As Binance coin (BNB) continues its rise for the third month in a row, we look at some of the emerging factors that investors should follow through. The list is in no way exhaustive, but offers a glimpse at the recent happenings on Binance in Q2 2018.
- Cleansing out scams? Bytecoin (BCN) loses over 90% on Binance
After investors lost over 90% of their profits on Bytecoin (BCN) after recent listing on Binance, most have complained on the lack of proper ethics from the company along with other trading platforms. The complaint arose on why trades weren’t frozen as the coin dropped below the 0.5% level. Most of the cryptocurrency exchanges offered a statement on the inability to trade on the platform due to the problems on the blockchain.
“Due to Bytecoin network issues, deposits and withdrawals are experiencing severe delays. The Bytecoin project team is working to resolve the issue. Please be cautious of high price volatility and trade with caution.”
-Binance official Twitter page.
- Changpeng Zhao’s influence
The recent article by Changpeng Zhao, CEO of Binance praising the value ICOs bring to influencing the growth of a company has been welcomed by most in the cryptocurrency world. The increased impact that CZ is having on the whole market is currently thrilling whilst frightening (to the fiat world). The recent move of relocating the cryptocurrency exchange ‘secret’ head offices from Hong Kong to Malta is particularly one that brings even more joy as the Maltese government is friendly to cryptocurrencies.
CZ is currently one of the richest in the cryptocurrency arena with a rough valuation of $2 billion USD due to his stake in Binance and undisclosed ownership of the Binance coin (BNB). Changpeng’s opinions have been a massive factor in determining the price of BNB and overall adoption of Binance, as a revolutionary leader in the cryptocurrency arena.
- The numbers behind Binance coin (BNB)
Binance exchange is currently the largest cryptocurrency exchange with over 10 million subscribers and daily trading volumes of $1 billion USD+. The BNB coin is used as the major fuel of the platform where users can pay trading fees at a 50% discount and lowers the transaction fees significantly. BNB price has been on a rise since hitting a year-to-date low of $5.50 in early February. BNB is currently trading at $14.05 at time of writing. The 150% increase in price was set in motion in mid-March as the announcement to relocate was made official.
The coin has only been in existence for the last 9 months, relatively young for a coin currently placed 21st on Coinmarketcap rankings. The total market capitalization stands at $1.588 billion USD worth of BNB and with the recent comments of CZ showing long term continuity of Binance, it is a good signal to buy. The daily volumes traded on the Binance exchange stands at $60 million USD in the last 24 hours as most investors show a willingness to but BNB.