bnbusdt Archives - Page 5 of 5

30th April 2021

Binance Smart Chain Partner Receives Funds From 16 Institutions

Built on top of Binance Smart Chain, CryptoTycoon (CTT) is a monopoly game based on Binance Coin (BNB), Binance USDC (BUSD), and stablecoin Tether (USDT). With it, users can play to construct in-game buildings by rolling the dice. The game operates with a deflationary and dividend model, according to an official post.

The team behind the game recently announced the successful completion of their seed round of fundraising. Per their announcement, they have received support from 16 institutions from “different regions and backgrounds”.

In total, Binance Smart Chain’s partner was supported by HappyBlock, CryptoDiffer, R8 Capital, A195 Capital, 4SV, AKG Venture, PrimeBlock Ventures, Amplio Capital (BitMart Labs), T3E (MW partners), Infinity Labs, CatcherVC, BenMo Labs, BEST, Horizon Capital, Ternary Capital, and 7Star Capital. The team added:

In addition, we have recently received supports from many BSC community building participants, who provided a lot of valuable suggestions to CryptoTycoon and participated in CryptoTycoon’s seed round fundraising in a private form.

Binance Smart Chain’s Partner And Its Roadmap

The project will focus on “market building and user experience” for their next phase of development. They are currently taking feedback from the community. So far, they have divided their roadmap into two stages an initial stage and an early stage.

The former has been composed of game design, smart contract coding, legitimate subject and legal matters, participation from their American and European market partners, smart contract audit, official website (v0.1) launch, and other items related to community operations and media. Most of the first items have already been completed.

In their early stage, they will have a close beta of their game, a CTT release, an official website launch on their v0.5 launch, liquidity provider staking mining, game interactive contract audit, planning for their second iteration of the game, and much more.

CryptoTycoon’s native token CTT will have a burned mechanism, as two of the most important assets in the Binance Smart Chain ecosystem, BNB, and PancakeSwap’s CAKE.

BNB trades at $619 with a 5.7% profit in the daily chart. In the weekly and monthly chart, BNB has a 20.4% and 99.9% profit, respectively.

Binance Smart Chain BNB BNBUSDT — BNB with moderate gains in the daily chart. Source: BNBUSDT Tradingview

13th April 2021

Coinbase Listing Sends Binance Coin (BNB), Exchange Tokens Soaring

There’s less than 24 hours standing in between now and the time San Francisco-based cryptocurrency exchange Coinbase is listed publicly for the first time. The shot heard ’round Wall Street has caused exchange tokens in particular to surge.

One of the biggest benefactors has been competitor platform utility token, Binance Coin, along with other similar coins offered by exchanges. Here’s why there’s such interest and demand for the platforms themselves.

The Big Deal Behind The Coinbase Listing And Ongoing Bitcoin Rally

Tomorrow, Coinbase (COIN) begins trading on the stock market in a move that could cause a widespread “revaluation for this whole segment higher,” according to Amplify ETFs founder and CEO Christian Magoon.

It also comes as Bitcoin price pushes to new historic highs, and crypto “altcoin season” is in full bloom. Coinbase couldn’t be doing better right now, and its debut valuation tomorrow is anticipated to be between $150 billion based on pre-market trading on FTX.

The popular cryptocurrency exchange now synonymous with Bitcoin itself has seen its Q1 2021 revenues beat all of 2020 combined.

The company’s “Coinbase Pro” platform is where many institutions and corporations have been doing business.

The high-wealth individuals and companies moving crypto off the exchange en masse has been called the most bullish signal “ever.” And the bull market has been spilling into altcoins and then some.

binance coin bnb coinbase ipo season

Binance Coin has absolutely exploded amidst Coinbase IPO fever | Source: BNBUSD on TradingView.com

FOMO For Exchange Tokens Bolsters Binance Coin Bull Market ROI

“I think we’re going to see more private companies go public because they see the path, hopefully, that Coinbase takes that recognizes the value in the public marketplace,” Magoon also told CNBC during a segment of ETF Edge.

The potential of other platforms like Coinbase to follow suit has prompted exchange utility tokens such as those from Binance or newcomer trading platform FTX.

Binance Coin itself has been an enormous benefactor of the buzz the Coinbase listing has created. Not only could Binance eventually go public as well, but increased trading volumes and utility from Binance Coin has also caused demand to skyrocket.

The popular token is also at the center of Binance Smart Chain that now could rival Ethereum. All together these factors have resulted in a more than 1300% climb from low to high in 2021 alone.

Exchange tokens are flying even more so than CBSE  | Source: Arcane Research

FTT, the token to newcomer platform FTX which has been offering pre-IPO Coinbase contracts, has also been rising and is up more than 700% on the year.

What this all boils down to, is that the cryptocurrency industry is finally being legitimized in the eyes of Wall Street and beyond, which could cause even further repricing of Bitcoin, altcoins, and especially exchange tokens like never before. And it all starts tomorrow with the historic Coinbase listing.

Featured image from Deposit Photos, Charts from TradingView.com

12th April 2021

BNB Soars Above $600, is an Ethereum Flippening on The Cards?

April has seen a stellar run from BNB, growing 86% in less than two weeks and hitting an all-time high today. Over the same period, its market cap has near doubled from $49bn to $96bn.

While this is still just over a third of Ethereum’s market cap, a stalling ETH 2.0 rollout schedule has observers wondering if a flippening is on the cards.

BNB daily chart

Source: BNBUSD on TradingView.com

BNB Benefits From Demand For Cheap DeFi

Whichever metric you use to analyze Binance, whether that’s the number of markets, trading volume, weekly visits, etc., there’s no doubt it’s a significant player in the crypto industry.

Analysts have looked at the reasons for Binance’s success. They highlight its community program, referral scheme, low fees, choice of tokens, and high (crypto) verification-less withdrawal limits. A seldom mentioned factor is also the company’s willingness to branch out into areas other than spot trading.

“Even though there were already more than 100 crypto exchanges when Binance was launched, it managed to take leadership, and really has become one of the most frequently-used platforms for traders.”

The launch of Binance Smart Chain (BSC) in September 2020 was its stab at DeFi. Since rolling out, the total value locked (TVL) in BSC has surged to $31.3bn. And there appears no sign of slowing down. Two weeks into this month, TVL has already increased by $11bn or +65%.

BSC’s main selling points are that it’s a faster and cheaper alternative to Ethereum. With BNB needed to pay BSC gas fees, BNB holders are beginning to reap the rewards.

Researcher Roberto Talamas attributes BSC’s rising popularity with high fees on Ethereum and the development of “white-hot” markets on the platform, particularly, PancakeSwap. All of these factors combine to foster the ideal conditions for BNB to soar to new heights.

Decentralization is Not The Priority For Users

Although blockchain sells itself on the idea of decentralization, Binance products do not offer this. For that reason, purists and Ethereum maxis would argue that both BNB and BSC are poor interpretations of crypto and DeFi.

As mentioned by @TheCryptoLark, BNB’s success shows that users value low fees over decentralization and are voting with their feet accordingly.

“Users are choosing with their feet right now. Low fees trumps decentralization for many users.“

Back in February, Binance CEO Changpeng Zhao could sense the shifting sentiment. He said BSC has twice the number of transactions than Ethereum and called on developers to jump ship to up their user count.

“there are almost 2x more transactions on #BSC than on ETH. If you want more users for your Dapp, you need to be on #BSC now.”

BNB’s rising fortunes present a serious threat to Ethereum. And with Cardano’s Alonzo protocol scheduled to roll out in August, the threat will only intensify as the year goes on.

9th April 2021

Up 700% in Q1, BNB’s next rally could be one for the “history books”

Crypto research firm Messari released this Q1 Performance Recap, the undisputed winner on the top assets was Binance Coin (BNB) with an astonishing 709% in profits. Followed by ADA (557%) and UNI, BNB seems ready to continue its rally.

Conducted by researcher Roberto Talamas, he concludes Binance Coin’s rally was fuel by the emergence of the Binance Smart Chain (BSC). Taking market share from Ethereum, BSC became a cheaper and faster option for some users.

In parallel, the token leveraged Binance high trading volume “and earnings fueled by white-hot crypto markets”, according to Talamas. One of BSC’s most popular protocols PancakeSwap also was of the top winners these past months. The researcher claimed:

Binance Smart Chain has quickly become the most used smart contract platform next to Ethereum and has benefitted from Ethereum’s rising transaction fees, and accelerated volumes and earnings fueled by white-hot crypto markets. These developments created the perfect environment for BNB to reach new all-time highs.

PancakeSwap’s native token CAKE made 3,031% gains, ranking it in the top position of the best performing DeFi assets.

BNB from the traders perspective

At the time of writing, Binance Coin is trading at $442 with 6.3% profits in the 24-hour chart. In the 7-day chart, the token has 32.8% profits and 50.2% in the past month.

Although BNB dropped from its ATH at $448, trader “Kaleo” was expecting a vertical breakout due to a pattern spotted in its price. The token has a period of a massive rally, shakeout, and a new push to ATH.

In the short term, BNB could experience a period of accumulation as it prepares for the next rally, Kaleo said:

All in on $BNB and $FTT (…) One more flight. One more leg up for BNB and FTT.

Trader “Bitcoin Printer” is bullish on Binance Coin and has set support at the current levels. Losing them could mark a “pause in the party”. Otherwise, BNB could go north of $510 with more upside in the coming months. The trader said:

IF RSI breaks out and invalidates the bear div.. holy moly.. It seems to happen.. this is insane.. but also 161,8% extension.

