Even 2019’s Best Performing Cryptocurrency is Getting Affected by the Bear Trend

Bloomberg called Binance Coin the best-performing cryptocurrency of 2019 but it nevertheless remains vulnerable to traders’ intrinsic greed.
The native token of one of the world’s largest crypto exchanges, Binance, has surged by more than 146 percent as of this time of writing. The gains are far larger than what the benchmark cryptocurrency Bitcoin has delivered so far – a dwarfed 90 percent.
Binance Coin has suffered more than 65 percent in losses since June 2019 | Source: TradingView.com
Nevertheless, Binance Coin, or BNB, has also registered a significant downside correction upon hitting a year-to-date high of $43.15. The token is now down by more than 65 percent from the said peak. In comparison, bitcoin’s losses have not gone beyond even 50 percent.
Cryptocurrency Falling Hard
The larger corrections can be attributed to the common perception in the cryptocurrency market, ‘the better you rise, the harder you fall.’
Before the correction, the BNB price had rallied by more than 575 percent against the US dollar. The surge came at the time when Binance started hosting pseudo-initial coin offering rounds, commonly known as initial exchange offerings, or IEOs, atop its newly-launched Binance Chain. Additionally, Binance offered to make those native assets available to trade on its exchange.

Also, Binance’s tendency of destroying some portion of its BNB supply against the rising demand helped the token gain long-term investors. As a result, the price rose exponentially until the end of June 2019.
Travis Kling, the founder of Ikigai Asset Management – a Los Angeles-based cryptocurrency hedge fund, told Bloomberg that the IEO craze cooled off in the latter half of 2019. The sentiment prompted BNB to give up a large part of its gains, further accompanied by a wider bearish sentiment in the cryptocurrency market.
“IEOs have cooled off a lot over the last six months, and BNB has given back a lot of its relative outperformance,” Kling said.
The Matic FUD Could Hurt BNB
In the Tuesday trade, BNB registered fresh losses of up to 5 percent in the US dollar-denominated markets. The drop closely followed a sudden crash in the price of Matic, one of Binance’s IEOs. The coin lately had a dreamy bull run, rising by more than 180 percent in just two weeks. But a painful correction brought the price down by more than 70 percent within a matter of a few hours.
Matic loses 70 percent of its valuation | Source: TradingView.com
Binance had to face a part of criticism for the said pump-and-dump on its exchange. CEO Changpeng Zhao later defended the Matic team, stating that “the MATIC team has nothing to do” with the dump.

Our team is still investigating the data, but it's already clear that the MATIC team has nothing to do with it. A number of big traders panicked, causing a cycle. Going to be a tough call on how much an exchange should interfere with people's trading. https://t.co/wOVF6tEBkQ
— CZ Binance (@cz_binance) December 10, 2019

Critics are now calling out Binance for hosting the tokens of startups that have no credible future.

MATIC drama gets better and better when you check out their foundation wallet.
When you trace the transactions you can see the team has been loading up their Binance wallet for about 20 days. @cz_binance is lying. https://t.co/QawxkVufbW
— Bryce Weiner (@BryceWeiner) December 10, 2019

It is unclear whether the sudden mishap could scare investors away from holding BNB in the long term. Nevertheless, with the current bear trend intact, Binance cannot afford any bad press coverages.
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Binance Announces $100 Reward in BNB for Purchasing HTC EXODUS 1 – Binance Edition

Coinspeaker
Binance Announces $100 Reward in BNB for Purchasing HTC EXODUS 1 – Binance Edition
Binance will select 500 lucky HTC EXODUS 1 – Binance Edition buyers to reward them with $100 in BNB tokens.
Binance Announces $100 Reward in BNB for Purchasing HTC EXODUS 1 – Binance Edition

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Source: CoinSpeaker

Bitcoin Price Fall Below $7,000 as Cryptocurrency and Traditional Markets Follow Suit

Coinspeaker
Bitcoin Price Fall Below $7,000 as Cryptocurrency and Traditional Markets Follow Suit
Crypto and traditional markets slide as the U.S. and China are yet to resolve their trade disputes. Bitcoin, XRP, Ethereum and others have significantly lost in value.
Bitcoin Price Fall Below $7,000 as Cryptocurrency and Traditional Markets Follow Suit

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Source: CoinSpeaker

Universal Protocol Alliance and Bitcoin.com Exchange Prepare to Launch ‘Mega-Utility’ Token

