Binance and Circle established a strategic cooperation on Wednesday to increase adoption and utilization of the USDC stablecoin during an Abu Dhabi press conference. According to Fortune, the cooperation between Binance, the world’s largest cryptocurrency exchange, and Circle, which co-founded USDC with Coinbase, intends to acquire a larger portion of this booming market, especially as […]
Binance Coin (BNB), the native cryptocurrency of the Binance blockchain, has officially entered a new price discovery phase, recently reaching an all-time high of $774 late Tuesday. This significant milestone reflects a broader trend in the cryptocurrency market, where attention has shifted from Bitcoin (BTC) to altcoins like BNB and XRP, both of which have demonstrated impressive price movements over the past 48 hours. BNB Price’s 235% Year-to-Date Gain After a prolonged consolidation period between $430 and $600 from September to early November, BNB has surged nearly 25% in just the past two weeks. This increase is part of a capital rotation within the market, drawing investor interest toward cryptocurrencies such as Binance Coin. The token’s breakout above the critical resistance level of $658 marks a pivotal moment, indicating increased buying demand and renewed market confidence. Related Reading: Analyst Says Dogecoin Price At $1.3-$1.5 Is Still Possible, Here’s Why Year-to-date, BNB has delivered remarkable gains of 235%, especially following a significant downturn earlier in 2023 when the token fell to around $203. This decline was largely attributed to regulatory challenges faced by Binance, including charges of money laundering against the company and its former CEO, Changpeng Zhao (CZ), which ultimately led to CZ stepping down. Although trading volumes on the exchange dropped in response, optimism has resurfaced, particularly with anticipated regulatory changes under the incoming administration of Donald Trump in 2025. In addition, the current US Securities and Exchange Commission (SEC) chair Gary Gensler, has recently announced its departure effective on January 20, coinciding with Donald Trump’s presidential inauguration. This could pave the way not only for further capital injection into the Binance Coin, but also open a range of new investment vehicles such as the surging crypto exchange-traded fund (ETF) market led by Bitcoin and Ethereum (ETH). Key Levels To Watch As Binance Coin Approaches $800 BNB’s market cap has surged in tandem with its price, reaching approximately $93 billion before the recent 17% price increase, which pushed its market cap to over $112 billion. This price action has been accompanied by a notable increase in trading volume, which rose 14% in the last 24 hours, totaling just over $5 billion, according to CoinGecko data. These developments have contributed to a strong upward trend, positioning BNB closer to the $800 milestone. However, investor behavior, particularly potential profit-taking, and the maintenance of key support levels will be crucial in determining the token’s trajectory moving forward. Related Reading: Cardano Next In Line After XRP? ADA Price Targets $4.88 In Epic Breakout Crypto analyst Ali Martinez previously highlighted a critical price point, suggesting that a weekly close above $662 could set BNB up for a significant move towards $1,630. Interestingly, Binance Coin closed the past week just above this mark at $663, which implies a further surge of approximately 110%, which would represent a major milestone for the token in the coming months. For BNB to maintain this optimistic outlook, it will be essential for the token to consolidate around current trading levels, particularly near the last demand zone at $660. Although this support level is below the current price of $773, it remains a crucial area for sustaining momentum and facilitating potential future gains for Binance Coin. Featured image from DALL-E, chart from TradingView.com
A former Binance executive has filed a whistleblower lawsuit against the cryptocurrency exchange in the UK, alleging that a colleague solicited a bribe from a customer in exchange for preferential treatment. Amrita Srivastava, a senior employee based in London, claims she was “unfairly dismissed” after raising concerns about the alleged misconduct. Srivastava’s Lawsuit Against Binance […]
Changpeng Zhao (CZ), the billionaire founder of Binance, made his return to the public eye at the Coca-Cola Arena in Dubai, after his recent release from Federal Correctional Institution Lompoc II, where he served four months for failing to implement adequate anti-money laundering (AML) measures at Binance. Strong Emotional Ties To Binance’s Future Amid cheers […]
