Connect with us

News

Binance’s CZ talks about the path forward with BNB token burn and Binance DEX

Akash Anand

Published

on

Binance's CZ talks about the path forward with BNB token burn and Binance DEX
Source: Unsplash

A recent report released by Binance, the world’s largest cryptocurrency exchange in the world, talked about the coin burn that will be conducted by the organization as well as Changpeng Zhao’s comments on the current roller coaster market. The report stated:

“For the sixth iteration of the burning of Binance Coin, we at Binance are burning 1,623,818 BNB. This recent burn corresponds to the period between October 1 and December 31, 2018. This figure is quite close to the 1,643,986 BNB amount we previously burned in our fifth BNB burn.”

The circular by Binance revealed that the final quarter of 2018 also brought significant changes in the cryptocurrency landscape. The main example used to prove the point was the dollar value of the sixth BNB burn being $9.4 million while the previous period recorded $17 million.

Binance’s Chief Executive Officer, Changpeng Zhao opined:



“I am not much worried about this market-driven movement. Markets always overreact. Around this time last year, the market overreacted too much on the positive side. I am hoping that this year, the market overreacted too much on the negative side, but you never know. I do know that, in the long run, the BUIDLers win. People who consistently work hard to create value, day in and day out, during both bull markets and bear markets, will eventually win. That’s our focus, it’s long term.”

CZ further stated that Binance did not over-hire during the peaks of last week and neither did the company conduct any layoffs during the recent bear market. He claimed that Binance was most excited about the impending launch of the company’s latest products: Binance Chain and Binance DEX. The Binance DEX has been talked about quite a lot in the cryptocurrency space with CZ being a main proponent of the product. He had earlier said:

“The Binance DEX also lives on the Binance chain that allows you to trade in a decentralized manner… Cryptocurrency is supposed to be cheaper to transfer as supposed to be instantaneous, I think initially it did that but… I think the current decentralized exchanges are either slow or have relatively difficult to use UI.”

The creation of the new exchange came in the wake of the CEO claiming that the Ethereum blockchain, on which the BNB token earlier worked on, was too slow to be adopted by the masses.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Ethereum

Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’

Avatar

Published

on

Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.



A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending