bnb - Pwim.Net

BounceBit (BB) Megadrop Now Open: Participate by Subscribing to BNB Locked Products or Completing Web3 Quests

Cryptocurrency enthusiasts can now participate in the highly anticipated BounceBit (BB) Megadrop, an event organized by Binance, one of the leading cryptocurrency exchanges. This unique opportunity allows users to engage in the Megadrop by subscribing to BNB Locked Products or completing Web3 Quests.

Starting from April 26, 2024, at 00:00:00 UTC, participants can take part in the BounceBit Megadrop until May 12, 2024, at 23:59:59 UTC. By locking their BNB in BNB Locked Products, users increase their chances of earning attractive rewards. Regular snapshots of the subscription amounts will be taken, and the Locked BNB Scores will be calculated based on these snapshots.

To further enhance the excitement, participants can also choose to complete engaging Web3 Quests to earn additional rewards. The first Web3 Quest, titled “Stake 0.0001 BTCB to BounceBit” (Tutorial), will be available from May 13, 2024, at 06:00:00 UTC.

Binance is set to list the BounceBit (BB) token on May 13, 2024, at 10:00:00 UTC. Traders will have access to various trading pairs, including BB/BTC, BB/USDT, BB/BNB, BB/FDUSD, and BB/TRY. It’s important to note that the token will carry a Seed Tag.

The BounceBit Megadrop boasts a total token reward of 168,000,000 BB, representing 8% of the maximum token supply of 2,100,000,000 BB. The initial circulating supply upon listing will be 409,500,000 BB, accounting for 19.5% of the maximum token supply.

The rewards calculation is based on a user’s Total Score, which is determined by multiplying the Locked BNB Score by the Web3 Quest Multiplier and adding the Web3 Quest Bonus. The Locked BNB Score is influenced by the average locked BNB amounts for different durations, ranging from 30 to 120 days. The Web3 Quest Multiplier is set at 1.5, and there is a Web3 Quest Bonus of 1,000.

To participate in the BounceBit Megadrop, individuals must log into their Binance accounts and either subscribe to BNB Locked Products or complete the designated Web3 Quest(s) through the Megadrop feature on the Binance App. It is essential to have an active Binance Web3 Wallet to successfully complete the quests.

Once the Quest Period ends, participants can view their Megadrop rewards in their Binance Spot Wallet. It’s important to note that external wallets imported to the Binance Web3 Wallet will not be counted for the Megadrop. Only wallets created within the Binance Web3 Wallet are eligible for participation.

For more detailed information on BNB Locked Products, including APRs and subscription limits, interested individuals can refer to the Binance website. Additionally, the BounceBit (BB) Project Links, such as the website and whitepaper, provide further insights into the project.

Participants should be aware that joining the BounceBit (BB) Megadrop may require completion of identity verification in eligible jurisdictions, and some features of the Megadrop may be subject to regional restrictions.

Don’t miss out on the thrilling opportunity to take part in the BounceBit (BB) Megadrop on Binance. Whether through subscribing to BNB Locked Products or completing Web3 Quests, participants can earn attractive rewards and be part of this innovative crypto event.

Image source: Shutterstock

Reasons Behind the Success of the Binance Coin

The native coin of the world’s largest crypto-exchange has returned to its previous historical maximum, while others remain 80-90% lower. The BNB token quickly rose and holds the seventh line in the ranking of cryptocurrencies in terms of market capitalization.

Although no one knows for sure why Binance Coin performed so well, there are several factors that have definitely had a positive effect.

Binance burns BNB tokens every quarter

Each quarter, Binance burns 20% of BNB, which the exchange collects in the form of commissions from the platform. This removes them from circulation forever. Binance will continue to burn Binance Coins until the 100 million coins threshold has been reached.

Token burning, as a rule, has a certain effect on the coin. With a decrease in circulating supply, the balance of supply and demand shifts. Supply is reduced and maintains constant demand, pushing prices higher.

Burning coins also have a positive psychological effect on the market. However, in a rational world, this effect is minimal. The exchange withdraws from circulation only 1-2% of the Binance Coin issue, but the price does not show a larger increase immediately after burning. To feel the real changes in the rational world, it would take more time and changes in proposals on a much larger scale.

BNB now has actual utility

Binance Coin technically already had some utility before. With a token, you can pay for a cryptocurrency transaction and a Binance commission to get a discount, as well as earn rewards on several different platforms. However, in the above functions, the Binance Coin coin is not unique.

