB in the past 30 days has increased by 28.51%, reaching $1.47 million.

Furthermore, BNB has recorded significant fee growth, with a 27.98% fee increase over the past 30 days and an annualized revenue of $187.56 million. These fundamentals contribute to the positive sentiment surrounding BNB.

Overall, Binance Coin has staged a strong recovery, demonstrating a notable price rally driven by the increasing usage of DApps on the Binance Smart Chain. However, there is a bold prediction by a crypto analyst that could further boost the sentiment and excitement surrounding the token.

Binance Coin To Reach New Yearly High?

According to Captain Faibik, a prominent crypto analyst on X (formerly Twitter), Binance Coin is poised to achieve a new yearly high in the first half of 2024.

This prediction is based on an analysis of BNB’s 1-week chart, revealing a breakout from a descending triangle pattern, signaling the end of the macro downtrend and initiating a new uptrend phase for BNB.

Looking at the chart below, Faibik suggests that BNB’s price could potentially experience an impressive uptrend of 171% in the initial weeks of 2024. This surge would propel the token’s price above the current all-time high (ATH) of $686.

BNB

However, several resistance levels must be overcome for this projection to materialize. Notably, at the current trading price of $307, BNB faces a significant seven-month resistance barrier, which currently hinders its ascent to the $314 level, the next resistance level in the near term.

Analyzing the 1-day chart, it becomes evident that reaching the all-time high level would require surpassing additional macro resistance levels, including $329, $402, $450, $563, $607, $639, and $653.

While the theory proposed by Faibik holds promise, the actual realization of Binance Coin’s new yearly high in the early months of 2024, along with a sustained uptrend, remains to be observed.

BNB

Featured image from Shutterstock, chart from TradingView.com

20th December 2023

BNB Price Faces Critical Juncture: Head-And-Shoulders Breakout Or Bearish Dip Below $200?

The Binance Coin (BNB) price is crucial as market analysts offer differing viewpoints on the cryptocurrency’s potential direction. While one analyst presents a bullish case, anticipating a breakout and surge beyond $300, another raises concerns about a dip below $200.

BNB Price Analysis

Crypto analyst Ali Martinez suggests that BNB price could be on the verge of breaking out of a head-and-shoulders pattern.

Martinez emphasizes the significance of a sustained close above $261, which could catalyze BNB’s upward trajectory toward $310. With a 2.9% gain over the past 24 hours and a 12% uptrend in the last fourteen days, the recent price action aligns with Martinez’s breakout thesis.

BNB Price

Martinez analyzes the 1-day chart and identifies the $257 level as a crucial breakout point, signaling a potential shift in trend.

If the sustained uptrend continues, BNB’s price could see a substantial 19.8% gain shortly, pushing the price toward $310. This projection remains just below BNB’s yearly high of $350 in April.

However, contrasting this bullish outlook, Daan de Rover, a crypto analyst, and YouTuber, highlights BNB’s downtrend structure in the 1-week chart.

Bearish Outlook For Binance Coin

According to de Rover, the current BNB price action “looks weak,” raising concerns about the currency’s possible continuation of its downward trajectory, which began earlier this year.

The analyst points to the “green box” on the 1-week chart, as seen in the graphic below, as a critical support level. If breached, it could lead to a deeper decline for BNB, falling below the $200 mark.

BNB Price

De Rover’s cautious view is further emphasized by the fact that dropping below $200 would mark a level not breached since the bear market and crypto winter.

BNB Chain Records Positive Growth

According to Token Terminal data, the circulating market cap of BNB stands at $39.83 billion, with a slight decrease of 1.56% observed. However, it is important to note that the fully diluted market cap remains the same at $39.83 billion, indicating a stable valuation for the cryptocurrency.

BNB has witnessed a positive revenue trend, with a 30.37% increase in annualized revenue, reaching $16.46 million. The 30-day revenue figure also shows growth at $1.35 million, representing a 21.33% increase.

When assessing profitability ratios, the price-to-fully-diluted ratio (P/F) currently stands at 281.75x, indicating the market’s confidence in BNB’s potential. While there has been a slight decline of 18.2% in this ratio, it remains relatively high.

