By YEET MAGAZINE | Updated 0439 GMT (1239 HKT) October 16, 2021
Updated 21 minutes ago
By YEET MAGAZINE | Updated 0024 GMT (0824 HKT) October 13, 2021
YEET MAGAZINE.COM - Binance Coin (BNB) is in the spotlight on Wednesday, with the best performing cryptocurrency of the top 100 crypto at the time of writing, gaining 15.6% over 24 hours, causing Bitcoin to lose 3.5%.
Recall that the Binance Coin rise started yesterday afternoon around 3:30 p.m., while it was moving towards $ 392, and took the crypto to a peak at $ 467 this Wednesday morning around 7:30 a.m. Then the cryptocurrency posted a quick 30-minute correction, to a low of $ 432, before reversing that drop within two hours.
Why is Binance Coin (BNB) soaring since yesterday?
Regarding the reasons for the rise of Binance Coin, it should be noted that the Binance cryptocurrency exchange yesterday announced a billion dollar acceleration fund to expand the capabilities of the Binance Smart Chain ecosystem and make advance general adoption in the FinTech industry.
Binance founder Changpeng Zhao - otherwise known as CZ on Twitter (NYSE: TWTR ) - shared his thoughts on the social media:
In its statement, the platform expressed its high expectations for the advancement of interoperability between traditional infrastructures and those of Web 3.0:
“With collaborations from leading industry organizations, the investment fund will aim to scale blockchain technology for real use cases and bridge the gap between crypto-blockchain and current technical-financial sectors. "
Technical Thresholds to Watch on Binance Coin
From a graphical point of view, it should be noted that Binance Coin currently seems hesitant to cross resistance towards $ 460/480. If he manages to stay above that threshold, the next target will be the psychological threshold of $ 500, ahead of the all-time high of $ 520.
On the downside, the $ 440 area is the first support to watch, ahead of the psychological level of $ 400.
In a sluggish market, Binance Coin is able to achieve a fairly interesting growth rate. Indeed, the price of BNB soars after Binance decided to take out the checkbook to finance the blockchain ecosystem.
BNB price was in a sort of phase of uncertainty with Binance being in the crosshairs of stock authorities around the world. The crypto had even lost its third place at the expense of Cardano (ADA).
Did he finally revive? Either way, traders are hoping BNB can break through the $ 500 resistance again as soon as possible in order to attack the May 10 ATH ($ 686.31).
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1 Billion To Promote Blockchain Adoption
Binance announced the disbursement of a billion dollar fund to promote the popularization of blockchain technology as well as the extension of Binance Smart Chain in the financial sector. In a statement, Smart Chain Accelerator Fund Investment Director Gwendolyn Regina reported:
With the billion dollar initiative, our goal will be broadened to build cross-chain and multi-chain infrastructures integrated with different types of blockchains.
The allocation of the fund will be divided into four main areas:
- Talent development => $ 100 million
- Liquidity incentive program => $ 100 million
- Builder Program => $ 300 million
- Investment and incubation program => $ 500 million
Impact On The BNB Price
Cup and handle: Binance Coin
The announcement had a bullish effect on the price of BNB. Within a day, its price went from $ 403 to $ 444. It is showing encouraging signs of a rise as its price exceeds the 20 and 50 day moving averages estimated at $ 402.8 and $ 407.3 respectively. The RSI is recovering. He gained nearly 11 points from 50 to 61.87 in three days.
Now the next challenge is crossing the $ 500 mark. Referring to the technical pattern, Cup and Handle highlighted in the chart, the price of BNB should reach $ 549 in the coming sessions.
According to the definition of the technical analysis platform, Stockcharts, Le Cup and Handle:
A chartist diagram developed by William O'Neil which marks a period of consolidation followed by a breakout. There are two main parts in this chart figure: the Cup and the Handle.
The cup forms after stepping and looks like a bowl or rounded bottom. When the cut is complete, a trading range develops on the right side and the handle is formed. A subsequent breakout of the trading range signals the continuation of the previous progression
If the alt season were to occur, that would have been one more argument for a bulllish BNB for the end of the fourth quarter.
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Home » cryptomonnaies of News " news Exchanges " Binance removes trade in yuan and begins to stalk Chinese users
Binance Removes Yuan Trading, Starts Tracking Chinese Users
2 minutes read Posted by Marine De belloir on October 13, 2021 at 10:00.
The Chinese crackdown has touched even Binance. The exchange platform, which nevertheless had its origins in China, announced a series of measures aimed at removing access to users in the country. Update on what we know.
Binance blocks Chinese users
Binance has just announced these measures restricting access to Chinese users in a terse statement . We learn that the exchange platform intends to comply with " the requirements of the local government " .
For this, the exchange will remove the markets in yuan (CNY) on December 31, 2021. Binance also plans to hunt Chinese users, explaining:
“ Binance will take an inventory of platform users . If it finds users in mainland China, are relevant accounts will be switched to "withdrawal only" mode, and users will only withdraw, redeem and close positions. "
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A market that was officially not accessible
As Binance is quick to point out, its services had not - officially - been open to Chinese users for some time:
“ Binance pulled out of the mainland Chinese market in 2017 and does not engage in mainland China exchange transactions. "
In fact, we know very well that this is not the case, and that the cleaning up which the exchange will engage in should make it possible to flush out a certain number of users. The withdrawal of the yuan from the platform should also naturally scare away those who used it for this purpose.
👉 Also read - Crackdown in China: access to Coin Market Cap, Coin Gecko and Trading has been cut
The consequences of the Chinese repression
All this shows in any case the weight of the Chinese government, which has made things difficult for many crypto services and exchanges in recent times . Last month, FTX had chosen to go into exile in the Bahamas , while the exchange platform had previously operated from Hong Kong.
A few days ago, the mining giant Bitmain announced for its part that it would no longer deliver a mining machine to China . The change is significant: the country collected 65% of the Bitcoin hashrate not too long ago . The cards are therefore definitely being reshuffled in the crypto ecosystem.
👉 On the same subject - Edward Snowden: "Bitcoin (BTC) is stronger after the ban on cryptocurrencies in China"