Connect with us

Altcoins

Binance Coin [BNB] pumps by 7 percent in a correction-heavy market as parent exchange revamps security

Avatar

Published

on

Binance Coin [BNB] pumps by 7 percent in a correction-heavy market as parent exchange revamps security
Source: Unsplash

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.

Source: TradingView

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.





Subscribe to AMBCrypto’s Newsletter


News

Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more

Jibin M George

Published

on

Crypto News – 24 June

Erik Voorhees on Bitcoin: According to the CEO of Shapeshift, Bitcoin’s relative traceability has allowed governments to become comfortable with it

Read more at https://bit.ly/2WVviJW

Max Keiser on gold’s ‘resurgence:‘ Max Keiser made news after he stated that Bitcoin’s growing popularity as a competing store of value and millennials were responsible for gold resurfacing in the conversation about store of value assets

Read more at https://bit.ly/2Xve2zp

Tron back in the top 10: A month after CEO Justin Sun promised to get Tron back in the top 10 of the world’s largest cryptocurrencies, TRX surged by over 6% to achieve the same by overtaking Cardano

Read more at https://bit.ly/31TXekX

Bank of International Settlements on Libra: While talking about Facebook’s Libra, BIS’s report attested to the need for sound public policy, financial regulation, competition regulation, and data privacy regulation

Read more at https://bit.ly/2Fsoptu

Bitcoin short futures position on the rise: According to a Twitter user, 70% of all Bitcoin short futures position are taken by four traders

Read more at https://bit.ly/31Om4CQ

LocalBitcoins’ Russian Ruble trading charts: According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement

Read more at https://bit.ly/2JgRWYz

Howard Chu on Monero: According to the Founder of Symas Corp., Monero was “outstripping” other projects in the space which have larger budgets, in light of the new features added to Monero

Read more at https://bit.ly/2Y8IsEQ





Subscribe to AMBCrypto’s Newsletter


Continue Reading