Binance.US reveals 3-tiered account verification process to comply with United States’ regulatory climate

Malta-based cryptocurrency exchange Binance made news a few months ago after it announced that it would restrict its services for U.S. residents. Despite gaining about 15% of its monthly traffic from the United States, Binance geo-blocked U.S. customers due to the regulatory climate. However, Binance wasn’t the only exchange to back out from the U.S. […]
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Source: AMB Crypto

Binance: “Well-known” Client Attacks the Binance’s Futures Platform by “Accident”

On Monday, 16th September, Changpeng Zhao, the CEO of Binance, took to his Twitter account to reveal that a well-known account that trades with Binance had tried to hack its futures platform, but had failed. The crypto community did not react very well to the way Zhao handled the situation. 
Binance Users Unharmed in the Attack
On the morning of 16th September, Changpeng Zhao, also known as CZ, posted on Twitter that a market maker had tried to attack the Binance Futures platform. In another tweet, CZ revealed that the attacker was a well-known account that traded regularly with Binance and had recently launched their own futures exchange. This was the second time that the attacker had tried to compromise Binance’s operations.
Source: Twitter
 
Source: Twitter
The good news is that the attack has failed and no traders were affected since the platform uses the index price and not the futures price for liquidation. The attacker, however, lost some money. 
CZ also claimed that using the index price instead of the futures price for liquidation was Binance’s innovation. 
In a third tweet after a few hours of the first two tweets, CZ revealed that he had had a chat with the client, that is, the attacker. According to CZ, the attack was an accident caused by a “bad parameter”on the client’s side. The attack was unintentional and the issue has been resolved between CZ and the attacker. 
Source: Twitter
Community Criticizes CZ for Unprofessional Behavior
The crypto community was far from pleased with the way Binance had handled the issue. Many users criticized CZ for behaving unprofessionally – calling out a client publicly before verifying the facts. 
Source: Twitter
Source: Twitter
Several crypto users were also quite skeptical of CZ’s version of the story. The questioned the accident’s “unintentional” nature in their comments and accused CZ of being a scammer.
Source: Twitter
This confusion around the attack and the company CEO’s response to it has not bode well for BNB, the native cryptocurrency of Binance. BNB is the only coin among the top ten coins which is in the red at present. At press time, it is trading at $20.79, 1% down from its price on the previous day. 
Source: CoinMarketCap
 
 
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Source: CoinGape

Crypto Market & Bitcoin Sighting Upsides: BCH, EOS, TRX, ADA Analysis

The total crypto market cap is currently holding the $250.0B support area.
Bitcoin price is struggling to gain momentum above the $10,400 and $10,500 resistances.
EOS price is up more than 2% and it recently broke the key $4.000 resistance area.
BCH price is back above the $300 pivot level and it could climb towards the $320 level.
Tron (TRX) price is consolidating losses below the $0.0165 resistance area.
Cardano (ADA) price is eyeing an upward move towards the $0.0500 resistance level.

Bitcoin and the crypto market cap are likely eyeing more upsides. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are likely to extend gains.
Bitcoin Cash Price Analysis
After a downside correction, BCH price started a fresh increase above the $290 level against the US Dollar. The price broke the key $300 resistance level to enter a positive zone. It is now trading above the $305 level and it seems like the next stop for the bulls could be near the $320 level.
On the downside, an initial support is near the $302 and $300 levels. If the price fails to stay above $300, it may perhaps decline back towards the $290 support area.
EOS, Tron (TRX) and ADA Price Analysis
EOS price performed really well in the past few days and it broke the main $3.850 resistance. The upward move was such that the price even surpassed the $4.000 barrier. It is now trading above the $4.100 level and it seems like there could be a minor downside correction towards the $4.000 level.
Tron price remained in a bearish zone below the $0.01650 and $0.0160 resistance levels. TRX price is currently trading near $0.0158 and it might continue to face hurdles on the upside near the $0.0165 level.
Cardano price tested the $0.0450 level and recently started an upside correction. ADA price climbed above the $0.0465 level and it seems like it could continue to rise. The main resistance on the upside is near the $0.0500 level, above which it could test the $0.0520 resistance level.

Looking at the total cryptocurrency market cap 4-hours chart, the $245.0B support level acted as a strong support recently. The market cap climbed higher recently and broke the $250.0B resistance level. Moreover, there was a break above a bearish trend line with resistance near $255.0B on the same chart. The current technical structure suggests more upsides above the $260.0B level in the coming sessions. If there is a downside correction, the $245.0B level might provide support. Overall, there can be a slow and steady rise in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the near term.
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Binance Bitcoin Futures Debuts with $170M Trading

Binance has launched a new futures platform, where speculators can bet on bitcoin price going down or up, after announcing it earlier this year. And service is already witnessing trading volumes worth hundreds of millions of dollars.

Looks like a strong start for Binance futures – $170mln trading in last 24h with max leverage 20x pic.twitter.com/qlkt8XE4vS
— skew (@skew_markets) September 13, 2019

Data analytics firm Skew tweeted a 24-hour trade report of bitcoin futures, showing Binance processing about $170 million worth of trades on the day of its debut. The figures almost matched the volumes recorded following Binance Futures beta launch. The Malta exchange noticed about $150 million worth of futures transactions across the two test phases, which prompted it to go full-fledged on Friday, with a special gift attached.
“In order to show our appreciation for your continued support towards Binance Futures, all users will receive a 50% discount on trading fees when trading on Binance Futures for the first 3 months after the go-live date,” said Binance in its blog post published Thursday.
The exchange further stated that users that participated in the Battle for Binance Futures competition and voted for Futures A would enjoy a further discount. It would equate to a total 75 percent trading fee discount on Binance Futures for a month from 2019/09/16 00:00 AM to 2019/10/15 23:59 PM.
Fees on the Binance Futures will be paid in BNB, a native utility token on Binance exchange. The team announced that it would burn 20 percent of the income it makes from its Futures platform as a part of an existing practice. The quarterly move would take a portion of BNB tokens out of supply. That means, assuming Binance Futures would make profits, Binance will now burn more of its native asset.
Binance Coin (BNB) surges more than 2 percent against bitcoin | Image credits: TradingView.com
The Season of Bitcoin Futures
Binance’s multi-million dollar debut outperformed two existing bitcoin futures services: CryptoFacilities and BitFinex. Nevertheless, it got beaten by other, broadly-accessed exchanges, including Deribit, CoinFlex, BitFlyer, and especially BitMEX, a bitcoin derivative giant that processed about $2.52 billion in futures trading volume.
Last 24 hours trade volume across Bitcoin Futures platforms | Image credits: Skew
Nevertheless, the existing market players are gearing up for stiff competition by Bakkt. The digital assets platform, backed by the Intercontinental Exchange, is launching two regulated physically-settled bitcoin futures contracts on September 23. The move, as many expect, would make it easier for institutional investors to speculate on bitcoin prices.
But unlike exchanges in the cryptocurrency space, Bakkt will not offer margin trading, a feature which allows traders to borrow money when making trades. BitMEX, for now, provides the highest margins on its derivatives contracts – up to 100x. At the same time, Binance offers up 20x margins, making it a least attractive alternative to traders with a higher appetite for risks.

