First Binance Liquidation happened today on the platform after the exchange continues its test for the new margin trading feature so we are reading more about it in the altcoin news today.
As Binance CEO Changpeng Zhao confirmed on Twitter today on June 24th, that the pilot scheme brought up to the first binance liquidation and might be very painful for those involved. The Bitcoin price continued to fluctuate even today at press time after reaching $11,300 on some of the exchanges before correcting downwards below $10,600. The major price moves can prove very costly for the margin traders since the world leading crypto exchange chose to steer clear of the sought-after but it is however potentially dangerous tool.
The margin trading accounts’ face on major exchanges such as BitMEX is always a big point of conversation on crypto social media especially since all of the data is showing the extent of users’ losses and gains. Zhao noted that the first Binance liquidation will remind the followers to behave nicely with their capital.
“Don’t bet against bitcoin, and don’t bet [against] b…”
Zhao’s words could pose a warning to inexperienced traders who are considering margin trading but it also could be a suggestions to his followers to long Bitcoin. The last part of his comment refers to his platform’s own currency the Binance Coin (BNB) in order to support that token as well. The pilot involves multiple Binance users and now the officials are opting to open the participation for holders of the in-house token earlier this month via an early access scheme. BNB has gone way up since its launch and it has even delivered an all-time high of slightly under $40.
This week as reported in the latest cryptocurrency news, Binance confirmed that the trading support for the native Binance Chain Stablecoin the USDSB is available. Previously, the trading platform announced the issuance of the BTCB on the Binance Chain which is a token pegged to Bitcoin. Also, Binance launched the decentralized exchange Binance DEX which will also facilitate trading. According to the exchanges’ blog posts we can read that:
‘’The main benefit of offering crypto-pegged tokens is that, obviously, this makes available to Binance DEX traders the many coins that have their own blockchains and aren’t native on Binance Chain. With the increase in the selection of tokens available on Binance DEX, there should be an increase in trading volume and liquidity, This would further increase the utility value of Binance DEX.’’
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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