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Binance Coin News

Stellar (XLM) Makes Moves Up, Binance Coin (BNB) Flips

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FO6E3842CAC44 - Stellar (XLM) Makes Moves Up, Binance Coin (BNB) Flips

The crypto market appears to be still consolidating. As the Bitcoin news today show, there is no big price action on the market. In fact, the market is recovering and correcting since the weekend pump. Currently, the main buzz is created by altcoins as Bitcoin stalls at the $4,000 resistance marks once again.

The total cryptocurrency market capitalization remains just above $140 billion and is up by around $10 billion on the same time compared to last week. Bitcoin has dropped back to $4,000 over the past 24 hours but did not fall below – instead it gradually crept back up to $4,050 where it is currently trading. The BTC volume is now over $9 billion and the most dominant cryptocurrency appears to be poised to test the weekly highs again. However, a move to $4,200 could spell a larger break to the upside.

Ethereum, on the other hand, still remains at $140 without much significant improvement. In fact, ETH has weakened over the past few days and is failing to gather noticeable momentum right now. The largest altcoin by market cap is still up on the week and remains with a $1.5 billion advantage (in market cap) compared to the third-listed Ripple (XRP).

Speaking of, the XRP token has also remained flat over the past couple of days. Currently, it is trading at $0.317 without a noticeable increase. At the time of writing, the top ten cryptocurrencies are in the green during the trading session – something that is bucking the trend.

What’s also new is Stellar Lumens (XLM) and its recent listing on Coinbase which has added to this momentum but hasn’t yet produced an epic spike. In fact, Stellar (XLM) only surge by less than 7% and is now trading at $0.11.

At the same time, the news helped XLM to flip Binance Coin (BNB) and Tether (USDT) and take the seventh spot with a total market cap of $2.2 billion. While the spike of XLM was not that big, this is definitely a new milestone for Stellar Lumens.

All of the other crypto assets in the top ten are in a mild increase right now as the market is ready to get closer to the $141 billion mark.

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Binance Coin News

Binance Makes $1 Billion In Profits But The BNB Price Is Still Stuck

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Binance makes a total of $1 billion in profits recently thanks to the new revenue system but the CEO of the company says that he is very confused about the price of the native token since it seems stuck in one place. In the latest Binance news we take a closer look at the price action of BNB.In an attempt to increase the value of the coin, the company burned BNB coins every quarter worth 20 percent of the profits. During the 9th burn which happened today, Binance sent 2,061,888 or about $36.7 million into an inaccessible address showing that their profit in the third quarter increased to more than $183 million. The number of burned BNB in Q3 is 26 percent higher than during the two previous burns together. The CEO of the company Changpeng Zhao confirmed that this latest burn will mark a major milestone for the company as its total profit since the launch of the exchange surpassed $1 billion. However, he also pointed out that binance’s profits are smaller compared to other exchanges. Despite the slow trading, the exchange managed to diversify its revenues and increase the profit.
One of the major factors that led to the increase of the revenue include ‘’ new services like Margin trading, an increased number of fiat on-ramps to make purchasing cryptocurrencies more accessible, and a multitude of other services we introduced that are beginning to bear fruit,”  as Zhao said.
In the meantime, Changpeng Zhao admitted that he is very confused about the current price of the native token which is down by 39 percent in the past three months despite that Binance makes huge progress. He explained:
"We believe BNB has grown beyond the point of depending on reducing supply (such as the BNB burn) to increase value. A far bigger portion of BNB value comes from its utility. We prioritize increasing the utility of BNB over short-term profits for Binance.’’
Zhao said that there are many possible reasons for this although none of them makes sense. There was a drop in the price of bitcoin but this cannot be the only factor. There was also some FUD as well but regardless of all that, the results are still positive for the company. The markets often confuse people and even the CEO himself as he stated but also noted that there is still much strive to become the best financial infrastructure provider for tomorrow and to work even harder to bring freedom of money to the people.
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Binance Coin News

Binance Burns More Tokens As Quarterly Profits Surge

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The Binance latest news are full of excitement. During a situation when the bears are in control and when Bitcoin is below $8,000, we can see a lot of pressure and selloff which continued resulting in $14 billion leaving the space since late last week. The leading cryptocurrency exchange Binance, meanwhile, has just completed a new coin burn.As the stats show, the world's top exchange just completed its quarterly coin burn resulting in the destruction of just over 2 million BNB. The update went viral on many sites and was also confirmed by the head of the exchange, the notorious Changpeng Zhao (CZ).https://twitter.com/cz_binance/status/1184701811338297345The exchange based token had been one of the year's top performing altcoins right to the point when it dumped 60% in a fall which brought the price from $40 to $15. Binance Coin (BNB) is still up overall and the burn serves to decrease its circulating supply.At today's prices, the burn is equivalent to $36.8 million and the supply has dropped to 185.5 million tokens. The company right now plans to destroy BNB each quarter based on the trading volume on the exchange. The Binance Coin news show that this will continue until 50% of the total supply of the coin (or 100 million BNB) is burned.Many analysts jumped with their opinions as Binance burns more tokens. One of them was The Block's Larry Cermak who calculated a lot of things and concluded that Binance has just had its second highest quarterly profit. He also added that this is the ninth coin burn and one that was higher than Q2 of this year, stating:
“Since Binance burns 20% of profits, we can deduce that it made approximately $186 million in profit in Q3. This is the second-highest quarterly profit.”
https://twitter.com/lawmaster/status/1184706820209807360As we reported before, the exchange-based token (BNB) had been one of the top performing altcoins on a yearly level until it dumped over 60% in a fall which brought it from $40 to a price of just $15. However, BNB is still up overall and the coin burns are positive - meaning that they serve to decrease the circulating supply.At the current prices, BNB is still up and trading at around $15.
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Binance Coin News