The actual usefulness of Binance Coin appeared with the launch of the Binance Chain and will continue with the subsequent launch of the corresponding decentralized exchange (DEX). Binance Chain was launched on Apr. 18. On Apr. 23, the Binance team switched BNB from the ERC20 token to its own token in the new chain.

Then Binance Coin will be used “as payment for every transfer that goes online.” Judging by the current volume of Binance, this change should lead to a significant increase in demand for BNB.

But why now?

The announcement of the Binance Chain is not new. The company announced its plans in March 2018. But now the team has produced something tangible. By the end of February this year, they launched the Binance Chain test network. After the news about the launch of testnet, and then mainnet, the price of BNB rose a couple of times well.

Binance price spikes after releases

Binance’s reputation is ahead of itself. Perhaps the most influential (but difficult to measure) factor is Binance’s stellar reputation in the crypto community. Since speculation is considered a healthy part of investing in cryptocurrency, sometimes unrelated determinants can change the price of a token.

Binance is often the first step investors take to altcoins. Therefore, it is logical that Binance Coin will be one of the first altcoins that investors will want to purchase.

Changpeng Zhao (CZ), CEO of Binance, is a famous figure in the crypto space with a large number of followers on Twitter. Many praise him as an example of how to properly manage cryptocurrency exchanges. Many think that Changpeng Zhao might be more generous. In any case, only one of his presence continues to attract attention to the platform’s native coin.

The more investors learn about the token, the more chances it has to grow in the right direction. Finally, many years of positive experience using the Binance platform brings confidence to the BNB base token. Most people have only very minor comments about the operation of the exchange.

The Future of Binance Coin

There are many risks in investing in BNB, because in Binance Coin there is still not enough real usefulness. The coin does not provide opportunities for use in smart contracts, therefore, Binance-based DApp applications are practically not used.

Added to this is the weak security potential of the coin. The company behind the exchange has already faced some regulatory problems, which forced it to move to another country. Future legal problems can cause a sharp drop in prices if they are serious enough.

As with any investment, especially cryptocurrency, it is important to conduct your own research and keep track of any new finds. Although Binance Coin seems like a delicious investment opportunity today, anything can happen tomorrow.

Image via Shutterstock

Image source: Shutterstock

Binance Partners with Amun to Launch BNB ETP on Swiss SIX Exchange

Cryptocurrency exchange Binance has partnered with Switzerland-based exchange-traded product (ETP) Amun to launch the Binance token (BNB) ETP. The BNB ETP is listed on the Swiss stock exchange, SIX under the ticker ABNB and is available for purchase through a bank or brokerage, like a stock.

Hany Rashwan, CEO of Amun said that the ETP will initially be backed by $20 million worth of BNB, accounting for almost a quarter of the firm’s total crypto assets under management.

Changpeng Zhao, CEO of Binance said in a statement:

“Our partnership with Amun in launching the BNB ETP will provide investors with a new and regulated asset class with a unique dimension to utility tokens, making them more accessible and reliable through a traditional financial infrastructure. This will provide traditional investors access with diversified exposure and segue into the global cryptocurrency market and its innovative products.”

BNB has been addressed as a utility token by Binance, however, the ABNB is an ETP which is a security, opening up to investors to buy into the “Binance ecosystem” without directly holding the exchange’s native token.

Rashwan added, “we are so excited to partner up with the world’s largest crypto exchange and make their native token accessible to institutional and retail investors in a secure, affordable, and regulated Swiss exchange-traded product.”

Stocks image via Shutterstock

Changpeng Zhao, CEO of Binance Opens Up About Bitcoin & Current Crypto Market Situation

On March 7, 2020, the Bitcoin price took a big blow by falling from a staggering $9200 mark to $7,000 and again taking a hit to mere $3,500, later bouncing back to $6,000. In our previous article, we shared what could possibly be the reasons for such a fall.

Some analysts blamed the fall in Bitcoin price on the coronavirus outbreak, while some blamed it on the US stock market crash and international oil price fluctuation. However, Binance CEO, Changpeng Zhao has a slightly different opinion on this whole issue.

In one of his blog posts posted on March 20, 2020, Changpeng Zhao shared his thoughts on the current situation in the crypto market. He isn’t worried about the cryptocurrency at all. According to him, the fundamentals haven’t changed, and Bitcoin is still limited in supply whose demand is increasing, especially at this very moment.

Why did the price of Bitcoin go down?

To answer this question, Changpeng factored the price of Bitcoin on two major dimensions. The first one is die-hard believers vs. new-to-crypto. Die-hard believers are the ones who keep their crypto-asset intact and never sell them while the new-to-crypto may not understand crypto that deeply and better but are potential buyers.

