Less than a week after the largest cryptocurrency exchange in the world, Binance, was hacked, Binance Coin [BNB] has left the rest of the market in its dust by amassing a significant rise. With the correction bears halting Bitcoin’s price pump, Binance Coin and XRP were the only coins trading in the green.
Following the hack and the re-org confusion that followed, Binance announced another “Security Incident Update” on May 12. The exchange stated that all deposits and withdrawals will be resumed on Tuesday, May 14. Further, a “trading halt” will also be implemented during the resumption.
Binance’s token sale platform, Binance Launchpad, will see the Harmony Protocol token sale go live and metrics for the same will be announced on May 15, based on the tested lottery system which requires customers to hold BNB in order to participate in the same. In past token sales, BNB has soared prior to a Launchpad event, due to the lottery system.
On the back of this security fix and the imminent Launchpad push, Binance Coin has defied the collective market bears and soared by 7.45 percent against the US dollar over the past 24 hours, at press time. The coin was trading at $22.56, despite a decline in the coin’s price after the hack. The price is only 12.41 percent below its all-time high of $25.36.
The present rise began on May 10, as the re-org tensions were resolved and Binance was in the process of reinforcing its security systems. Post the update, the price of the coin first climbed from $18.55 by over 17 percent to reach $21.79 by 1700 UTC on May 11. Correction bears brought down the BNB price to $20.50, following which the second bullish swing pushed the price up by 10.04 percent to its press time price.
Since the pump began on Friday, the market cap of the coin increased by a whopping $500 million, breaking the $3 billion ceiling at 0300 UTC on May 13.
As expected, Binance took the top-two spots in terms of BNB trading volume, accounting for 25.67 percent and 23.86 percent in the trading pairs BNB/USDT and BNB/BTC, respectively. Other notable exchanges on the list were Bit-Z, EXX, LBank and P2PB2B.
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Crypto News – 24 June – Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
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