The crypto market is rallying 6.8% following the US presidential elections, which made Bitcoin soar to a new all-time high (ATH). As a result, most of the market saw a green daily close, with Solana (SOL) recording a 15.8% surge in the last 24 hours and regaining a key support level. Related Reading: Shiba Inu (SHIB) Gearing Up For Massive Bullish Wave Following 8% Daily Surge, 110% Rally Ahead? Solana Dethrones BNB As 4th Largest Crypto The result of the US elections gave the crypto market the long-awaited boost many investors and market watchers expected. In the early hours of Wednesday, the largest cryptocurrency by market capitalization surged about 8.6% toward its new ATH of $75,358. This surge, fueled by the victory of pro-crypto Republican candidate Donald Trump and a mostly crypto-friendly Congress over US Vice President Kamala Harris, ignited a bullish rally across the market. Solana followed BTC’s lead and jumped over 15% to turn the $180 level into support. Moreover, the cryptocurrency reached its highest price since July, nearing the $190 resistance level. SOL’s daily activity skyrocketed in the last 24 hours, rising 210% to a $10.7 billion daily trading volume. Meanwhile, the cryptocurrency saw a 14.66% increase in market capitalization, surging to an $88.1 billion market cap. As a result, Solana flipped Binance Coin (BNB)’s $85 billion market cap, dethroning BNB as the fourth largest cryptocurrency by this metric. This performance fueled investors’ bullish sentiment on the cryptocurrency, with some market watchers predicting a bullish wave towards Q1’s highs. Is SOL Getting Ready For $400? Solana was deemed one of the strongest cryptocurrencies during Q3’s market retraces, holding above its breakout levels while most altcoins struggled. Following last night’s performance, crypto Trader Koz called SOL’s chart “one of the absolute best-looking charts out there.” The cryptocurrency’s surge above the $180 mark represents a breakout from an 8-month consolidation range that started after Solana hit its yearly high of $202. Similarly, World of Charts considers SOL as ‘looking more bullish than before.” The analyst noted that the cryptocurrency finally broke above the upper line of a bullish flag pattern after nearly breaking above it in late October. World of Charts suggested that after the successful breakout, a massive bullish wave is around the corner. To the analyst, this wave could ultimately send Solana’s price toward a new ATH of $400. Moreover, crypto analyst Jelle highlighted the breakout, stating that SOL is ready to retest the yearly highs. Related Reading: PolitiFi Memecoins Soar: Trump-Themed Tokens Rally 30% Ahead Of US Elections A reclaim of the $200 mark, not seen since March, could propel the cryptocurrency above its ATH of $260 in the coming weeks. However, it is key that Solana holds the $180 mark to continue its bullish ascend, as a rejection from this zone could see SOL’s price pullback to the $160 support. SOL trades at $186.9, a 4.12% and 27.56% increase in the weekly and monthly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com
Changpeng Zhao, the former CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, made his anticipated return to the public eye at the Binance Blockchain Week in Dubai on Wednesday. This appearance marks his first since serving four months in prison, which has reshaped his outlook on life and leadership. CZ Reflects On […]
According to a recent report by Bloomberg, Binance, the world’s largest cryptocurrency exchange by trading volume, is facing significant challenges as its market share continues to decline. In September, Binance’s share of trading volume in the roughly $2 trillion digital asset market fell to 36.6%, down sharply from 42.7% at the start of the year and the lowest level in four years, according to data from CCData. Binance Spot And Derivatives Trading Hits Four-Year Lows The drop in market share is particularly pronounced in both the spot and derivatives trading arenas. Binance’s 27% share of the spot market represents its lowest level since January 2021, while its derivatives trading share stands at 40.7%, also the lowest in four years. Related Reading: Crypto Analyst Maintains $7.50 XRP Target Despite SEC Appeal Against Ripple Per the report, this decline can be attributed to the legal saga that the exchange has been experiencing globally since last year, but particularly in the US, which has not only had a notable impact on the exchange’s financial metrics, but has also led to changes in its leadership. The company has been under increased scrutiny globally, following a settlement with the US Department of Justice (DOJ) last year over serious charges, including sanctions violations, which resulted in a hefty $4 billion fine. The fallout from these regulatory actions included the resignation of co-founder and former CEO Changpeng Zhao (CZ), who served four months in prison as part of the proceedings. However, the former CEO was released by US authorities last Friday after serving his sentence. In an effort to rebuild trust and navigate the regulatory landscape, Binance appointed Richard Teng, a former regulator, as its new CEO. Teng has been actively engaged with regulators investigating Binance in various jurisdictions, while also appointing a new board of directors and the intentions of establishing a new headquarter. Centralized Crypto Exchanges Face 17% Volume Drop The report further highlights that the broader market for centralized crypto exchanges is also facing challenges, with combined spot and derivatives trading volumes dropping 17% in September. However, this decline is typical for the month, which is often seasonally weak, but it has resulted in the lowest monthly trading activity since June. Notably, Binance has seen the most severe market-share decline among top exchanges, as competitors such as Bybit, Bitget, and Crypto.com have begun to capture a larger share of the market. Related Reading: Crypto Analyst Says Solana-Based BONK Is In Prime Position For Legendary Rally Jacob Joseph, a senior research analyst at CCData, noted that this trend may indicate a growing confidence among crypto participants in alternative platforms that “offer similar user experiences,” including low trading fees, minimal slippage, and high market liquidity. Despite the challenges, Binance recently achieved a significant milestone, becoming the first centralized crypto exchange to surpass $100 trillion in lifetime trading volume, according to CCData. At the time of writing, the exchange’s native token, BNB, currently the fourth largest cryptocurrency on the market, is trading at $545, up just 1% in the last 24 hours amid the broader market decline. Featured image from DALL-E, chart from TradingView.com
In the aftermath of Binance’s settlement in 2023 with US authorities and the subsequent resignation and conviction of its former CEO Changpeng Zhao (CZ), the regulatory landscape appeared to have quieted down for the exchange and its key figure. However, recent revelations by a former Department of Justice (DOJ) official-turned-lawyer for blockchain company ConsenSys have […]
Binance Coin (BNB), the native token of the world’s largest crypto exchange Binance, recently hit an all-time high of $725 on June 6th, the first week of exchange founder Chagpeng Zhao’s (CZ) four-month prison sentence in the US. According to a Bloomberg report, this price rally for the Binance Coin has made CZ the richest […]
Floki Inu (FLOKI), the dog-themed meme coin, has recently achieved a significant milestone by reaching an all-time high (ATH) amidst Binance Coin’s (BNB) upward trajectory. With a 15% surge in the past 24 hours, FLOKI reached a record price of $0.0003491, solidifying its position as the largest meme coin on the BNB Chain. Floki Inu Receives Major Boost As DFW Labs Invests $12M This surge comes as Web3 investor and crypto market maker DFW Labs announced a substantial investment of $12 million in FLOKI tokens to support the Floki ecosystem. The purchase involved acquiring a portion of the tokens from the market and the remainder from the Floki treasury. Notably, DWF Labs purchased $10 million worth of FLOKI tokens in March, which also triggered a significant price surge of over 30%, propelling the token to a nine-month high then. The partnership between Floki and DWF Labs was initially established in May 2023 when DWF Labs purchased $5 million worth of FLOKI tokens. Since then, DWF Labs has been crucial in boosting FLOKI adoption. Related Reading: Shiba Inu Burn Rate Flatlines With 99% Crash, End Of The Road For SHIB? In addition, further developments are on the horizon for Floki, as they plan to release the mainnet version of their flagship utility product, the Valhalla metaverse game, later this year. Moreover, the team is set to launch several key utility products, including the Floki Trading Bot and the Floki Decentralized Domain Name and Website Service. These upcoming releases have garnered significant attention from investors, resulting in increased buying pressure and a rise in token holders. The protocol boasts a notable milestone, with FLOKI recently surpassing 417,400 holders on the BNB chain. The protocol’s development team declared that Floki remains “the dominant meme coin on the BNB chain,” boasting a substantially larger market capitalization than all other BNB chain memecoins combined. Price Correction Temporarily Impacts FLOKI’s Uptrend According to CoinGecko data, FLOKI’s market capitalization is currently at a substantial $3 billion, nearly doubling compared to its market cap in May, which was $1.7 billion. Furthermore, FLOKI’s daily trading volume has surged by 164% in the past 24 hours, amounting to $1.2 billion, highlighting the token’s market attention from investors and its prevailing bullish sentiment. Despite these positive developments, Floki Inu has experienced a price correction of approximately 8% within a matter of hours. It is currently trading at $0.0003164. The next nearest support level for the token is $0.0002985. Related Reading: Crypto Expert Reveals Top 3 Trades To Take Now While there is a clear path for further growth, Floki Inu faces the challenge of investor decision-making on profit-taking and selling, which could potentially impact the token’s short-term uptrend. In such a scenario, a consolidation at current levels would be crucial in maintaining gains and facilitating the resumption of the uptrend once the buying trend resumes. Meanwhile, BNB is trading slightly below its ATH, experiencing a 1.5% decline in the last hour and currently valued at $699. Featured image from DALL-E, chart from TradingView.com