Looking at the UK's latest white paper, they are very likely to make margin oveer 3x illegal.
Europe may follow.
So it's going to be interesting to see BitMEX volume play out and other exchange cull those features for major markets.
Impact on price?
— CryptoArbitrage (@CrytoArbitrage) September 13, 2019

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Binance X’s head Teck Chia reveals that Venus is still in its experimental stage

Irrespective of entering the crypto space only in 2017,  Malta-based crypto exchange Binance has witnessed an array of developments. From the launch of its in-house token BNB to the recent announcement of Venus, a blockchain for fiat-backed stablecoins, Changpeng Zhao has accelerated the exchange’s popularity. Recently, in an aim to bolster the mass adoption of […]
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Source: AMB Crypto

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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Binance announces new VIP structure for margin trading

Leveraging a massive portfolio of services and offerings, Binance today stands at the forefront of enabling crypto-startups and crypto-investors. The Malta-based exchange recently announced the addition of several leading cryptos for margin trading, with Binance also keen on pushing out promoting new VIP levels, speculated to be aimed at customer retention. An official announcement from […]
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Source: AMB Crypto

Binance Now Offers Block Trading Services via Binance Trading

Coinspeaker
Binance Now Offers Block Trading Services via Binance Trading
Binance Trading announced a service called Block Trading. With it, users can trade their cryptocurrencies worth over 10 BTC with over-the-counter methods (OTC).
Binance Now Offers Block Trading Services via Binance Trading

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Source: CoinSpeaker

Binance Coin (BNB) Uptrend Is Solid, Prices May Rally Ahead of WINk IEO

Binance Coin is down 2.1 percent in 24 hours
WINk, previous TRONbet, will be crowdfunding from the Binance Launchpad

The integration of the Kyber Network liquidity protocol with the Trust wallet is a bullish signal for investors. Furthermore, the crowdfunding of WINk from the Binance Launchpad will draw demand for BNB. At the time of writing, the coin is stable but down 2.1 percent in 24 hours
Binance Coin Price Analysis
Fundamentals
Months after acquiring the non-custodial Trust Wallet, Binance, the world’s largest exchange by adjusted trading volumes, is now integrating it with the Kyber Network Protocol. The wallet, which is completely open-source and decentralized, initially offered native support for Ethereum (ETH) and related ERC-20 compliant tokens.
However, upon acquisition, Binance extended the number of supported cryptocurrencies. The exchange further plans to list tokens with proof-of-stake consensus algorithm. That’s on top of introducing additional features as staking and support of off-chain payment options as the Lightning Network.
Presently, the Trust wallet is default to the Binance DEX. There are several advantages of integrating the Kyber Network protocol, a multi-DEX platform allowing for cross token trading. First, not only will it ease trading, but there will be additional liquidity. Secondly, through the Trust wallet, users can access dApps from the wallet’s desktop or mobile version.
Meanwhile, WINk, previously known as TRONbet and a beneficiary of the Tron Arcade fund, will crowdfund at the Binance Launchpad.
Candlestick Arrangement

Perched at seventh, BNB, is steady, soaking in sell pressure. Nonetheless, the uptrend is firm. Although there is a tinge of weakness, BNB buyers have a chance.
From previous BNB/USD trade plans, there is opportunity for bulls as long as prices are firm above the $25-$30 support zone. Already, the double bar bullish reversal pattern of July 16 and 17 is hinting of demand in lower time frames.
However, with caps at the flexible resistance line, the middle Bollinger Band, there is apparent resistance for upsides. In light of the general tepidity of price action, risk-averse traders can adopt a neutral stand until after there is a strong close above June 2019 high of $43.
In the meantime, aggressive traders can buy the dips with a safety net just below $25. The first target will be $43. If the underlying momentum is firm, and there is a definite break past $43, odds are BNB will soar to $70 in a bull trend continuation phase.
Technical Indicators
As a result, the July 18 bull bar is leading this trade plan. For trend continuation, the breaching bar, lifting prices above $43 ought to be with high trading volumes exceeding 6 million of July 18. Conversely, steep losses below $25 nullifying this trade plan must be with high participation with the signaling bar propelled with high trading volumes surpassing 6 million.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Bitcoin & Crypto Market Accelerating South: LTC, BNB, BCH, TRX Analysis

The total crypto market cap extended losses and broke the $260.0B support area.
Bitcoin price is down more than 6% and it recently broke the $10,000 and $9,800 supports.
Binance coin (BNB) price declined around 8% and it is back below the $30.00 support area.
Litecoin (LTC) price failed to hold the $90.00 support level and declined heavily.
BCH price declined nearly 10% and broke the key $300 and $290 support levels.
Tron (TRX) price trimmed all its recent gains and declined below the $0.0250 support.

