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Crypto Markets Trade Sideways After TON Rejection By The SEC

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The latest crypto news show that the markets are in an unstable position following the Telegram Open Network (TON) and its rejection by the US Securities and Exchange Commission (SEC). The crypto markets trade sideways and seem to be held by a negative pressure that is constant over the past couple of days.

At press time, even 8 out of the 20 cryptocurrencies are seeing gains. The Binance Coin news indicate that BNB is surging by nearly 2.8% and Chainlink (LINK) is seeing the biggest losses in the top 20 – dropping by more than 6.1%. As the crypto markets trade sideways, Bitcoin is also taking a hit. Even though BTC is stable in its safe zone around $8,300, the momentum is red and the cryptocurrency managed to lose some of its value.

This is maybe the fourth day of literally no bigger action on the markets. After hitting $8,800 on October 11, BTC has been hovering around the $8,300 threshold for some time now. At press time, the Bitcoin price news show that the leading cryptocurrency is down by around 0.4% on the day. On a seven day period, Bitcoin is still up by around 2.8% which is a good sign for its market share rate which has also been relatively stable.

The fact that the crypto markets trade sideways has many Bitcoin bulls predicting that the upcoming Bitcoin block reward halving in May 2020 will be the most crucial event for the cryptocurrency – possibly leading to all-tie highs and breaking prices. According to the CEO at the Chinese mining giant Bitmain, the BTC halving may not lead to a bull market.

On October 8, we saw the American asset manager VanEck publishing its research and providing a number of reasons why Bitcoin improves its investment portfolio upside, emphasizing the coin’s unique monetary value, scarcity and independence from the traditional markets.

The ETH news feature Ethereum and its possibility to soon drop to new levels and that the pressure on the cryptocurrency is big. As a leading altcoin, ETH is down by 1.6% on the day and is trading at $182. The developments in the company recently introduced by its co-founder, Vitalik Buterin, are the only proof that the cryptocurrency could soon recover and reach new yearly highs.

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Binance Coin News

Binance Carries Out 10th Token Burn , Removes $38.8 Million BNB

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Binance carries out its 10th token burn this removing about $38.8 million worth of BNB from its circulation for good as we are reading in today’s binance coin news.The Malta-based crypto exchange Binance carries out its 10th quarterly token burn and removed $38.8 million worth of the BNB tokens from circulation and according to Changpeng Zhao, this is the second biggest burn when it comes to the USD value of the coins and also the third-biggest burn in terms of BNB. Zhao pointed out that this was the fourth consecutive quarter where the USD value of BNB burn grew. As some believe, the 9th BNB burn took place in the middle of October 2019 when the exchange also burned about 2,061,888 BNB tokens which were equal to $36,700,000 as compared to the $38.8 million.Binance reported that the latest BNB burn yesterday, was very successful and in the announcement, Changpeng Zhao pointed out:
‘’The 10th quarterly burn represented the first full quarter that we factored in the performance of our most recent new products.’’
CZ meant that the Binance’s margin trading which was launched in July, and the lending launched in August and futures launched in September 2019, are a part of the full quarter. He also noted that Binance made a huge effort to increase the fiat-to-crypto options by simply adding support for the 24-global fiat currencies to the exchange. He admitted that Binance Coin is still very far away from the all-time high which was reached in June 2019:
‘’But I don’t worry about it as much, because we view BNB as a long-term play, and many in the Binance community continue to use and hold BNB.’’
The token burning is a common practice that the token issuers perform to remove a certain amount of the existing cryptocurrency from circulation. This is done by the token creators who purchase the coins back from the community and lock it away forever. The tokens are burnt for deflationary purposes and Binance already announced its token burn plans when the coin was initially launched to keep the supply of 100 million BNB. The exchange-based crypto asset’s current circulation supply is 187,536,713 BNB but after the 10 token burns, the total supply dropped to 155,536,713.
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Binance Coin News