Binance’s regulatory woes continue to mount as the world’s largest cryptocurrency exchange by trading volume has been fined C$6 million ($4.4 million) by Canada’s financial regulator, FINTRAC. The penalty was imposed due to Binance’s alleged failure to comply with money-laundering protections, specifically related to registering as a foreign money services business and reporting virtual currency […]
Binance, one of the world’s largest cryptocurrency exchanges, has come under scrutiny after a Wall Street Journal report revealed that the platform fired its top investigators following their allegations of wash trading involving a top VIP client, DWF Labs. Binance Refutes Wash Trading Allegations The report alleges that DWF Labs conducted over $300 million in […]
According to local media reports, Tigran Gambaryan, Binance’s Head of Financial Crimes Compliance, has been remanded in custody in Abuja, Nigeria. The Federal High Court in Abuja postponed the hearing of Gambaryan’s bail application for 11 days, with the remand order continuing until the bail hearing on April 18. The judge, Emeka Nwite, agreed with […]
In a recent development, the United States Attorney’s Office in Massachusetts has taken legal action to reclaim $2.3 million in crypto assets and return it to 37 victims who fell prey to online scams and fraud. The civil forfeiture action aims to forfeit various cryptocurrencies, including Circle’s USD Coin (USDC), Tether (USDT), Tron (TRX), Solana […]
Binance Smart Chain (BSC), commonly known as BNB Chain, has announced the “BEP 336 upgrade”, inspired by Ethereum’s Dencun upgrade (EIP 4844), which aims to optimize data storage and processing on the blockchain. The upgrade is expected to significantly reduce transaction costs, improve network performance, and drive the price of Binance Coin (BNB) towards its previous all-time high (ATH) of $686, reached in May 2021. BNB Smart Chain Cost-Effective Data Solution According to the protocol’s announcement, BEP 336 introduces an innovative concept called “Blob-Carrying Transactions” (BlobTx) that will change how large data blocks are handled. These temporary and cost-effective memory segments, known as blobs, can capture data blocks as large as 128 KB. By streamlining the transaction verification process, the network only needs to verify that the attached blob contains the correct data rather than verifying each transaction within a block. Related Reading: Zooming NEAR: Solid 75% Growth Sparks Crypto Frenzy The introduction of blob transactions within the BSC, which is particularly beneficial for opBNB – the layer 2 network of the BNB ecosystem – offers several advantages. Blobs reduce network space consumption, resulting in lower storage costs and more affordable gas fees for users, similar to Etherem’s Dencun upgrade. This storage strategy allows for efficient data handling while managing blockchain bloat, ensuring data integrity and availability throughout its lifetime on the chain. BEP 336 also includes two additional components. The Blob Market establishes a fee market for blobs, ensuring regulated storage and transmission costs based on network demand. The Precompile Contract adds a layer of security by verifying that the data in a blob matches the reference in the blob-bearing transaction. While BEP 336 draws inspiration from Ethereum’s EIP 4844, it is tailored to meet BSC’s unique requirements. Notably, BSC’s design mandates that blobs be managed exclusively by the BSC client, distinguishing it from Ethereum’s approach. Moreover, BSC implements a dynamic gas pricing mechanism for blobs, ensuring reasonable transaction costs with minimum and maximum thresholds. BEP 336 Integration With Phased Roadmap BSC has outlined a phased roadmap for the integration of BEP 336. Beginning with the Testnet launch in April, developers can test and interact with the upgrade in a “controlled environment” to address potential issues. The subsequent Magnet phase in May will focus on further testing and optimization to ensure the “robustness” and “scalability” of BEP 336. Finally, in June, the mainnet hard fork will mark the official deployment of BEP 336 on the BSC mainnet, ushering in a new era of efficiency and cost-effectiveness for the network. Related Reading: Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target According to the announcement, the benefits of BEP 336 are expected to impact developers and users within the BSC ecosystem significantly. Gas fees will be reduced considerably as certain data types no longer require permanent storage, making transactions more affordable. The temporary storage mechanism will keep the blockchain lean and bloat-free, enhancing overall network performance. With lower costs and improved efficiency, BEP 336 aims to make the BSC ecosystem more accessible to a wider audience, including developers and newcomers to blockchain technology. The announcement has boosted Binance Coin’s (BNB) price by over 8%, resulting in a current trading price of $588, just 15% below its all-time high of $686. In case of further price gains, the next resistance walls for the BNB price are placed at the $600 level and the $608 mark, which could prevent the token from further price appreciation in its mission to reach its current ATH. Featured image from Shutterstock, chart from TradingView.com