Coinspeaker
Universal Protocol Alliance and Bitcoin.com Exchange Prepare to Launch ‘Mega-Utility’ Token
Universal Protocol Alliance has announced the launch of the industry’s first “mega-utility” token, that will launch on Bitcoin.com Exchange, and could be used throughout the whole cryptosphere.
Universal Protocol Alliance and Bitcoin.com Exchange Prepare to Launch ‘Mega-Utility’ Token

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Source: CoinSpeaker

Binance Coin [BNB] Crosses $21.5 As Bulls Get into Action

In a recent development, the Binance coin is up by 5.32% and is at $21.48 on CoinMarketCap, down from a high of $21.60 . While Bitcoin struggles to reach $9,000, BNB has established a 30-day high.
A Look At Weekly Price Charts
The previous week, BNB was trading at in the $20-$21 range.  It was then predicted that if the price doesn’t move up, a drop to $18.30 would be seen. However, the BNB/USD pair has picked up momentum and is trading at $21.48 at press time, establishing a 30-day high.
Source- Trading View
BNB has found support near the $20.8 level and is facing a strong resistance near the $21.6 and $21.7 levels.  The ongoing developments on the Binance platform may further fuel the price action of BNB.
Technical Indicators
Source- Trading View
Relative Strength Index (14)- 49.4891519
Stochastic %K (14, 3, 3- 36.2234664
Commodity Channel Index (20) −26.1191020
Average Directional Index (14)- 24.0859047
Exponential Moving Average (5)- 20.2127233
Simple Moving Average (5)- 19.9837179
Latest Developments on Binance Platform
Recently, B2BinPay, a crypto payment processor integrated BNB blockchain, allowing clients to deposit and withdraw native BNB tokens. The latter also supports payments in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dash (DASH), Cardano (ADA).
Binance recently announced that it will support all 180 fiat currencies of the world for its direct fiat-to-crypto trading facility. With the initiative, Binance seeks to provide its customers with direct access to the large liquidit available on the exchange.
Binance currently supports five fiat currencies on its platform – Nigerian naira (NGN) and Russian ruble (RUB), euro (EUR), Ukrainian hryvnia (UAH) and Kazakhstani tenge (KZT). As a matter of fact, all the currencies have been added via third-party payment platforms AdvCash and Flutterwave.
Furthermore, Binance is also working earnestly to improve its customer services. While Binance claims to answer support tickets in 24 hours, it’s looking to shorten that time to an hour or less.
Will BNB price rally further? Let us know, what you think in the comments below!
The post Binance Coin [BNB] Crosses $21.5 As Bulls Get into Action appeared first on Coingape.
Source: CoinGape

ARPA’s Binance Community Voting Round & Growing Momentum Following President Xi’s Comments

Coinspeaker
ARPA’s Binance Community Voting Round & Growing Momentum Following President Xi’s Comments
ARPA’s CCV is scheduled to begin on 5 November and is to incorporate Binance’s new rules for the Community Coin Voting.
ARPA’s Binance Community Voting Round & Growing Momentum Following President Xi’s Comments

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Source: CoinSpeaker

Binance Launches Support for Nigerian Naira in Partnership with Flutterwave

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Binance Launches Support for Nigerian Naira in Partnership with Flutterwave
Binance has announced that Nigerian crypto enthusiasts anywhere in the world will now have access to crypto trading, with support for the Nigerian Naira.
Binance Launches Support for Nigerian Naira in Partnership with Flutterwave

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Source: CoinSpeaker

Coinsbit Rewards $200 in CNB Tokens for User Referrals

Coinspeaker
Coinsbit Rewards $200 in CNB Tokens for User Referrals
Coinsbit attracts global attention after the launch of its referral program. The company rewards $200 in CNB Tokens for subscription through a referral link.
Coinsbit Rewards $200 in CNB Tokens for User Referrals

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Source: CoinSpeaker

Is Samsung on the Verge of Partnering with Justin Sun?

Coinspeaker
Is Samsung on the Verge of Partnering with Justin Sun?
The crypto community is waiting for Samsung Developer Conference with bated breath. Will Samsung-Tron partnership be announced or it is not more than rumors?
Is Samsung on the Verge of Partnering with Justin Sun?