The crypto market cap and bitcoin (BTC) are accelerating lower. Ethereum (ETH), BNB, litecoin, ripple, BCH, TRX, XLM and EOS are also showing a lot of bearish signs.
Bitcoin Cash Price Analysis
After a failed attempt near the $320 level, BCH price extended its decline against the US Dollar. The BCH/USD pair broke the key $300 and $290 support levels to move back in a bearish zone. The price is down nearly 10% and it is trading close to $275.
An immediate support is near the $270 level, below which there is a risk of more losses below the $260 support level in the near term. On the upside, the recent support near $300 is now likely to prevent gains in the near term.
Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis
Binance coin (BNB) price failed to accelerate above the $32.00 resistance and started a fresh decline. BNB price broke the $30.50 and $30.00 support levels to enter a bearish zone. Moreover, there was a break below the $29.20 support and the price seems to be approaching the $28.00 support area.
Litecoin price failed to surpass the $95.00 resistance and recently declined below $92.00. LTC price even broke the $90.00 support and entered a bearish zone. The price is down around 6% and it seems like it may soon test the $85.00 support level.
Tron price failed to continue above the $0.0300 resistance and started a sharp decline. TRX price is down around 15% and it broke the $0.0262 and $0.0250 support levels. If there are more losses, the price may revisit the $0.0215 support level.

Looking at the total cryptocurrency market cap 4-hours chart, there was a steady decline from well above the $300.0B level. The market cap broke the $280.0B support level to move into a negative zone. Recently, there was a break below the $260.0B support, opening the doors for more losses in the near term. It seems like there could be a downside extension towards the $240.0B support level in the near term. Therefore, there are chances of more downsides in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the coming sessions.
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Crypto Market and Bitcoin Showing Bearish Signs: BCH, EOS, TRX, ADA Analysis

The total crypto market cap failed to break the $290.0B resistance and recently declined below $275.0B.
Bitcoin price is down around 3% and it recently broke the $10,500 support area.
EOS price is down 5% after it failed to gain strength above the $4.400 resistance area.
BCH price failed to hold the $320 support and traded towards the $310 level.
Tron (TRX) price declined sharply by around 10% and broke the key $0.0280 support.
Cardano (ADA) price remains in a bearish zone below the $0.0650 support area.

Bitcoin price and the crypto market cap are currently showing bearish signs. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are likely to extend losses in the short term.
Bitcoin Cash Price Analysis
Recently, bitcoin cash price recovered above the $320 resistance against the US Dollar. The BCH/USD pair even tested the $340 level, but it struggled to continue higher. As a result, there was a downside correction and the price recently broke the $320 support level.
At the moment, the price is trading near the $310 level and it might soon test the $300 support level. If there are more losses, the price could even revisit the key $285 support level in the near term.
EOS, Tron (TRX) and ADA Price Analysis
EOS price failed to gains strength above the $4.400 resistance levels and recently trimmed gains. It broke the $4.250 and $4.200 support levels and is currently trading just above the $4.100 level. The main support is near $4.000, below which the price could accelerate losses in the near term.
Tron price was rejected above the $0.0300 and it recently started a sharp downward move. TRX price is down more than 10% and it broke the $0.0280 support level. An immediate support is near $0.0262, below which it could test the $0.0250 support level.
Cardano price is trading in a bearish zone below the $0.0650 pivot level. ADA price declined below the $0.0620 and $0.0600 support levels and it seems like it could continue to decline towards the $0.0575 level.