The price-to-sales ratio (P/S) is also noteworthy, reaching 2,962.98x, although it has experienced a decline of 18.5%.

BNB Chain has seen a positive trend regarding fees generated, with a 30-day increase of 20.92% to $14.22 million. The annualized fees have grown substantially, reaching $173.07 million, a significant 30.15% increase.

The future trajectory of the BNB price and its underlying blockchain remains uncertain. Whether the cryptocurrency will experience continued growth or succumb to a bearish sentiment is yet to be determined.

BNB Price

Featured image from Shutterstock, chart from TradingView.com

20th December 2023

BNB Price Clears $250 and Could Rally 10% To Retest This Key Resistance

BNB price gained momentum and climbed above the $250 resistance. It is showing positive signs and might rally toward the $272 resistance zone.

BNB price is moving higher above the $250 resistance.
The price is now trading above $250 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $252 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might continue to move up if there is a clear move above $258.

BNB Price Regains Traction

These past few days, BNB price formed a base above the $230 level. The price started a decent increase above the $240 and $242 resistance levels. In the past two sessions, it even outperformed Ethereum and Bitcoin.

BNB broke the 76.4% Fib retracement level of the downward move from the $257.1 swing high to the $231.9 low. There was also a break above a key bearish trend line with resistance near $252 on the 4-hour chart of the BNB/USD pair.

It is now trading above $250 and the 100 simple moving average (4 hours). The current price action is positive and signaling more upsides above the $258 resistance zone.

The next resistance sits near the $262 level. A clear move above the $262 zone could send the price further higher. In the stated case, BNB price could test $272. It is close to the 1.618 Fib extension level of the downward move from the $257.1 swing high to the $231.9 low.

Source: BNBUSD on TradingView.com

A close above the $272 resistance might set the pace for a larger increase toward the $285 resistance. Any more gains might call for a test of the $300 level.

Downside Correction?

If BNB fails to clear the $258 resistance, it could start a downside correction. Initial support on the downside is near the $248 level.

The next major support is near the $242 level. The main support sits at $232. If there is a downside break below the $232 support, the price could drop toward the $222 support. Any more losses could initiate a larger decline toward the $205 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $248, $242, and $232.

Major Resistance Levels – $258, $272, and $285.

8th December 2023

Binance Founder Ordered To Stay Put In The US In Ongoing Probe

Binance Co-founder and former Chief Executive Officer (CEO) Changpeng CZ Zhao, has been confined to remain in the United States in advance of his sentencing expected to take place next year.

Former Binance CEO No Longer Leaving The US

The Binance co-founder has been ordered by US District Judge Richard Jones to remain in the country in a ruling on Thursday. Zhao was instructed to stay in the US due to the significance of his recent guilty plea.

The ruling read:

As relief, the government requests that Mr. Zhao be required to remain in the continental United States in the period between his plea and sentencing.

The Thursday ruling reversed an earlier decision that would have allowed Zhao to return to the United Arab Emirates (UAE). Jones acknowledged in his decision the arguments provided by Zhao, which ordinarily would result in the government’s motion being denied.

However, Jones highlighted the distinctive features of Zhao’s case. These include his riches, the absence of an extradition treaty with the UAE, and Zhao’s family living in the UAE.

Furthermore, the judge also highlighted that Zhao poses a flight risk if he were allowed to return to the UAE. This is due to the former CEO’s substantial assets and the meager connections he has to the United States.

Additionally, knowing that the Binance ex-CEO faces a potential 18-month sentence in prison also sparks a possible flight risk. Jones asserted that Zhao is asking for a lesser sentence, which might lead to 18 months of incarceration as indicated by the government.

The judge stated that despite promises that CZ wouldn’t flee if permitted to travel to the UAE, the court wasn’t convinced. This led to the order that he should remain in the US until his sentencing on February 23, 2024.

So far, the court stated in the ruling that its decision is not based on Zhao’s citizenship and alienage. “The risk of the defendant not showing up is posed by the circumstances surrounding their combined facts,” the court said.

