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Binance CEO CZ says, “We will continue to build and increase adoption, and lead the industry forward”

Namrata Shukla

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Binance CEO CZ says, "We will continue to build and increase adoption, and lead the industry forward"
Source: Pixabay

Binance has released its yearly round-up report in the form of a letter from its Chief Executive Officer [CEO] Changpeng “CZ” Zhao. The CEO informed about the company’s progress and the target they set to achieve. One of which is launching Binance Mainnet in 2019, which will make the platform pull out of the Ethereum network.

Binance will be following Tron [TRX], EOS and other coins that have backed out of the ERC20 Network and other coins like Zilliqa that are hoping to pull out off the network completely by January next year.

Talking further about Binance Chain, the CEO informed that the platform is assuming to achieve this by January 2019 with a native on-chain DEX. A testnet version of Binance Chain is made available to the platform’s partners and will be available to the public within the first month of the coming year. The mainnet will be launched a few months after Binance chain. CZ talked about the ways in which Binance chain will make a difference. He added:

“The Binance Chain is unique in many ways. With 1-second block times and 1 confirmation finality, we hope it will serve a few niche functions other blockchains haven’t covered.”

CZ educated the readers about wanting to increase BNB adoptions in the coming year and about investing in more projects. The company will also be seen participating in more transparent charities in the coming year.

The CEO also stated the reasons, according to him, which led to the prices of the cryptocurrency falling so low in the year 2018. He pointed towards some ICO projects from 2017 that missed the 2018 delivery promises.



The letter talked about regulatory uncertainty and how it is inhibiting the progress of the digital currency industry. CZ asked the crypto world to unite in order to increase the prices of the cryptocurrencies. The CEO wrote:

“We, as a young industry, were not very united. There were fights between projects, between people, and stupid forks that triggered further drops in price.”

The report talked about the things the community could look forward to in which he mentioned to introduce up to 10 fiat exchanges around the world. The Binance CEO added:

“We will continue to build and increase adoption, and lead the industry forward.”





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Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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