Binance Drive For Crypto Dominance Is Massive For BNB, Adds 1.8%

BNB up 1.8 percent
Changpeng Zhao and the team to launch a Stablecoin

Ambitious, Binance wants to conquer the crypto world. There is a Launch Pad for crowdfunding, is active and now plans of launching a Stablecoin are in progress. While at it, BNB is rebuffing sellers, adding 1.8 percent in 24 hours.

Binance Coin Price Analysis


Vitalik Buterin is concerned. Its not about Ethereum or what regulators think of ICOs. The muzzle is on Binance and their role in the crypto ecosystem. In two short years, Binance has bulldozed its way up to be a reliable and secure exchange.

Changpeng Zhao and team abide by blockchain principles, country hoping and seeking for jurisdictions where laws are supportive of innovation and open to new technology. Towards that end, Binance settled in Malta. However, they have a branch in Jersey for trading BTC and ETH against Euros and GBP. Furthermore, they have a presence in Uganda where traders can exchange coins for the Ugandan shillings and other crypto assets.

Because of this, Vitalik says Binance now wields too much power. Changpeng Zhao may be open to criticism. However, his decision to single-handedly obliterate BSV is worrying. Unfazed, Binance is trudging on. This time, their goal is to commandeer the burgeoning Stablecoin turf.

Even though Tether is the undisputed king, Binance says their coin will be backed by alternative fiat currencies apart from the USD to reflect diversity. It Wei Zhou, the Chief Financial Officer of the crypto exchange, said:

Our business decisions are made with our users in mind. The goal for issuing a GBP Stablecoin is to provide users with more options and more choice; to diversify the Stablecoin assets for the ecosystem. BGBP will be issued on the Binance Chain, which offers an easy and fast way to tokenize.

Candlestick Arrangements

From the chart, the path of least resistance is upwards. Perched at seventh, Binance coin (BNB) bulls seek to print new highs. Changing hands at $31.76, BNB is up 1.8 percent in the last 24 hours, rewind losses of this week.

Since the trend is up and buyers are in control despite this weeks blips, aggressive traders can buy the dips. Its easy to see why. There is a double bar bull reversal pattern from $30. Propelling the expansion are high trading volumes.

Even so, conservative traders should wait for a conclusive close above May 30th top at $39. After that, they can tune entries in smaller time frames while targeting $70.

Technical Indicators

Leading this trade plan is May 30th candlestick. It is extensive with high trading volumes of 4.1 million. As a result, any up-thrust confirming bulls of the last five months driving prices above $38 must be with high participation.

Similarly, losses below $30 confirming bears of May 30th must be with high volumes. That will precipitate a sell-off with targets at $25 and $17.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

The post Binance Drive For Crypto Dominance Is Massive For BNB, Adds 1.8% appeared first on NewsBTC.

07.06.2019 / 23:30 62
Binance CEO: We Definitely Want to Add Ripple as a Partner for xRapid in the Future Binance CEO: We Definitely Want to Add
A few hours ago, the CEO of Binance, Changpeng Zhao, was on his first livestream via Periscope. In the 45 minutes or so of CZ being live, he answered
Binance Uganda Officially Launched, Pairs the Ugandan Shilling with BTC and ETH Binance Uganda Officially Launched,
Back in late June, the team at Binance had announced their intentions of open operations in Uganda. The main goal of opening an exchange in the
Binance CEO Changpeng Zhao: With Tether Concern is Always There Binance CEO Changpeng Zhao: With Tether
During a recent conference in South Korea, Binance CEO Changpeng Zhao responded to questions about the companys relationship with controversial
Continued Success of Binance Sees First Crypto to Fiat Exchange in Uganda Continued Success of Binance Sees First
Binance have announced their first cryptocurrency to fiat trading platform. It wont be directly connected with their existing exchange platform,
Cryptocurrency Exchange Binance to Expand to Jersey Cryptocurrency Exchange Binance to
Fresh off its expansion into the European island of Malta, Binance the worlds largest cryptocurrency exchange has announced that it will create
Binance CEO Says Bitcoins Recent Dip is a Blip on the Radar Binance CEO Says Bitcoins Recent Dip
Podcasts play an integral role in the world of cryptocurrency.During a recent Crypto 101 podcast, an interview was conducted with Binance CEO
Comments (0)
Add a comment
Comment on