Changpeng “CZ” Zhao’s Guilty Plea

Last Month, the former Binance CEO pleaded guilty and stepped down from the cryptocurrency exchange he founded about 6 years ago. Zhao’s plea to one count of violating the Bank Secrecy Act was formally accepted by Judge Jones.

Jones accepted the plea after a thorough consideration report and recommendation of the United States Magistrate Judge which found him guilty.

Jones wrote:

This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has been no timely objection, hereby accepts the plea of guilty of the defendant.

His plea was accepted just over two weeks after both he and Binance acknowledged a number of criminal and civil charges. These include failure to maintain an appropriate anti-money laundering program, running an unlicensed money transfer business, and violation of sanctions law.

Binance

7th December 2023

Binance CEO Disputes JPMorgan Chief’s Critique Of Crypto

Richard Teng, the Chief Executive Officer (CEO) of the world’s largest crypto exchange Binance challenged JPMorgan Chase’s CEO Jamie Dimon’s stance on cryptocurrencies.

Binance CEO Disagrees With Jamie Dimon

The Binance CEO recently defended cryptocurrencies by opposing the anti-crypto narrative promoted by the JPMorgan CEO in a hearing held on Wednesday. Teng took to X (formerly Twitter) to share his displeasure with Dimon’s narrative against crypto.

The JPMorgan CEO’s critics were set on the legitimacy and regulation of cryptocurrencies. According to Dimon, he has “never supported cryptocurrencies” and believes the “only real use case for crypto is criminals.” He further added that he would close down crypto if he had the power to do so. The CEO stated:

I’ve always been deeply opposed to crypto, the only true use case for it is criminals. If I were the government I’d close it down.

Teng underscored the need to compare the scope of illegal activity in cryptocurrency to that of traditional fiat money. He further highlighted the data compiled by Dr. Andrzei Gwizdalki from sources like the UN and the World Economic Forum.

The data shows that illegal activities connected to fiat currencies are over 100 times bigger than crypto. According to the data, cryptocurrencies are linked to an estimated $20 billion in illegal activities.

Meanwhile, fiat currencies such as the United States dollar are implicated in approximately $3.2 trillion in illegal activities yearly. However, due to the secret nature of money laundering, it is difficult to determine the total amount that has been lost.

So far, Dr. Andrzei Gwizdalki believes the corruption and money laundering in connection with fiat “casts a dark shadow.” He also added that this is a reputation that the crypto space should not mirror.

Furthermore, Gwizdalki has urged policymakers to be well-informed and handle real issues within their traditional systems. He believes using crypto for illegal reasons is “stupid and dangerous” since every transaction is transparently recorded.

The Crypto Firm Faces Potential Collapse

Former United States Securities and Exchange Commission (SEC) official John Reed Stark has highlighted a potential collapse for Binance. Stark’s belief is due to the Binance plea agreement by the former CEO of the crypto exchange Changpeng CZ Zhao. Stark stated:

The Binance Plea Agreement is Already Blowing Up. More Evidence of the Possibility of a Binance Collapse (And a 10-Year Sentence for CZ).

He also highlighted Teng’s failure to provide answers to simple questions during an interview as another potential reason. In the interview, journalist Scott Chipolina asked Teng where Binance is headquartered, but the CEO refused to provide specific answers.

So far, Stark has voiced doubts about the exchange’s capacity to comply with the stringent DOJ/FinCEN monitoring and cooperation requirements. He believes that while investigations are still ongoing, the government will bring more accusations against Binance and Changpeng Zhao.

Binance

29th November 2023

Binance Compliance Officer Under Scrutiny For FTX, Gemini, And Sex Trafficker Associations

In a recent investigative report by the media outlet Unlimited Hangout, serious allegations were made against Noah Perlman, the chief compliance officer of Binance.

The report highlights Perlman’s alleged ties to the collapse of FTX, the troubled Gemini exchange owned by the Winklevoss twins, and even convicted and deceased sex trafficker Jeffrey Epstein.

If the allegations made by the media outlet prove true, and Perlman is investigated by US authorities, Binance could find itself embroiled in another executive scandal following the departure of former CEO Changpeng Zhao (CZ).

