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Binance CEO Predicts A $2 Trillion Bitcoin Market Cap

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The President of the United States, Donald Trump, was in the news this week for mounting a $1 trillion stimulus package for the US economy in the wake of the coronavirus outbreak. This decision also went viral in the cryptonews and made Bitcoin (BTC) surge in terms of value following the news of the stocks market finally reconnecting with the gains. And this is why the Binance CEO predicts a $2 trillion market for BTC very soon.

Today, the CEO of Binance Changpeng Zhao is in the focus today for responding to these decisions and giving his new estimates for growth. The Binance CEO even tweeted that the new financial dialogue meant a $2 trillion market cap for Bitcoin which could be still considered “modest” in a scenario like it.

The Federal Reserve and central banks around the world started churning out fiat money in an attempt to prevent a deeper COVID-19 driven financial crash through quantitative easing. With trillions being on the table, Bitcoin has already seen price gains following the Fed’s suggestion that it could print an infinite amount of cash.

In that manner, the Binance CEO predicts a ride for BTC which will visit waves that could bring the dominant coin to $100,000. As he said in the Bitcoin price news:

“As we get used to talk about Trillions, a modest $2 trillion market cap of#bitcoin will put 1 BTC at $100,000. Not such a hard to imagine number now, right?”

Zhao went to explain that because most of the Bitcoin is in the hands of HODLers and not for sale, only a small percentage of the $2 trillion US stimulus package would need to flow into Bitcoin so that the cryptocurrency can achieve an equivalent market cap.

Of course, the bullishness of Zhao for Bitcoin is swiftly becoming a meme. Plenty of his Twitter followers responded that such a prediction could only be a sell signal. But with more dollars being printed each day, the Bitcoin limited supply may also go in its favor.

The price of Bitcoin today is at $6,733 with a nice increase compared to yesterday’s levels. We can finally see BTC stabilizing in the short term and luckily, the surge will last for a couple more days. Meanwhile, the ETH and XRP altcoins are in a solid position too and could be rising in the coming days as well, triggered by Bitcoin’s momentum.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Solana Coin Will Be Introduced To Binance With $50k Bounty

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The San Francisco based cryptocurrency project Solana could soon launch on the Binance network, the crypto news today show. In fact, Binance already announced that Solana coin will be introduced to the exchange - in a tweet which also shows that the launch comes with a bounty of $50,000 SOL. The new Solana coin is basically a performance scale oriented blockchain network which is able to complete around 50,000 transactions in a single second without sharding. https://twitter.com/binance/status/1247393036083974144 In the Binance news, we can also see that the exchange posted on its website that Solana rewards are shared with SOL token without any listing fee. In another Twitter announcement, however, Binance said that people who complete certain tasks would earn SOL token worth around $1,000. It said that the first 1,000 people to complete all five tasks would receive a reward of $20 in SOL tokens. https://twitter.com/binance/status/1247393245132292097 However, the first ten people which would complete four out of all five tasks will get SOL token of $100, while the first to complete all five would get 1,000 worth of SOL tokens. According to the official announcement, the Solana crypto launch bounty tasks are:
  1. Read the primer and complete the Solana Quiz at the bottom of the page
  2. Join the Solana Telegram
  3. Follow Solana on Twitter
  4. Subscribe to the Solana Newsletter
  5. Refer a friend who completes the Solana Quiz.
As a high throughput blockchain which is right now supporting 50,000 to 65,000 transactions per second and block times of 400ms, the Solana coin (SOL) looks like a promising project. From what we have seen so far, Binance likes getting early on projects like these which is probably why it decided to publicly list this coin. As one of the leading cryptocurrency exchanges out there, Binance has recently taken a lot of steps to improve its operation, products and services. In what many saw as an attempt to broaden its audience base, the firm also acquired a company which is basically the largest crypto data website out there, CoinMarketCap. Even though the amount expended on the takeover was not disclosed in the media, Binance is believed to have spent more than $400 million as per media reports. The takeover was confirmed by both the exchange and the crypto market data aggregator.  
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Binance Got Charged Of Embezzlement After Freezing User’s Account

