Binance, one of the largest cryptocurrency exchanges in the world, continued to make progress in the market despite falling victim to a security breach a few days ago. Changpeng Zhao, the co-founder and CEO of Binance, revealed that the exchange’s order volumes were much higher than the volume during Bitcoin’s peak at the end of 2017 and beginning of 2018.
With all the positive news surrounding the platform, the exchange unveiled a new interface, with margin trading being the highlight. The exchange announced on Twitter,
— Binance (@binance) May 24, 2019
To this, ICO Drops stated on Twitter,
— ICO Drops (@ICODrops) May 24, 2019
Rumors of Binance providing margin trading service had been circulating in the space months prior to any official confirmation. Earlier this month, a Redditor, Lifofifo pointed out that the exchange platform had enabled margin trading flag on its API for top cryptocurrencies.
Post this, CZ confirmed that the exchange would be rolling out margin trading service and that they were working on a marketing system that would be launched “very very soon”. Based on a previous report, the exchange would roll out this service for Bitcoin, Binance Coin, Ethereum, Tron, and XRP, paired with Bitcoin and Tether.
Margin Trading enables users to trade cryptocurrency with borrowed money/ leverage. The notice on Binance’s interface stated,
“Margin trading confers a higher profit potential than traditional trading, but also greater risks. Please be aware that in the event of extreme market volatility, there is even a risk that your assets may be liquidated.”
Meanwhile, the platform’s token, Binance Coin [BNB] surpassed its all-time high record again. According to CoinMarketCap, at press time, Binance Coin was trading at $33.46, with a market cap of $4.724 billion. The trading volume of the cryptocurrency was reported to be around $582 million and the coin witnessed a significant rise of 34.65 percent over the past seven days.
Subscribe to AMBCrypto’s Newsletter
Justin Sun on shaking down the Internet, Coin Metrics on Kin’s blockchain activity and more
Crypto News – 26 June – Justin Sun on shaking down the Internet, Coin Metrics on Kin’s blockchain activity and more
— AMBCrypto (@CryptoAmb) June 26, 2019
Crypto News – 26 June
Bitcoin breaches new resistances: In a sensational run that saw the coin surge by 15% over 24 hours, the world’s largest cryptocurrency breached the $12,000 mark, while also briefly touching the $13,000 mark, before falling again
Read more at https://bit.ly/2ZMkS10
Tone Vays on Bitcoin’s biggest strength: Tone Vays opined that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention
Read more at https://bit.ly/2RD2BjL
Tron Foundation launches new inititative: Justin Sun’s Tron Foundation announced a $20 million TRX buy-back plan to promote community activity and market stability
Read more at https://bit.ly/2X8aA9W
Joe Kernen on Bitcoin, Libra: The once crypto-skeptic, CNBC Squawk Box’s Joe Kernen is of the opinion that Libra is for corporations, while Bitcoin is for the people
Read more at https://bit.ly/31MkqSa
Bloomberg on JPM Coin: According to a report by Bloomberg, the Jaime Dimon-led institution plans to launch the JPM coin and use it for bond transactions
Read more at https://bit.ly/2X75DTr
Fundstrat report on stablecoins: According to a recent report by New York-based Fundstrat Global Advisors, the FS CryptoFX Stablecoin index fell by a whopping 21 percent against BTC, with Gemini outperforming Tether [USDT]
Read more at https://bit.ly/2X5qPJw
BitGo’s latest collaboration: Bitcoin IRA has announced that it will be teaming up with BitGo to launch crypto-retirement accounts insured for $100 million
Read more at https://bit.ly/31UvjBz
Subscribe to AMBCrypto’s Newsletter