In the medium term, Binance Coin’s profits will be determined by its capacity to maintain competitiveness with Ethereum’s optimism rollout with Uniswap v3 deployment. Set for early May, the new features and cheaper transactions could reverse BSC and PancakeSwap’s edge.

Now, PancakeSwap has the top position in daily trading volume with $967 million followed by Uniswap v2 with $799. Analyst Checkmate said the following on BNB’s future:

Straight up, the single biggest upset this bull could deliver would be a BNB flip of ETH. Even if it was just for a day, it would be one for the CT history books.

8th April 2021

Why This Trader Expects a Huge Binance Coin (BNB) Uptrend Forming

Binance Coin (BNB/USD) is bracing for a massive bullish move in the sessions ahead, a trend that could see the exchange token rise above $450.

The analogy comes from an independent analyst on Twitter, operating under the pseudonym of Crypto Kaleo to distribute day-to-day cryptocurrency updates across its 142,000 followers. Kaleo predicts a wild upside rally in the BNB/BTC instrument as he compares the pair’s current price movements with those last month — that led a parallel instrument, the BNB/USD, to its current record high of $422.

The Breakout Mood

In February 2021, BNB/BTC reached a new high in a breakout move that followed a consolidating move below a descending trendline and pattern top (0.0032 satoshis). After hitting 0.0067 satoshis as its breakout target, the pair started consolidating again under a new descending trendline pattern. Only this time, bulls waited for days before pursuing an upside breakout.

Later, the BNB/BTC pair consolidated near the level coinciding with its descending trendline top at 0.0067 satoshis.

“The first one back in mid-February went nearly vertical afterward,” said Crypto Kaleo, mentioning the chart as shown below. “I expect something similar here, though probably a bit slower considering the higher market cap/longer accumulation period prior.”

Notice how both ATH breakouts had massive wicks / shakeout candles. Source: BNBBTC on TradingView.com — Notice how both ATH breakouts had massive wicks/shakeout candles. Source: BNBBTC on TradingView.com

The analysis appeared as the cryptocurrency market, on the whole, risked correcting lower under Bitcoin’s influence. The BTC/USD exchange rate again failed to log a breakout move above $60,000. Traders unwound their upside positions to secure short-term profits and dropped the pair to as low as $55,400 on Wednesday. It was attempting to rebound this Friday, albeit with weaker volumes.

BNB’s fundamentals typically take cues from the Bitcoin market. The correlation efficiency between the two assets currently sits near 0.75. The general market consensus for Bitcoin is bullish. It means Binance Coin also has a likelihood of tailing the flagship cryptocurrency to its gains.

BNB/USD

Kaleo spotted more similarities in the BNB/USD price movements in February 2021 and right now.

and in April 2021:

Binance Coin outlook in April 2021. Source: BNBUSD on TradingView.com

“Extremely similar also,” Kaleo stated, “both accumulated/accumulating slightly higher than the ATH they recently broke. “Continuing to play out like the time above. I’m expecting a surge out of this range to a new all-time high and price discovery any time now.”

1st April 2021

Charted: Binance Coin (BNB) Pumps Above $300, Why Bulls Could Aim New ATH

Binance coin price started a fresh rally above the $280 resistance against the USDT. BNB is now trading above $300 and it might continue to rise towards $350 or $400.

Binance coin price started a fresh rally above the $260 and $280 resistance levels against the USDT.
The price is now trading well above $280 and the 100 simple moving average (4-hours).
There is a major bullish trend line forming with support near $290 on the 4-hours chart of the BNB/USDT pair (data source from Binance).
The pair is likely to resume its upward move above the $315 and $320 resistance levels in the near term.

Binance Coin Price Breaks $300

After forming a base above $220, binance coin started a fresh increase. BNB broke the main $250 resistance and recently surpassed the $275 pivot level.

The bulls were able to lead the price above the $280 barrier and the 100 simple moving average (4-hours). As a result, there was a break above the $300 level. The price traded to a new monthly high at $317 and it is currently correcting gains.

It broke the $305 support level. There was also a break below the 23.6% Fib retracement level of the upward move from the $269 swing low to $317 high.

Source: BNBUSDT on TradingView.com

On the downside, the first major support is near the $290 level. It is close to the 50% Fib retracement level of the upward move from the $269 swing low to $317 high. There is also a major bullish trend line forming with support near $290 on the 4-hours chart of the BNB/USDT pair.

On the upside, the bulls are facing resistance near the $315 and $320 levels. The next major resistance is near the $340 level, above which the price is likely to set a new all-time high in the near term.

Dips Supported in BNB?

If BNB fails to continue higher above $315 and $320, there could be a fresh downside correction. The first major support is near the $295 level.

The next major support is near the $290 level and the trend line. If there is a downside break below the trend line support, there could be a drop towards the $280 support zone.

Technical Indicators

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

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

Major Support Levels – $295, $290 and $280.

Major Resistance Levels – $315, $320 and $340.