Associations With Epstein And Alleged Fraud

Unlimited Hangout alleges that Perlman’s father, Itzhak Perlman, a renowned violinist, had flown on multiple occasions on a plane owned by Jeffrey Epstein. Itzhak Perlman also reportedly accompanied Epstein to Michigan’s Interlochen Center for the Arts, where Epstein later built a lodge for him, which was later described as a “lair to target girls.”

While Noah Perlman served as a federal prosecutor for the Department of Justice’s Special Coordinator for Crimes against Children, these family connections to Epstein raise questions about his associations.

After leaving the Department of Justice, Perlman joined Gemini, the cryptocurrency exchange owned by the Winklevoss Twins, as the chief compliance officer. Although Perlman had left Gemini months before the New York Attorney General filed a lawsuit against the exchange, he had been allegedly “heavily involved” in Gemini’s Earn program, which became the focus of the alleged $1.1 billion fraud.

As reported by NewsBTC, the lawsuit alleges that certain individuals knew that the program’s partner, Genesis, was financially unstable and withdrew their funds before its collapse.

Per the report, Perlman held the position of chief operating officer at the time, raising suspicions about his role in the alleged misconduct.

Troubled Bank’s Links To Binance Officer And FTX

Perlman’s involvement with Farmington State Bank, later renamed Moonstone, adds another layer of complexity to the alleged wrongdoing cited by Unlimited Hangout.

According to the report, in 2019, Perlman was listed as a director of FBH Corp., the entity that took over the rural bank. Moonstone Bank later garnered attention when Alameda Research, linked to FTX, acquired an $11.5 million stake.

Sam Bankman-Fried, the former chief of FTX, also reportedly invested $50 million in the bank. However, Moonstone Bank faced regulatory challenges, with the Federal Reserve initiating an enforcement action against it shortly before the Bank of Eastern Oregon acquired its deposits and assets.

Overall, Perlman is at the center of serious allegations concerning his alleged connections with Jeffrey Epstein, the failed Earn program at Gemini, and Moonstone Bank.

However, it is important to note that these allegations have not been substantiated by any investigations or official connections made by US authorities or other global agencies.

The claims and allegations put forth by media news outlets require further response from Binance’s executives and investigation by relevant authorities.

There has been no official statement from Perlman regarding these allegations. It remains to be seen how the exchange and Perlman himself will address these claims and provide clarity on the matter.

Featured image from Shutterstock, chart from TradingView.com

23rd November 2023

BNB Price Crash To $5 Unlikely Despite Binance Critic’s Dire Predictions

A Binance critic, “Whale Wire,” on X, who also claims to be a crypto whale, has issued a bold prediction that BNB, the native currency of the BNB Chain and which is used to incentivize trading activity on Binance, could plunge 95% to under $5 in the coming months.

Regarding Binance agreeing to pay $4 billion in fines related to legal settlements with U.S. regulators, Whale Wire argued that tighter oversight will supposedly “destroy Binance’s entire business model.” He further contended bankruptcy could be imminent as the effects of the BNB lead to a contagion.

Will The BNB Price Flash Crash?

However, while increasing regulatory oversight, wind-downs, and decreased risk tolerance among traders have impacted volumes, Binance remains the world’s largest crypto exchange by client count and still facilitates the most trading globally by a wide margin as of writing on November 22.

For context and pulling data from CoinMarketCap (CMC), Binance continues to dominate spot crypto trading, generating over $14.7 billion in average trading volume, over 6X Coinbase, with $2.3 billion, and ahead by huge margins from Kraken, which draws 41.2 billion. The same trend can be observed in derivatives trading, where Binance leads ahead of OKX.

Binance dominates crypto trading | Source: CoinMarketCap

BNB also remains firmly among the top 5 cryptos in the market cap. Besides USDT, BNB is the third largest coin by market cap, leading other altcoins, including XRP, Solana (SOL), and Cardano (ADA).

Besides its dominance, Binance has been given over a year to pay assessed fines. Meanwhile, its new CEO, Richard Teng, said the exchange will continue to enact compliance overhauls. At the same time, it is assuring clients that funds remain safe.