Looking at the total cryptocurrency market cap 4-hours chart, there was a rejection pattern formed near the $290.0B resistance level. The market cap declined recently and broke the $280.0B support level. It even broke the $275.0B support level and a connecting bullish trend line on the same chart. Therefore, there are chances of more losses towards the $260.0B or $250.0B support. On the upside, the broken support near $280.0B might act as a solid resistance. Overall, upsides in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins are likely to face hurdles in the near term.
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Bitcoin And Crypto Market Approaching Next Break: BCH, XLM, EOS, TRX Analysis

The total crypto market cap is currently trading in a range below the $290.0B resistance.
Bitcoin price is also consolidating above the $10,500 support and is preparing for the next move.
BCH price broke the $320 resistance, but it is struggling to gain momentum.
EOS price is up around 2% and it recently traded above the $4.100 and $4.200 resistances
Stellar (XLM) price is slowly moving higher towards the $0.0950 and $0.1000 resistance levels.
Tron (TRX) price is likely to continue higher and it might soon break the $0.0300 resistance area.

The crypto market cap and bitcoin (BTC) are preparing for the next break. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are currently showing positive signs.
Bitcoin Cash Price Analysis
After struggling for a few sessions, bitcoin cash price successfully broke the $300 resistance against the US Dollar. The BCH/USD pair even broke the key $320 resistance level and it is currently consolidating gains. An immediate resistance is near the $328 and $330 levels.
If there is an upside break above $330, the price could accelerate higher towards the $350 level. On the downside, an immediate support is at $320, below which it could revisit the $305 support area.
Stellar (XLM), EOS and Tron (TRX) Price Analysis
EOS price started a solid recovery after forming a support base above $3.600. The price broke the key $4.000 resistance level to move into a positive zone. Moreover, the price broke the $4.200 resistance and it might continue to rise towards the $4.400 and $4.500 resistance levels.
Stellar price slowly recovered above the $0.0850 resistance level. XLM price even broke the $0.0900 resistance level and it is currently consolidating. It seems like the price could rise towards the $0.0980 and $0.1000 resistance levels in the coming sessions. On the downside, the key supports are $0.0900 and $0.0880.
Tron price is showing a lot of positive signs above the $0.0250 and $0.0280 resistance levels. TRX price is about to break the $0.0300 resistance level and it might continue to rise. The next major resistance is near $0.0320, above which it could test the $0.0350 resistance.

Looking at the total cryptocurrency market cap 4-hours chart, there was an upside extension above the $280.0B resistance level. However, the market cap struggled near the $290.0B level and remained below the 100 SMA. At the moment, the market cap is consolidating in a range, with resistance near $290.0B and support at $272.0B. If there is a downside break below $272.0B and $270.0B, there could be more losses towards $250.0B. On the upside, a close above $290.0B might spark sharp gains in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term.
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Binance’s Boost: BNB Ready for $43 After Strong Signal

Binance Coin (BNB) is up 7.1 percent
Free airdrop for XLM owners in Binance

Binance, amassing $775k after unknowingly staking XLM, will continue staking. Preparing to boost XLM accounts with free airdrops, BNB prices are up 7.1 percent in the last day.
Binance Coin Price Analysis
Fundamentals
Trading in some periphery exchanges can not only be a source of headache because of liquidity issues, but there is also the risk of being swept clean. In H1 2019 alone, losses resulting from cryptocurrency exchange hacking exceeded $210 million. The majority is from the QuadrigaCX private key disappearance after Cotten passing.
Meanwhile, Bitpoint is the latest, losing $32 million worth of different digital assets. Even so, that’s not to say Binance is impervious as they lost $40 million in BTC back in May 2019.
However, progress is positive as the heist was an expensive lesson for Changpeng Zhao and team. Apart from their ambitious expansion drive and offering irresistible features for their global clientele, it is turning out that Binance is generous.
The Malta-based exchange unknowingly staked some of their Stellar Lumens (XLM) holdings earning $775k or 9.5 million XLM. As a result, they will begin airdropping this lot to XLM customers.
“Binance is planning to share the XLM staking rewards we have been unknowingly receiving since last year. Specifically, Binance has decided to distribute the 9,500,000 XLM in staking rewards accrued to date, which is worth about $775,000, to all users who keep XLM balances starting July 20.”
Candlestick Arrangement

Trading 7.1 percent higher in the last 24 hours, BNB has support. Already, there is confirmation of the double bar bull reversal pattern of July 16 and 17 following the high volume upthrust of July 18.
Although the conservative type of traders can wait for a full break and close above $43 before buying the dips, aggressive traders can act now. That means buying the retracement in smaller time frames with a stop-limit just below July 16 low of $25.
Good news is there will be more weight for this stance if prices break above the middle Bollinger Band (BB) by the end of the day.
In such a case, the first target will be June 2019 highs of $43. Depending on momentum, the next aim is $70. On the reverse side, and as per previous assertions, any degradation below $25 could see BNB drop to $20 in a retest.
Technical Indicators
Because of the high trading volumes of July 18, there is a likelihood that BNB will float higher. For buy trend continuation, the break out bar signaling buyers ought to be with high participation exceeding 6 million of July 18. Conversely, bears will be back if prices fall below $25 with equally high trading volumes.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Binance Jersey List Their Own GBP-Backed Stablecoin

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Binance Jersey List Their Own GBP-Backed Stablecoin
Binance Jersey has listed a proprietary GBP-backed stablecoin that confirmed that the major industry player had its sights on imminently issuing its own fiat-pegged assets, starting with a cryptocurrency 100% backed by the British pound.
Binance Jersey List Their Own GBP-Backed Stablecoin

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Source: CoinSpeaker

Binance Coin [BNB] Price Analysis: BNB Hammers at $30: Cryptos Hit the Pause Button

The total supply of Binance Coin needs to be brought down to 100 million BNB tokens.
According to the MACD, BNB/USD has a bearish bias in the short-term.

Binance Coin (BNB) has been a great performer in the cryptocurrency market since the year began. Besides making it to the top ten largest cryptocurrencies, BNB overtook several assets in order to hold the sixth position. It has a market capitalization of $4.4 billion and a 24-hour trading volume that currently stands at $688 million.
The data on CoinMarketCap shows Binance Coin has a total supply of 187,536,713 BNB while 155,536,713 BNB tokens are in circulation. This is after the latest quarterly coin burn that saw the network destroy 808,888 BNB tokens worth $24 million at the time. The total supply for Binance Coin needs to be brought down to 100 million BNB. While the exchange will continue to the burn based on the trading volume, Binance team will give up all its allocated 80 million BNB for the coin burn process.
Binance Coin Technical Picture
The 1-h chart for BNB/USD trading pair shows a cryptocurrency that still has great potential for recovery despite the upside being capped at $30. The battle for recovery comes after the entire crypto market tumbled amid global regulatory uncertainty for the proposed Libra cryptocurrency from Facebook Inc. Although Facebook will continue with the development of the project ahead of the launch next year, the company has a lot to do to convince the regulators that its intentions are right.
BNB/USD 1-h chart
BNB Chart source: Tradingview
 At the moment, Binance Coin is trading at $29 above both the 50 Simple Moving Average (SMA) 1-h currently at $27.76 and the 100 SMA 1-h currently at $27.62. Weak bullish momentum is currently building towards $30.00 immediate resistance. However, the Moving Average Convergence Divergence (MACD) shows Binance Coin having a bearish bias in the short-term. The increasing divergence downwards suggests that the sellers are likely to continue gaining traction and, therefore, a break above $30 could be an uphill task in the coming sessions.
BNB Key Technical Levels
Key Hurdles: $30, $33 and $40.00.
Key Support Areas: $27 and $24.
MACD 1-h chart: Signals increasing bear pressure.
Moving Averages: BNB price above 50 SMA and 100 SMA.
 
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Source: CoinGape