Binance Coin ETP Launches On Swiss Stock Exchange

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The BNB Coin news today show that the cryptocurrency exchange Binance decided to officially launch a dedicated exchange-traded product (ETP) for Binance Coin (BNB) on a Swiss Stock Exchange. The Binance Coin ETP launches after it was announced in a press release, where the exchange confirmed that the new BNB ETP would trade on the SIX Exchange starting today (Tuesday, October 15).The ETP comes through a partnership between Binance and Amun. The latter is a local Swiss startup which has already brought various ETPs to market. The investment tool behind it, which features physically-backed contracts, is a first for the newly launched Binance Coin ETP and a first for BNB, the native token of the Binance cryptocurrency exchange. In the future, more opinions could appear for traders.According to the CEO of Binance Changpeng Zhao (known as CZ), this partnership will create a new and regulated asset class.
“Our partnership with Amun in launching the BNB ETP will provide investors with a new and regulated asset class with a unique dimension to utility tokens, making them more accessible and reliable through a traditional financial infrastructure,” CZ noted when launching the Binance Coin ETP.
Meanwhile, the cryptocurrency news show that BNB is currently the seventh largest cryptocurrency by market cap and managed to increase by around 5% overnight, mainly inspired from the news.As we reported earlier in the news, the Swiss Exchange SIX began trading the world's first multi-cryptocurrency ETP back in late 2018. The organizers behind the project include Amun and others - all of which remaining bullish about their appeal to investors despite the mixed fortunes seen on the crypto markets since that time.When it comes to Amun, we can see that before the Binance Coin ETP, the Swiss startup partnered with Bitcoin Suisse to launch an ETP based on the two largest cryptocurrencies - Bitcoin (BTC) and Ethereum (ETH).Today, the market is again in a bearish momentum but has not lost much overnight. The situation is stable and the market cap is at $225 billion, while most of the top 10 coins are recording losses from 0.10% to 3%. Bitcoin is at $8,308 right now while Binance Coin (BNB) is the only gainer in the top 10 - stabilizing at a price of $18.75 at press time.
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Binance Coin News

Weekly Altcoin Recap: BNB Leads With 23% Growth, LINK, HT, XRP Follow

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The latest cryptocurrency news bring us to the weekly altcoin recap, where several altcoins seem to be rallying. The action was first seen by Binance Coin (BNB) which led the altcoim market with a growth of 23%, followed by Chainlink (LINK), Ripple's XRP token, the Huobi Token (HT) and others.It all started when the SEC rejected the Bitcoin ETF application from Bitwise Asset Management and NYSE Arca. Next, the governing body obtained a temporary restraining order against Telegram and its subsidiary Telegram Open Network (TON) for hosting a securities sale which could spike with the distribution of Gram (GRM) tokens within the US.However, what's positive is the weekly altcoin recap - well, at least for a couple of coins - where we can see that the markets have held their own and have not collapsed. Below, we are listing the updates by altcoin.BNB/USDThe Binance Coin news were the most featured last week, mostly because BNB has made a comeback after a long absence. Ever since the exchange behind this coin (Binance) launched its lending product which allows owners to earn a percentage yield of as high as 10% for a few cryptocurrencies, the BNB token got featured and gained 23% over the past month.HT/USDNext up is the Huobi Token (HT) which was also featured in the news for rallying just above 10% in the past seven days. This turned out to be the third best performer in the market. Investors are now wondering if HT has bottomed out and is now ready for the next leg of its upside move.XRP/USDRipple recently merged three of its services (xRapid, xVia and xCurrent) into its RippleNet offering. This is how XRP is in the weekly altcoin recap and how the company is getting in the spotlight. If we study XRP's chart, we will see that the selling pressure has subsided and XRP is in a good momentum now.LINK/USDLast in the weekly altcoin recap is the LINK/USD pair which recently closed above $2.0531 and triggered out the buy for many traders. Even though the bulls pushed the price above $2.8498 during the week, they haven't been able to sustain the breakout. If the bulls can propel LINK above $3, we could see a further surge and expect the very best from this altcoin
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