Considering the exchange will continue operating both in the United States and globally, the transitional window offered by the DOJ could make its collapse, and that of BNB, unlikely.

Binance Under Pressure, Trading Volume Falling

Even so, factoring in dropping trading volume in 2023 and the impact of losing users, especially in areas Binance pulled out from, the resulting dip in revenue could, at the end of the day, apply downward pressures on BNB. Thus far, Binance sold its business in Russia while exiting Canada and the Netherlands.

Presently, $200 remains a critical support level for BNB. Whether this line will be retested in the months ahead remains to be seen. Changing hands at around $230, BNB is technically in an uptrend in the shorter time frame. It is up 15% from October 2023 lows. However, it is still down 65% from 2021 peaks when it soared to around $670.

22nd November 2023

Binance New CEO Affirms Strength In Company’s Fundamentals

The world’s leading cryptocurrency exchange Binance new Chief Executive Officer (CEO) and former global head of regional markets Richard Teng has recently expressed his confidence in the crypto company’s fundamentals.

Binance Fundamentals Shows Strength Amid Challenges, New CEO

Earlier today, the new Binance CEO confidently revealed the fundamental strength of the crypto company despite recent challenges. The CEO took to his official X (formerly Twitter) handle to share his belief in the company. According to Teng, the fundamentals of the company’s business are still solid.

Furthermore, the CEO has asserted that the company will continue to operate as the biggest crypto exchange in the world. Teng pointed out several areas that will enable the company to hold on to its position in the crypto market. These include its debt-free capital structure, modest expenses, and robust revenues and profits.

Teng said:

Binance continues to operate the world’s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits.

Richard Teng’s X post responded to another X post by a user highlighting Binance’s revenue due to the DOJ’s $4 billion fine. According to the user, the company has no “problem paying the fine, as its total assets are valued at approximately $6.35 billion.”

In addition, the crypto company also holds about $3.19 billion worth of Stablecoins. Interestingly, the mentioned funds do not include off-chain cash balances or funds kept in wallets outside the Proof of Reserve (PoR). The post read:

I backed out Binance Corporate’s crypto holdings from their Proof of Reserves: $6.35B in total assets, and $3.19B in stablecoins. Doesn’t include off-chain cash balances or funds held in wallets, not in PoR. Most likely able to pay the full $4.3B DoJ fine with 0 crypto asset sales.

Changpeng CZ Zhao Pleads Guilty To Crime

This is so significant that despite the craze following former Binance’s CEO Changpeng CZ Zhao, the company remains strong, according to the new CEO. Changpeng was charged with US money laundering, of which he has recently pleaded guilty to the charge. Furthermore, the former CEO has agreed to pay about $50 million as part of his plea.

In addition to the penalty is Binance’s $4 billion fine as part of a settlement. The company’s fine is regarded as one of the largest corporate penalties in US history.

Binance BNB

22nd November 2023

Panic At Binance Following CZ’s Departure? Analyzing 24-Hour Inflow and Outflow Trends

A new era for the crypto industry approaches as the world’s largest exchange, Binance, changes leadership. Yesterday, the company’s founder and CEO, Changpeng “CZ” Zhao, stepped down as part of an agreement with the US government.

The deal might have sparked a new era of adoption and legitimacy for the nascent industry at the cost of CZ’s position and a $4 billion fine. Fresh data looked into Binance’s transactions to check if users believe in the company’s future following the historic decision.

Binance BNB BNBUSDT

Binance Safe From FTX Like Bank Run?

According to crypto analysis firm Nansen data, Binance recorded almost $1 billion in negative netflow following yesterday’s news. The data indicates that the platform’s USDT value decreased by $246 million, followed by Bitcoin’s value, which declined by $76 million.

Users who feel uncertain about the platform’s future withdraw their money, potentially triggering a bank run. However, Nansen’s data shows that this scenario is far from materializing in this trading venue.

While the negative netflows stand at $955 million, there is no “mass exodus” or panic from users trading on Binance. Nansen claims the platform’s holding value increased from $64.6 billion to $65.2 billion.