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The crypto exchange Binance got charged of embezzlement after it froze an account worth $1 million and the owner accused the platform. However, Binance says they simply followed the regulations and requirements given to them by the South Korean police. Let’s find out more in the following binance news. Back in 2018, Binance froze an account that had about $850,000 worth of crypto funds and the owner claimed that the Binance exchange stole the money, according to the Russia-based crypto news site Forklog reports. The account owner believes that Binance froze the crypto funds and more specifically, it froze 4.5609 BTC, 1,600 ETH, 4,290 ETC, 726 LTC, 169,646 IOTA, 33,895 EOS, 810,807 TRON, 128 XMR, 365 ZEC, 1170 USDT, 765 BCH and 6 DASH. Binance got charged with embezzlement because it froze the account but they say that they followed the additional KYC/AML verification procedures regarding the origins of the funds. The exchange commented that the account was blocked because the South Korean police required them to but the user claims that he didn’t receive any complaints from the authorities. This happened with an ETH transaction after Binance turned its attention to 2,844.881 ETH transferred to the account. The owner claims that he explained the origins of the funds but Binance suspended the user citing a request from the police in South Korea. A spokesperson for Binance explained that the ETH portion transferred by the user was stolen from a Korean project back in November but they didn’t disclose a name. Binance said it eventually transferred the amount to the South Korean police. In April 2019, the Ukrainian law enforcement talked to Binance and the exchange gave the same explanation. The user, however, could not find a ruling by the South Korean police. The latter denied that they made any claims about the account owner. The police outlined that they did not ask for account freeze of crypto funds transfer. The user added that he sent the correspondence with the South Korean police to Binance and the exchange didn’t provide an answer so he concluded:
‘’I have every reason to believe that Binance misappropriated my money for itself. Communication with them continues from November 21, 2018. It has been 18 months already.’’
It seems that this is not the first incident of its kind for Binance. HackControl discovered similar cases with a damage of $3 million. The users will launch a class action lawsuit against Binance especially now since multiple companies were accused recently of selling unregistered securities in the US.
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Binance Announces Major Acquisition Of CoinMarketCap

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The major cryptocurrency exchange Binance announces major acquisition of one of the most popular websites in the crypto news, CoinMarketCap. In times when global markets are experiencing tough times amid the coronavirus pandemic, crypto seems to be getting stronger as its core players have tapped on one of the biggest mergers in history. Known as the world's biggest cryptocurrency exchange, Binance announces major things after it apparently reached an agreement to acquire CoinMarketCap, which is one of the most referenced crypto data websites out there. The deal is undisclosed and the companies officially announced the acquisition and spoke to the media on April 2. The founder and CEO of Binance, Changpeng Zhao, noted that Binance and CMC are in fact very similar as they are both providers of "access to crypto" and both share a vision of making crypto assets more accessible and useful for people around the globe.
"The acquisition will enable us to build on each other's strengths, and further grow and instill transparency in the industry,” the popular CZ said.
Zhao also told the altcoin news websites that the company has been in talks with CMC for some time now (a couple of months) before they closed the deal in April this year or practically yesterday. Even though this acquisition is rumored to have cost Binance a whopping $400 million, Zhao noted that the company cannot disclose the amount of the deal as it is protected by a non-disclosure agreement (NDA). The good thing as Binance announces major takeover on CoinMarketCap, is the fact that CMC will continue to operate independently. Zhao stressed this, pointing out the following:
“Binance has no bearing on CoinMarketCap rankings. CoinMarketCap stays committed to providing the most accurate, timely and quality cryptocurrency data in the industry while benefiting from Binance’s expertise, resources and scale.”
The founder of CoinMarketCap, Brandon Chez, will however step down as CEO and will be replaced by the current chief strategy officer at CMC, Carylyne Chan who will be an interim CEO.
Everyone is going to stay on and everyone is really excited about what's happening. [...] I think that no other major changes that we see, definitely not in the next couple of months,” Chan told the media.
 
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Binance Is Preparing To Enter Korean Market With KRW-Backed Stablecoin

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The cryptocurrency news today show that the major exchange Binance is preparing to enter the Korean market for the first time. The initiative will apparently position the exchange to enter the new market with a KRW-backed stablecoin. Official confirmation of these plans came with a company blog post on March 31, in which the Malta-based exchange said that it will soon open Binance KR for trading. The crypto-to-crypto exchange is named in that way for South Korean traders. Binance KR will be the name of the exchange, launched on Binance Cloud and offering the "“market’s deepest spot trading liquidity, most robust matching engine, and most advanced state-of-the-art security, custody, and risk controls,” as the blog post said. Binance is preparing to enter it with a new stablecoin named Binance KRW (BKRW), backed by the South Korean Won (KRW). Users will be able to trade in Bitcoin (BTC), Ethereum (ETH), and obviously the firm's signature Binance Coin (BNB) on the new exchange. By supporting stablecoins, Binance KR will also allow Korean traders to easily convert their country's fiat currency into BKRW. What is very interesting right now in the Binance news is the fact that the launch of this Korean marketplace comes right on the heels of the exchange announcing the purchase of the fintech firm BxB, which is the one behind KRWb as the current and world's first KRW-backed stablecoin. Obviously, Binance is preparing to launch everything in its full control and was hinting at a potential expansion into Korea for some time now. According to the CEO of Binance Ltd. named Jiho Kang:
“We are committed to bringing a fully compliant world-class digital asset exchange to the Korean market via Binance Cloud and BKRW. We are honored to partner with Binance to work towards our mutual mission of increasing the freedom of money together.”
The post also shows that Binance KR will open for registration and deposits on April 2 at 10:00 AM KST, while the trading will start from April 4 and withdrawals will be available from April 9. Meanwhile, we can still see measures to prevent the spread of the coronavirus in the Korean peninsula. Authorities will soon require anyone flying into the country to remain isolated for two weeks.
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