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.
Binance Carries Out 10th Token Burn , Removes $38.8 Million BNB
‘’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.
BNB Coin Price Analysis: Zhao Makes A Huge Bullish Prediction
“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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