Binance CZ BNB BNBUSDT Chart 2

The analytics firm previously stated that Binance handled bigger net flows. First, when the US Securities and Exchange Commission (SEC) filed a lawsuit against the company, and later, when FTX went bankrupt following a massive bank run.

As mentioned, Binance seems unlikely to follow a similar fate. Nansen stated:

In the past, Binance has processed higher volumes of outflow and negative netflow: Jun 2023 after the SEC sued Binance, December 2022 after insolvency rumors, and the immediate aftermath of FTX. We will provide another update 24 hours after the news originally broke.

CZ’s Departure Forecast Good Times For Crypto

Across the crypto community, the debate around CZ’s departure has been fierce. However, the consensus is optimistic.

A report from The Block cites major banking institution JPMorgan claiming that the Binance deal removes a “systemic risk” for the industry. In 2022, when FTX collapsed, the price of Bitcoin crashed to a low of $15,000 and took months to recover.

With 150 million users on its platform and millions of capital injected into multiple ecosystems. Binance’s collapse would have been equally, if not more, catastrophic than FTX for the nascent industry.

JPMorgan analyst Nikolaos Panigirtziglou told The Block:

We see the prospect of settlement as positive as uncertainty around Binance itself would subside and its trading and Smart Chain business would benefit. For crypto investors the prospect of settlement would see the elimination of a potential systemic risk emanating from a hypothetical Binance collapse.

Cover image from Unsplash, chart from Tradingview

22nd November 2023

BNB Plummets 10% Amid Binance’s $4.3 Billion Settlement And CEO’s Impending Resignation

Binance Coin (BNB), the native token of the Binance cryptocurrency exchange, has experienced a sharp decline of 10% following reports that Binance is preparing to settle criminal charges with the US Department of Justice (DOJ) through a $4.3 billion fine.

Binance CEO To Plead Guilty

The Wall Street Journal has disclosed that Binance CEO Changpeng Zhao (CZ), commonly known as CZ, will plead guilty to violating criminal anti-money laundering requirements.

Concurrently, Binance will also plead guilty to a criminal charge related to anti-money laundering violations, resulting in a significant fine. Furthermore, CZ is expected to step down as CEO, with Richard Teng being considered as a potential successor.

Changpeng Zhao is scheduled to appear before a federal court in Seattle to enter his guilty plea. This crucial legal step can further impact BNB’s price action as investors assess the implications of CZ’s admission of guilt regarding violating anti-money laundering requirements.

The reported settlement involves Binance pleading guilty to a criminal charge related to anti-money laundering violations, leading to a hefty $4.3 billion fine. This substantial sum encompasses payments to settle civil allegations made by regulators.

These developments occur in an increasingly stringent regulatory environment in the cryptocurrency industry. The recent charges brought by the SEC against Kraken further highlight the regulatory scrutiny faced by industry players.

Additionally, market participants anticipate significant enforcement actions by the DOJ, which adds to the atmosphere of uncertainty and apprehension.

Will CZ’s Statement Halt BNB Downtrend?

Despite the shocking revelation surrounding Binance’s leadership and its impact on the crypto community, there may still be hopes for a potential recovery of Binance Coin and the overall crypto market as the case reaches its conclusion.

With CZ reaching a settlement with the US Department of Justice (DOJ) and pleading guilty to criminal charges, the exchange can breathe a sigh of relief, knowing that regulatory agencies have addressed their concerns and potential legal action.

Furthermore, this settlement could be seen as a victory for regulators, particularly in light of the ongoing legal battles between the US Securities and Exchange Commission (SEC) and Ripple Labs, which involve the cryptocurrency XRP.

A favorable outcome in these cases could potentially boost confidence in the broader crypto industry and drive prices higher.

BNB

Currently, BNB is trading at $240, showing signs of recovery from its recent drop, which briefly touched $235 but managed to stay above the critical support level of $232.

In further declines, BNB bulls will need to hold the support levels at $228, $217, and $214 to prevent the token from dropping below the critical level of $200.

However, suppose Changpeng Zhao and the new Binance CEO can provide a statement that reassures the community and instills a sense of calm. In that case, it may bring a renewed positive sentiment and potentially halt the current downtrend for BNB.