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Source: CoinSpeaker

Binance Unveils XRP/BNB Trading Pair Now Available on Binance DEX

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Binance Unveils XRP/BNB Trading Pair Now Available on Binance DEX
Binance has made an official announcement that an XRP/BNB trading pair is now open on its decentralized platform Binance DEX and available for trading.
Binance Unveils XRP/BNB Trading Pair Now Available on Binance DEX

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Source: CoinSpeaker

Binance Staking Platform Launched for 8 Cryptocurrencies

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Binance Staking Platform Launched for 8 Cryptocurrencies
Binance has launched its staking platform that enables users to earn dividends or interest on their digital assets just for depositing them on the platform.
Binance Staking Platform Launched for 8 Cryptocurrencies

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Source: CoinSpeaker

Crypto Exchange Giant Binance Finally Launched US Trading

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Crypto Exchange Giant Binance Finally Launched US Trading
Today, on September 24, crypto exchange giant Binance has announced the launch of its arm in the U.S. market. Binance.US is finally opened.
Crypto Exchange Giant Binance Finally Launched US Trading

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Source: CoinSpeaker

BNB Hits A 90-Day Low Despite the Massive Developments at Binance

BNB- the native cryptocurrency of the popular cryptocurrency exchange Binance has just recorded a 90-day low in its value against US dollars despite a series of recent developments at Binance.
BNB 90-day Performance
It seems that the price of BNB has shown little or no correlation to the developments underway at Binance. Within a 90-day period, from the 14th of June when BNB was trading at $35.25, till now, BNB has lost about 37% in the value in USD, taking a hit alongside with alts including ETH that have a similar “Non-correlative Price-Development Syndrome” (NPDS).
Source: Coinmarketcap
Within the first 30 days starting from June 14th, BNB was seen perambulating between $35 and $32. The coin maintained its place near its all-time high, although traded volume had fallen from around $700 million to $229 million representing a 67.2% decline in monthly traded volume.
In the next 30 days, BNB was seen to have fallen further towards $28 per coin although daily traded volume increased significantly in the first few days. The alternate gains and losses recorded by BNB between July 15th to August 15th kept the coin kept hovering around $28 while the daily trading volume also did not move much from the $248 million marks.
Entering into the last 30 days until today, a general regression was seen in the price of BNB which continued till it touched $20.77 in the early hours of today with a trading volume of around 147 million.
Binance’s Recent Developments
Going by recent events, Binance could be regarded as among the fastest growing crypto companies in the world. However, it is surprising to see that its many developments are proving to be non-correlative with the price of BNB.
Binance has made a series of developments recently. Some of these include the growth of the Binance launchpad which conducts IEOs for crypto startups with strong business propositions. This arrangement ensures that BNB is frequently used by Binance users.
Also, the exchange recently set up a new arm, Binance US, which recently revealed its plans of listing 30 crypto tokens including Bitcoin, Ethereum, and BNB.
Binance also launched its lending program recently which went live on Thursday, 28th August 6:00 AM (UTC). With this platform, Binance users will be able to increase their earnings by gaining interest as income for lending out their coin holdings over a specific period of time.
Changpeng Zhao, Binance’s CEO posted some recent developments on Twitter –

#useBNB
This is what 6 months of #BUIDL look like. https://t.co/ZNFJ7OQxeD pic.twitter.com/IRoz3z3FID
— CZ Binance (@cz_binance) September 12, 2019

Community Response
According to a popular crypto trader known as BenjaminBlunts on twitter,

saw a few big accounts shilling bnb on that fakeout up at $23.5 today
R.I.P if you fomoed that 🤷‍♀️ pic.twitter.com/roQU3jvzgL
— 🍄🌲BenjaminBlunts🌲🍄 (@SmartContracter) September 6, 2019

Also, Celsius CEO, Alex Manshisky said Binance was playing a stunt with some of its recent developments, particularly its lending platform. He added that the giant exchange could do better than what they are presently offering.
The post BNB Hits A 90-Day Low Despite the Massive Developments at Binance appeared first on Coingape.
Source: CoinGape