The other dimension is those who ‘have spare cash’ vs. those who ‘scramble to pay the rent.’ ‘Have spare cash’ are the ones who have extra money, and even if the price of their crypto assets drop, they are still able to pay their living expenses. They buy more during the dip. However, ‘scamble to pay the rent’ are the ones who depend on short term gains to pay their rents. When the market takes a hit, they are forced to sell their assets.

According to Changpeng Zhao, no one knows the composition of such users in the crypto market. However, when the market takes a hit, more people start feeling the cash crunch and hence, a more definite conviction for selling off their crypto assets in the short term, and that’s what happened in the last week.

Is it because of the coronavirus?

“The 2008 financial crisis didn’t involve a pandemic. The dynamics and psychology are a little bit different. With roughly only 1 in 1000 people having or accepting crypto, it isn’t so useful in a pandemic situation just yet. When people fear the doomsday of empty shelves in stores and a shortage of food, people will want to hoard cash. So there’s increased demand or pressure of people wanting to sell their investments (stocks or crypto) into cash, again in the short term.” said CZ.

He believes that people will eventually understand that hoarding cash is no longer needed even in pandemic situations because many countries are equipped well enough with a sufficient amount of food and supplies. One they realize it, they will again invest their money in the crypto market.

Is crypto a safe haven?

Changpeng was quick to respond by saying, “you make your judgment. I made mine.” He further elaborated, “Either way, I hope you understand there are many factors at play in each moment. Don’t expect bitcoin to be guaranteed to go up when the Dow Jones index crashes, or vice versa. It’s not a perfect inverse correlation product. If you want that, you should just short the Dow Jones Index futures.”

Past vs. the present: Anything different from 2008?

Changpeng Zhao did acknowledge that there is a difference between the current situation in the year 2020 vs. 2008 financial crisis. In the year 2008, there wasn’t a pandemic pausing the global economy. He believes that COVID-19 is just a trigger and not the real root cause. He insists that our economy should be more robust, strong enough to take on shocks like this.

At the end of his blog post, he summarized his article with his iconic slogan, “Long Bitcoin, Short the Bankers.”

Image via Shutterstock

Binance Adds Smart Contracts to its Blockchain Platform, Moving Towards Direct Competition with Ethereum

Crypto giant Binance will be adding smart contracts to its blockchain platform, Binance Chain, according to its whitepaper released today. The smart contract functionality will be running in parallel with the chain, known as the “Binance Smart Chain”, allowing for more complex transactions to take place on the blockchain, and will be compatible with Ethereum. This addition appears to be a step towards putting the exchange in direct competition with the Ethereum blockchain.

Just like Ethereum, the blockchain platform to enable the support for smart contracts, Binance Chain is looking to embrace decentralized applications (Dapps) as well. The Binance Smart Chain will be able to retain the performance of the native blockchain and will be supporting smart contract functionality. The motivation behind creating the new blockchain is that Binance DEX, which is Binance’s decentralized exchange does not allow enough freedom and flexibility to the developers of Dapps.

The release read, “Today, the Binance Chain development team proposed the idea of a parallel blockchain of the current Binance Chain to retain the high performance of the native DEX blockchain to support a friendly Smart Contract function at the same time.”

Binance Smart Chain’s native token would be Binance coin (BNB), which would allow existing token holders to participate in staking and earning rewards. Binance stated that it is an “attractive opportunity” for BNB holders who are interested in staking BNB to support the development of Binance Smart Chain and earn rewards.

Binance further stated that the BSC will be looking to support the existing features of Ethereum along with faster and cheaper transactions.

Image via Coinpedia

SEC to Regulate Binance Chain With Blockchain Analytics Firm CipherTrace

The US Securities and Exchange Commission plans to award CipherTrace blockchain analytics firm with a contract pertaining to Binance Chain.

SEC Awards Contract to Regulate Binance Chain

Binance Chain is a blockchain created to host the Binance coin “BNB” and it underlies Binance Dex, which is a decentralized exchange built by Binance, the largest crypto exchange on the market by volume.

The Securities and Exchange Commission (SEC) would like to see CipherTrace analytics firm in charge of regulating Binance Chain, as it declares that the blockchain-based firm is “the only known blockchain forensics and risk intelligence tool that can support the Binance coin (BNB) and all tokens on the Binance network. CipherTrace is reputed in the crypto industry for protecting financial institutions from digital assets fraud and cybercrime, among other things. It prides itself on “growing the blockchain economy by making it safe for users, and it is trusted by the government.”