The unfolding of the situation, the next steps for the exchange, and CZ’s fate remain to be seen. The community and market participants eagerly await further developments and announcements shaping the future of Binance and its native token, BNB.

Featured image from Shutterstock, chart from TradingView.com

21st November 2023

Crypto Market Reacts: Binance CEO Changpeng Zhao Steps Down

In a shocking turn of events, Binance CEO Changpeng Zhao has agreed to step down from the crypto exchange and has plead guilty to “violating US anti-money laundering requirements.”

The news is currently being priced into the crypto market, leading to extreme volatility in Bitcoin and altcoins, plus a lot of chatter on social media. Let’s take a closer look at how the market and speculators are reacting so far.

CZ To Step Down, Pleads Guilty, Company Charged $4B In Fines

Earlier today, the US Department of Justice revealed it would be announcing action against a cryptocurrency company. The most dominant cryptocurrency exchange, Binance, was the target of the enforcement action, and was ordered to pay $4.3 billion in fines.

Binance CEO Changpeng “CZ” Zhao stepped down as a result, and plead guilt to US anti-money laundering charges. The crypto market sank in the earlier hours today in anticipation of the news.

However, as soon as the Wall Street Journal revealed the information publicly, Bitcoin price bounced back and so did the altcoin market. Moments later, most of the upside price action was wiped out. Price as traded within roughly a 4% range today, but has traded across that several times since the news broke, highlighting powerful intraday volatility.

Binance BTCUSDT

The Crypto Market Reacts To The Binance News

While the market tries to price in what just occurred, volatility will continue to ensue in the near term. On X (formerly Twitter), notable figures are speaking out in regards to CZ’s departure from Binance.

On-chain analyst and market commentator Will Clemente points out it is “just a matter of weeks until Bitcoin ETF approval now” with Binance out of the way. The company has long been cited as a key reason for the SEC remaining hesitant to pull the trigger on a spot BTC ETF application approval.

Messari Crypto CEO Ryan Selkis calls it one of the “biggest catalysts we could have in crypto” between ETFs, crypto-friendly legislation, and this $4 billion settlement helping crypto be viewed as a “real industry.”

Economist Alex Kruger reveals that the settlement is ranked the 7th in financial compliance history, next to names like JP Morgan, Bank of America, Goldman Sachs, Wells Fargo, and several others.

21st November 2023

BNB Price Momentum Reignites – Why Bulls Could Aim For 15% Rally

BNB price gained momentum and climbed above the $250 resistance. It is up over 5% and the bulls could soon aim for a move toward the $300 level.

BNB price is moving higher above the $250 resistance.
The price is now trading above $255 and the 100 simple moving average (4 hours).
There is a major bullish trend line forming with support at $253.5 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might continue to move up if there is a clear move above $268.

BNB Price Jumps 8%

These past few days, BNB price remained stable above the $240 resistance. The bulls stepped in and were able to clear a major hurdle at $250. It opened the doors for more upsides above $255.

BNB gained traction and climbed above $260. It is up over 5% and outperforming both Bitcoin and Ethereum. A new multi-week high is formed near $267.9 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $238.9 swing low to the $267.9 high.

BNB is also trading above $255 and the 100 simple moving average (4 hours). Besides, there is a major bullish trend line forming with support at $253.5 on the 4-hour chart of the BNB/USD pair.

Source: BNBUSD on TradingView.com

If there is a fresh increase, the price could face resistance near the $265 level. The next resistance sits near the $268 level. A clear move above the $268 zone could send the price further higher. In the stated case, BNB price could test $280. A close above the $280 resistance might set the pace for a larger increase toward the $300 resistance.

Downside Correction?

If BNB fails to clear the $265 resistance, it could start a downside correction. Initial support on the downside is near the $260 level. The next major support is near the $255 level.

The main support sits at $253 or the trend line. It is close to the 50% Fib retracement level of the upward move from the $238.9 swing low to the $267.9 high. If there is a downside break below the $253 support, the price could drop toward the $245 support. Any more losses could initiate a larger decline toward the $238 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $260, $255, and $253.

Major Resistance Levels – $265, $268, and $280.