Leading Crypto Altcoin May Drop 40% If Support Fails

Although Bitcoin has had a stellar year thus far, 2019 has not been a strong year for the altcoin market. Only two out of the thousands of altcoins on the crypto market were able to outperform Bitcoin over the first half of the year.
However, one of those top performers is in trouble of retracing much of the gains it experienced this year, falling as much as 40% if the next support level fails, according to one crypto analyst.
Crypto Analyst: Binance Coin at Risk of a 40% Drop
2019 has been the year of Bitcoin, but also the year of Binance. Or at least the first half of the year was.
During the first half of 2019, Binance made announcement after announcement, debuted a DEX, launched margin trading, and so much more. Between the constant positive media attention, and the Binance Launchpad platform for IEOs utilizing the native crypto token of the exchange, driving up demand, the altcoin called Binance Coin’s value skyrocketed as a result.
Related Reading | Binance Turns Two: A Look Back at The Young Crypto Unicorn 
But come June things began to become less rosy for the crypto market poster child. Binance revealed it will soon be closing its doors to United States-based investors – a subset of crypto investors that make up the lion’s share of the market. The move is to comply with global financial market regulators, who do not want American citizens trading certain crypto assets that may be deemed securities or fall under specific regulatory guidelines.
Instead, Binance will close trading and deposits for these customers, and usher them into a new US-based Binance exchange with only 29 altcoins and Bitcoin under consideration for inclusion.
The uncertainty around the future value of Binance Coin, how it is implemented in the US platform, if at all, and many other unanswered questions remain, and it’s causing the value of Binance Coin to drop. One crypto analyst says that if support doesn’t hold in BNB price charts, Binance Coin could fall an additional 40% from current prices.

#binance – $BNB
If you are holding @cz_binance's coin, you sure as hell want to see a bounce from diagonal support + 19.5k area.
Failure to do so, next support is nearly 40% lower
Exchange will close access to USA accounts in 2 days – curious to see this play out pic.twitter.com/ieX2wSoZyQ
— TEDDY (@teddycleps) September 10, 2019

Binance Coin has been among the strongest performers in 2019, outperforming both Bitcoin and Litecoin to be the best performing crypto asset in the market. Outside of these three crypto-assets, though, the rest of the altcoin market has been bleeding out.
Related Reading | PSA: Only 48 Hours Remain for US Crypto Investors to Trade on Binance 
Much of the selloff in altcoins is due to crypto investors no longer willing to take the regulatory risk associated with some of the more exotic altcoins found on Binance and other platforms. The fear is these altcoins cannot be sold in some jurisdictions, essentially rendering them worthless to some investors. Rather than get caught holding permanently heavy bags, investors have been dumping alts in favor of the more regulatory friendly Bitcoin and Litecoin.
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Bitcoin & Crypto Market Cap Rising: LTC, BNB, BCH, TRX Analysis

The total crypto market cap broke a major resistance area near the $272.0B level.
Bitcoin price jumped more than 5% and broke the $10,600 resistance area.
Binance coin (BNB) price recovered above $28.00, but it struggled to surpass the $29.00 resistance.
Litecoin (LTC) price is still trading well below the $80.00 resistance area.
BCH price extended gains and traded above the $320 resistance level.
Tron (TRX) price struggled to climb above the $0.0180 resistance area.

The crypto market cap and bitcoin (BTC) are showing positive signs. Ethereum (ETH), litecoin, ripple, BCH, TRX, XLM, BNB and EOS might climb higher in the short term.
Bitcoin Cash Price Analysis
BCH price started a decent recovery from the $300 support area against the US Dollar. The BCH/USD pair climbed above the $315 level and recently surpassed the $320 resistance level. An immediate resistance is near the $330 level, but the main resistance is near the $340 level.
Conversely, if there is a fresh decline, the price might test the $310 level. The main support is near the $300 level, below which the price might turn bearish in the near term.
Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis
Binance coin (BNB) price remained well bid above the $27.00 level and recently recovered higher. BNB price broke the $28.00 resistance, but it seems like it is facing a strong resistance near the $29.00 level. The price is currently correcting lower and it might test the $28.00 support area.
Litecoin price is trading in a bearish zone below the $82.00 and $80.00 resistance levels. LTC price is currently consolidating above the $76.00 support, below which it could revisit the $72.00 support level. The next key support is near the $70.00 level.
Tron price recovered recently above the $0.0175 level, but it failed to post gains above the $0.0180 resistance level. TRX price is currently moving lower towards the $0.0170 support level. If there are more downsides, the price could decline towards the $0.0165 level in coming sessions.

Looking at the total cryptocurrency market cap 4-hours chart, there was a steady rise above the $265.0B resistance levels. More importantly, the market cap climbed above a crucial resistance near $272.0B and a connecting bearish trend line on the same chart. It opened the doors for more upsides, with an immediate resistance near the $280.0B and $285.0B levels. The next major resistance area is near the $300.0B level. If there is a downside correction, the $272.0B and $270.0B levels might provide support. Moreover, the broken trend line at $265.0B could also act as a support. Therefore, dips remain supported in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.
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