BNB Coin Price Analysis: Zhao Makes A Huge Bullish Prediction

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Those who did not profit from the 2019’s Binance Coin (BNB) price rally can still make profits from the crypto in 2020, says the well-known supporter of the coin Changpeng Zhao. The BNB coin price analysis made by the CEO of the platform seems to be extremely bullish as we are reading further in the altcoin news today.The CEO of Binance hypothesized a certain potential for a useful correlation between BNB and its rival Bitcoin (BTC). He also noted that the betterment of sentiment on the side of Bitcoin (BTC) can result in an increased number of Binance (BNB) trades. And also traders use Binance Coin (BNB) to pay for trading fees which would in the bigger picture force the demand for BNB.
 “Only a few coins outran [bitcoin] last year,” tweeted Mr. Zhao. “No guarantees, but the BNB ecosystem will definitely try to [build] faster than [bitcoin] again this year. I will personally continue to shill both.”
The statements of Changpeng Zhao were made while talks over bitcoin’s role as a safe-haven asset became louder. The best-known crypto peaked by up to 21%, from January the 3rd to January the 7th, at the time of escalating tensions between the US and Iran. The positive pro-growth sentiment swelled across the entire crypto sector. The BNB-to-dollar exchange rate grown more than 22% to $15.848 alone, making it one of the biggest gainers among the cryptocurrencies with the highest market capitalization. BNB also went up to 5% in contradiction of Bitcoin (BTC) within the aforementioned time span.Gautam Ghhugani from AllianceBernstein LP, the New York-based company, said that BNB coin price analysis is expected to come with a discounted price, right after he praised the core business model of Binance. The known analyst also said that the demand for the coin will go up in all likelihood because of the good performance of Binance, as an exchange company that surpasses all of its competition.
 “Binance exchange has (some) competitors (easy to Guess) who may not adopt the cleanest tactics to upset the cart,” he added. “BNB is the currency of the ecosystem & could really hurt. Binance is protecting its core business.”
If Changpeng Zhao is right about this, a growth of the price of Bitcoin (BTC) can be the right formula for it.
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Binance Coin (BNB) Price Analysis: More Consecutive Losses

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Binance Coin (BNB) price analysis shows that the altcoin still faces pressure together with the wider crypto market, having the BNB/USD pair selling even 10 percent lower since the start of this week. In our BNB Coin news today, we take a closer look at the price analysis.Still trading 200% higher since the start of 2019, the BNB/USD pair is at this time trading down from the monthly peak by over 17.5%. Signaling more potential weakness onward, the coin has not been trading higher than its 200-day average since August 28th and even had two daily losses consecutively below the 50-day moving average. The inverted head and shoulders pattern can be easily seen in the four-hour time frame charts so the buyers have to keep the level of $15.00 in order to keep the bullish pattern present.The Medium-term buyers must advance to the BNB/USD pair above the $23.50 level to provoke the pattern of inverted head and shoulders, meaning that a recovery of 30% from the present levels must take place for this consequence to happen. The Binance Coin (BNB) price analysis also pointed out that the $16.00 level will unlikely be reached as the selling pressure gets eased by the recover above the $19.50 level.The daily charts show a strong bullish falling wedge creating and the top of the wedge is now going down towards the $9.00 level. The overall upside potential of the wedge pattern can be easily spotted at the BNB/USD pair testing the 2019 high around the $40.00 level.The general sentiment in the long run for the Binance Coin is bearish at 39%, also the sentiment in the short run is bearish at 37.50% according to the last sentiment data. The Key technical resistance is shown to be located at the $19.50 and $20.10 levels according to the four-hour charts. At the levels of $27.00 and $29.50, above the present monthly trading high, is found the key technical resistance.Strong short-term technical support has the BNB/USD pair, shows the four-hour charts, about the $17.50 and $16.20 levels. And at the $15.00 and $14.00 levels are located the key medium-term technical support for the BNB/USD pair.
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Binance Coin Is Under Correction But May Surge Soon: Analysis

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The price of Binance Coin is right now under heavy pressure, but cryptonews analysts believe that it is ready to sustain it and retrace to new heights. BNB remains bullish on the hourly chart but the bears may take over if the price drops below the ascending broadening wedge, reports show.Over the past few weeks, the Binance Coin news showed that there has been a substantial growth which led to the cryptocurrency surging above $20 following a recent price break The performance of BNB has created a bullish sentiment which positioned the market for an incoming bull run.Meanwhile, Binance Coin is the seventh largest cryptocurrency and just like that, it is definitely able to retrace for the next bullish swing. If we look at the hourly chart, we will see that Binance Coin is trading above $20 which is a price that was broken a couple of days ago.Right now, bearish pressure is surrounding BNB - and buying pressure is expected to continue in the next couple of hours. Going back to late September low on the daily chart, we can see that the BNB trend looks reversed.Over the past two days, the price of Binance Coin is trading under $21 due to the short-term corrective pullback. Analysts believe that if the bulls regroup well, Binance Coin could reach $21.6, $23 and $24.Otherwise, the bears may step back and trigger a situation full of price drops. In cases like these, the BNB/USD pair could fall from the wedge boundary and drop to $20.5, $20 and $19, accordingly. One crypto trader noted that the "moon" is likely the target once BNB surges above the current range.https://twitter.com/SmartContracter/status/1194449906548670464Binance Coin is definitely in a weak momentum, but the coin managed to see bullish gains. Even though it is likely to see a pullback in the short term, the long term outlook remains promising.However, if the market slumps below the wedge, we could see a price of BNB dropping as low as $19 before initiating a new bullish trend. Bullish trend continuation is expected once the market finds support on the wedge's lower boundary.At press time, Binance Coin is trading at $20.39 with a 2.65% decline on the day.
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