Binance's BNB Hits Fresh Record, Breaks Out of 3-Year Range as Altcoin Rotation Accelerates

2024-12-5 23:28

The Binance-adjacent cryptocurrency BNB, the native token of the BNB Chain, surged to new all-time high price on Wednesday, the latest large-cap crypto to notch fresh records following bitcoin (BTC), solana (SOL) and Tron's TRX as capital rotation to altcoins marches on full steam.

BNB hit a $793 session high earlier Wednesday before paring some of the gains, breaking above the $700-$720 level that posed a resistance more than three years, TradingView data shows. The token recently changed hands at $730, still up 14% over the past 24 hours and outperforming BTC's 0.4% gain and the broad-market benchmark CoinDesk 20 Index's 2.7% advance.

The action happened as bitcoin has stalled below the psychologically key $100,000 mark and traders rotated capital to smaller cryptocurrencies, or altcoins, to chase gains. Older cryptocurrencies with regulatory overhang including Ripple's XRP and TRX were among the biggest gainers over the past month as Donald Trump's election victory promises a friendlier regulatory environment towards digital assets.

BNB was originally launched by crypto exchange giant Binance in 2017 and powers the blockchain ecosystem BNB Chain, formerly known as Binance Smart Chain. It's also used as a utility token on Binance to pay transaction costs and receive discounts on trading fees.

The exchange's regulatory troubles weighed on BNB heavily through 2023: Even though crypto markets rebounded towards the year-end, BNB was still at near bear market lows around $200. These pressures have eased by now. Binance's founder and former CEO Changpeng "CZ" Zhao was released from prison in September after he pleaded guilty for violating the Bank Secrecy Act (BSA) and served a four-month sentence in the U.S. The exchange also significantly boosted its compliance department, CoinDesk reported last month.

The token is also benefitting from the exchange's quarterly token burning scheme, which regularly reduces the token's supply based on the BNB Chain's blockchain activity. Last month, Binance destroyed more than 1.7 million BNB tokens worth $1.07 billion at the time, the exchange reported.

User activity also rose in the BNB Chain ecosystem along with prices. Daily active addresses and number of transactions in a day recorded their strongest levels in at least three months, data by Artemis.xyz shows.

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Источник: coindesk.com

regulatory month → Результатов: 126


Фото:

November’s CryptoSlate Alpha snapshot: Navigating crypto’s regulatory maze and economic uncertainties

Welcome to the CryptoSlate Alpha November Snapshot, a collection of the month’s most pivotal research, insights, and market reports. This content, central to understanding the evolving crypto landscape, is available exclusively to our subscribers who stake at least 20,000 ACS tokens in our Access Protocol pool on Solana.

2023-12-1 05:34


Фото:

Binance’s Bitcoin trading volume falls amid reintroduced fees and swelling regulatory woes

Binance’s Bitcoin trading volume took a significant hit this month, falling 48% after the exchange reintroduced fees for its most liquid BTC trading pairs. In a Sept. 29 post on X (formerly Twitter), Kaiko research analyst Dessislava Ianeva pointed out that the recorded fall is the second-largest monthly decline since April, adding that “both drops […] The post Binance’s Bitcoin trading volume falls amid reintroduced fees and swelling regulatory woes appeared first on CryptoSlate.

2023-9-30 18:30


XRP Faces Big Challenge: Scaling The $0.55 Wall – Possible?

XRP, the cryptocurrency tied to Ripple, found itself entangled in a familiar tussle with the $0. 55 resistance level as bearish forces thwarted its early attempts at a rebound. While last month’s pivotal summary judgment offered a glimmer of regulatory clarity for XRP, the ongoing specter of the SEC appeal and an impending trial slated for the first half of 2024 are fostering an air of skepticism among the investor community.

2023-8-28 14:00


Bitcoin correlation with stocks at 5-year low as regulatory crackdown takes toll

Key Takeaways Our Head of Research, Dan Ashmore, digs into Bitcoin’s relationship with stocks Correlation between Bitcoin and the Nasdaq is at its lowest point since 2018 The Nasdaq is up 10% in the last month as stocks have surged off softer forecasts around interest rates and the macro climate Bitcoin is down 9% in […] The post Bitcoin correlation with stocks at 5-year low as regulatory crackdown takes toll appeared first on CoinJournal.

2023-6-15 16:51


Crypto volumes continue to lag, Bitcoin & Ether fees down for fourth consecutive week

Key Takeaways On-chain activity for Bitcoin and Ethereum has fallen for the fourth consecutive week DEX share of trading volume had jumped up from 14% to 22% last month amid regulatory crackdown on centralised exchanges DEX volume has fallen back again since, however, and entire crypto space is seeing thin liquidity   Many speculate the […] The post Crypto volumes continue to lag, Bitcoin & Ether fees down for fourth consecutive week appeared first on CoinJournal.

2023-6-12 18:32


Фото:

Bitcoin Falls Below $26,000 Amid Regulatory Concerns, Debt Ceiling Predictions: What’s Next For BTC?

The digital assets market has recorded bullish signals this year but the recent outlook suggests it may be heading towards the first bad month of 2023. Digital assets continue their week-long poor form with Bitcoin (BTC), Ethereum (, ETH), and other top 10 assets falling below prominent positions. Market leader BTC hit a 30-day low […]

2023-6-10 13:49


Фото:

Goldman Sachs Plans To Splash Millions Of Dollars Into Crypto Firms After FTX Implosion

Goldman Sachs plans to splash “tens of millions of dollars” on investments or buyouts in crypto firms after the FTX collapse hit last month and suppressed investor interest. The FTX collapse and subsequent contagion across major lending firms had elicited calls for more regulatory oversight on players, assuring big banks of the sector’s stability. In […]

2022-12-15 23:12


France facing backlash for Binance regulatory approval, French MEP called the move “surprising and worrying”

Binance, last month on May 6, received the green light from French authorities to set up a significant presence in one of Europe’s top financial centers. The post France facing backlash for Binance regulatory approval, French MEP called the move “surprising and worrying” appeared first on CryptoSlate.

2022-6-28 08:05


BlockFi Joins the Bitcoin Futures ETF Race Which Experts Predict Is Coming to Fruition This Month

Crypto lender BlockFi is the latest one to file for a bitcoin futures exchange-traded fund (ETF). This week, the company filed for a fund called “BlockFi Bitcoin Strategy ETF” that would not invest directly in Bitcoin, rather in futures contracts traded on the regulated derivatives exchange CME, according to the regulatory filing.

2021-10-9 19:18


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