The contract is to be granted to CipherTrace tomorrow by the SEC. Though Binance Chain runs on a public blockchain system, the SEC would like to see more regulatory order with transactions, as anti-money laundering is on the rise and regulatory compliance needs to be instilled on the platform for it to operate smoothly.

CipherTrace To The Rescue of Coin Exchanges

CipherTrace, which was initially founded in 2015 and funded by the US Department of Homeland Security, makes software products that help blockchain forensic analysts trace miscellaneous transactions. For law enforcers, these tools are essential for verifying whether crypto exchanges have been compliant with local anti-money laundering policies and for tracing the source and the amount of fraudulent transactions on the blockchain.

Tracking Binance is essential to the growth of the crypto exchange. The coin exchange, founded by Changpeng Zhao (CZ), is among the biggest crypto exchanges in the world. BNB coin ranks among the tenth-largest by market cap on digital trading platforms. Since 2019, CipherTrace has conducted business with Binance to further the cause of eradicating anti-money laundering schemes and fraudulent transactions.

Binance Dreams of Expanding Their Crypto Empire

With the regulatory contract set in motion for this week, Binance Chain will greatly benefit from CipherTrace’s contract, as the blockchain analytics firm is reputed to possess the only known blockchain forensics and risk intelligence tool that can possibly support the volume of transactions on the Binance network and the hundreds of digital assets on the platform.

Binance has been making some major power moves in the crypto industry. The blockchain crypto exchange has come up with some major upgrades since 2017. Just a year ago, Binance had introduced staking, cryptocurrency trading, and margin trading on its platform. Also, it has introduced new projects this year, which include a successful upgrade to its trading platform.

Earlier in April, Binance released its whitepaper and added smart contracts to Binance Chain. The smart contract functionality, known as “Binance Smart Chain,” runs in parallel with the chain and allows for more complex transactions to take place on the blockchain network. It is also compatible with Ethereum.Just like Ethereum, Binance Chain is looking to broaden its horizons and adopt decentralized applications (DApps) like their competitor.

Blockchain Analytics Firm Elliptic Extends Monitoring Solutions to Cover Binance Chain and BNB

Blockchain analytics firm Elliptic recently extended its crypto risk monitoring solutions today by adding the support for Binance Chain blockchain platform and its native crypto, Binance Coin (BNB).

By adding Binance Chain and Binance Coin to Elliptic’s monitoring operations, Binance and other cryptocurrency exchanges that have listed the BNB token can improve accuracy in detecting suspicious activity on the blockchain. Navigator and Lens, Elliptic’s crypto transaction, and wallet monitoring solutions will enable automated compliance monitoring for BNB.

Elliptic will also be able to provide crypto compliance monitoring to issues using the Binance Launchpad, to enable users to launch new BEP2 tokens on the Binance blockchain, and also the Binance decentralized exchange, Binance DEX. Samuel Lim, Chief Compliance Officer at Binance said:

“This partnership not only strengthens our commitment to regulatory compliance but also opens the door for wider adoption of BNB and BUSD. We see Elliptic’s support of Binance Chain and their expertise in blockchain analytics as an important step in furthering confidence from stakeholders over time.”

In a press release seen by Blockchain.News, Simone Maini, Elliptic’s CEO added:

“An innovator in the cryptoasset market, Binance continues to drive market growth, with Elliptic there to help them satisfy regulatory requirements and support the safe adoption of cryptoassets as they launch new products and services. Elliptic’s coverage of the Binance Chain extends that partnership.”

The world’s largest cryptocurrency exchange, Binance has been utilizing Elliptic’s blockchain analytics services since 2019, to comply with global and local anti-money laundering (AML) regulatory requirements. Elliptic currently provides the broadest coverage of cryptocurrency transaction monitoring solutions, with over 97 percent of all cryptocurrencies monitored by trading volume.

LocalBitcoins recently also partnered with Elliptic to enable the crypto firm to comply with regulatory requirements including KYC, and the European Union’s Fifth Money Laundering Directive (5AMLD). LocalBitcoins will be using Elliptic’s Lens and Navigator as well to screen crypto wallets and transactions.

Binance.US Opens Crypto Assets Marketplace to Millions of Florida Cryptocurrency Traders

Binance.US has expanded into Florida, crypto traders of the third most populated state within the United States can now register to one of the world’s leading crypto marketplaces.

Binance.US, the United States division of global cryptocurrency exchange Binance, will now open its digital assets marketplace to Florida citizens.

According to the Binance.US website on Aug.24, Binance’s crypto asset platform and exchange will now be available to Florida traders.

Florida was originally one of the 13 states that Binance was unable to launch into last September when it opened its doors to 37 other American states—due to the additional vetting requirements of the Florida state licensure regime.

