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Cryptocurrency

Binance Coin moves faster than Tesla, gains 114% in a week

Binance Coin traded at $294.52 with a daily trading volume of $16.4 billion and is up 26.43% for the day.

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Binance Coin is enjoying incredible gains amid a strong buying spree by crypto investors, and has now become the third most valuable crypto asset worldwide.

At press time, Binance Coin traded at $294.52 with a daily trading volume of $16.4 billion. Binance Coin is up 26.43% for the day.

The world’s third most valuable crypto asset now has a market value of $45.5 billion. It currently has a circulating supply of 154,532,785 BNB coins and a maximum supply of 170,532,785 BNB coins.

The creator of this fast-rising crypto, Binance, had experienced an exponential surge in crypto trading over the past few months amid growing interest from crypto investors, making it by far the world’s largest crypto exchange.

READ: Miners earn a whopping $3.5 million per hour on Ethereum network

Binance recently released the 2021 Global Crypto User Index report and revealed that the adoption of cryptos has quickened more than many had earlier envisaged, after major players showed support for the crypto market.

The leading crypto exchanges which trades the world’s most valuable exchange tokens include Binance, BiKi, HBTC, Hydax Exchange, and CoinTiger.

READ: Crypto market post all-time high, breaks past $1.15 trillion

What you should know

  • BNB was created at its initial coin offering about three years ago before the Binance crypto exchange existed.
  • It was originally designed as an ERC-20 token running on the Ethereum network, with a finite supply pegged at 200 million coins, and 100 million BNBs offered in the ICO.
  • However, shortly after that, the ERC-20 BNB coins were exchanged with BEP2 BNB on a 1:1 ratio in April 2019 with the launch of the Binance Chain mainnet, and are now no longer hosted on the Ethereum network.
  • BNB is primarily used for payments and can’t be mined. It’s a utility token to pay for fees on the Binance exchange and for participation in token sales on the Binance Launchpad.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Bitcoins dash up strongly amid high buying spree

Bitcoin traded at $48,715.70 with a daily trading volume of $54.8 billion. Bitcoin is up 6.05% for the day.

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MicroStrategy, Data obtained from thecrypto analytics firm says that, the number of Bitcoin addresses having at least 0.1 BTC has risen by 14% over the past one year, Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market, Bitcoin hits $8,826, Pigs hit hard at BTC market, plunges 8%

The price of bitcoin and saw strong gains amid high buying pressures particularly from wealthy investors, as the entire market capitalization surged by 5.62% at the time this report was written.

Bitcoin traded at $48,715.70  with a daily trading volume of $54.8 billion. Bitcoin is up 6.05% for the day.

This is coming on macros suggesting the daily Bitcoin Spent Output Profit Ratio has seen a full reset and turned negative for the first time in five months – investors were on average moving BTC at a slight loss, indicating profit-taking has abated.

In an exclusive interview with Nairametrics, Louis Schoeman, a Snr. Forex analyst at Forexsuggest, a Luxembourg-based currency analytic firm explained the rationality behind Bitcoin’s recent surge.

READ: About 33% of pension funds, hedge funds now own digital assets such as Bitcoin

“A bitcoin market correction has definitely been made in the last 7 days. According to our analysis, the reason for the price rise again is that hedge funds are starting to invest more aggressively in bitcoin,” Schoeman said.

In addition a leading global bank, Citi had recently suggested the flagship crypto-asset could “become the currency of choice for international trade,” thanks to its “decentralized design, lack of foreign exchange exposure, fast (and potentially cheaper) money movements, secure payment channels, and traceability.”

Crypto experts also argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming.

The market liquidity is tightening at the flagship Crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal, Microstrategy, hedge funds, MicroStrategy Inc.’s Michael Saylor purchased more Bitcoin to raise the enterprise-software company’s holdings to more than $4 billion.

READ: British hedge fund earns £540 million from selling half of its Bitcoin holdings

Recent reports reveal that MicroStrategy Inc. recently bought more Bitcoin to raise the enterprise-software firm’s holdings to more than $4.3 billion.

It’s critical to note that just 21 million Bitcoins are ever going to be produced in total, and presently, there is about 18.9 million Bitcoin in circulation.

This shows a differential of about 2.1 million Bitcoin that are left to be produced, not forgetting about 4.5 million Bitcoins that have already been lost forever.

bitcoin train

This also means that liquidity is drying up, with a growing demand for Bitcoin increasing, the price would most likely stay north.

Binance

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Cryptocurrency

$119 billion valued investment bank, Goldman Sachs starts Bitcoin trading

Goldman Sachs Group Inc has begun a crypto trading desk that would be handling bitcoin futures and non-deliverable forwards on behalf of its customers.

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Goldman Sachs

The world’s leading investment bank, Goldman Sachs Group Inc, has begun a crypto trading desk that will be handling bitcoin futures and non-deliverable forwards on behalf of its customers.

In a report credited to Reuters, it was revealed that the elite investment team will be positioned under the U.S. bank’s Global Markets division.

The desk is part of the investment bank’s fast-growing crypto-assets sector, which also includes projects involving central bank digital currencies and blockchain technology.

Goldman Sachs is also exploring the creation of a bitcoin exchange-traded fund and has issued a request for information to explore such a crypto service.

READ: Dubai-based hedge fund plans to sell $750 million worth of Bitcoin for Cardano and Polkadot

What you should know: The $119 billion valued investment bank is one of the world’s most elite investment bank, headquartered in New York and known to offer a broad range of financial services across investment trading, banking, securities, and lately consumer banking to a large and diversified client base.

This comes as no surprise, as highly respected business leader, Michael Saylor had earlier revealed that top representatives from about 7,000 companies attended MicroStrategy’s recent Bitcoin seminar, which the leading business intelligence company organized to aid companies interested in buying Bitcoin as a treasury asset.

“We had people from SpaceX there. We had people [from] some of Elon Musk’s companies. We had people from Marathon there.

“The ones you would expect were there, but of course, there’s an avalanche of private companies, and there were a decent number of public companies and treasurers and CFOs that were lurking.

“Some don’t want to have their names mentioned, as you can imagine, because it’s a sensitive topic,” Saylor said.

READ: The odds against Bitcoin- Goldman Sachs

However, a significant number of traditional finance experts are not buying into the flagship crypto’s bullish run, as they see little value in the digital currency on the account that they believe Bitcoin, and other leading cryptos are just part of a larger speculative bubble.

At press time, Bitcoin traded at $49,026.27 with a daily trading volume of $54.6 Billion. Bitcoin is up 5.52% for the day.

bitcoin train

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