Chief Executive Officer of Binance.US, Catherine Coley who grew up in Orlando, Florida made a further and more personal announcement on Twitter:

“Florida woman brings crypto marketplace to home state.”

As mentioned above, Florida is the third most populated state in the United States with over 12 million adults in residence, it is also now the 38th state where Binance’s services are available.

SEC Enlist Ciphertrace to Regulate Binance Chain

As recently reported by Blockchain.News, the United States Securities and Exchange Commission (SEC) would like to see CipherTrace analytics firm in charge of regulating Binance Chain, as it declares that the blockchain-based firm is “the only known blockchain forensics and risk intelligence tool that can support the Binance coin (BNB) and all tokens on the Binance network.”

CipherTrace is reputed in the crypto industry for protecting financial institutions from digital assets fraud and cybercrime, among other things. It prides itself on “growing the blockchain economy by making it safe for users, and it is trusted by the government.”

Binance Chain is a blockchain created to host the Binance coin “BNB” and it underlies the Binance Dex, which is a decentralized exchange built by Binance, the largest crypto exchange on the market by volume.

The contract was granted to CipherTrace on Aug 1, by the SEC. Though Binance Chain runs on a public blockchain system, the SEC would like to see more regulatory order with transactions, as anti-money laundering is on the rise and regulatory compliance needs to be instilled on the platform for it to operate smoothly.

Polkadot and Binance Coin Prices Surge, Flippening Bitcoin Cash and Chainlink by Market Cap

Polkadot (DOT) and Binance Coin (BNB) have climbed up the market capitalization ladder, overtaking Bitcoin Cash (BCH), and Chainlink (LINK).

Polkadot’s (DOT) price has increased by 10.02 percent in the last 24 hours and has been up 24.4 percent in the past week. BNB’s price has increased by 11.33 percent in the last 24 hours, and up 55.2 percent in the past week. According to CoinMarketCap, Polkadot and Binance Coin have surpassed Chainlink and Bitcoin Cash in terms of market capitalization.

Polkadot is currently holding in the fifth position in the cryptocurrency’s market capitalization rankings, with a market cap of $4,386,723,356, BNB with $4,375,202,266, and Chainlink with $4,305,688,264 at press time.

Polkadot is a blockchain protocol founded by Ethereum co-founder Gavin Wood, which achieved $5.36 billion market capitalization in late August, six days after the protocol enabled its token DOT for transfers.

Previously cryptocurrency fund Spartan Black’s Kelvin Koh predicted that Polkadot’s price would be valued at $5 per DOT and that its market capitalization would reach $5 billion. Although Polkadot’s market cap has yet to reach $5 billion again, DOT’s price has already surpassed $5. He made another prediction, stating:

“Another prediction: within a year DOT will be Top 3 market cap on Coingecko/CMC.”

DOT tokens are the native tokens of the Polkadot network, and DOT token holders are able to control the direction of the network. Governance functions enabled by the network allow token holders to determine fees, auction dynamics and scheduling the addition of parachains. Upgrades and fixes to the Polkadot platform are also up to the DOT token holders.

Ethereum has been dominating the smart contracts blockchain protocol space. Polkadot’s protocol does not directly compete with Ethereum, according to Koh, as Polkadot continues to grow, Ethereum should not see a decline. Koh added:

“I believe in a multi-chain world interconnected by bridges. Polkadot and Cosmos will not replace Ethereum. Also wouldn’t rule out chains like Near, Solana, AVA, TRON and others seeing development activity.”

As Polkadot would be able to co-exist with Ethereum, this raises the chances for the protocol to thrive, taking DOT’s price even higher.

BNB token making big moves

Binance recently announced that the firm is building a decentralized finance ecosystem on its own blockchain, going after the DeFi craze.

Binance is establishing a $100 million seed fund to empower emerging projects built on its Binance Smart Chain. Its chain ecosystem will support the farming of mainstream tokens such as Ripple (XRP), Litecoin (LTC), and Polkadot (DOT). It was one of the reasons that ignited the crypto market.

Binance Coin (BNB) and Monero (XMR) Price Analysis – March 11,2021

Earnings over the last 7 days have been fruitful for Binance Coin (BNB), as the altcoin maintained its position as the world’s third-largest cryptocurrency with a market cap of $43,253,758,280. BNB gained more than 15.52% on a seven-day period, per data from CoinMarketCap, and it is currently on an uptrend. BNB/USD pair will likely continue to rise and break through the resistance level of $300 in the short-term.

As for Monero(XMR), the privacy coin slightly decreased by 1.19% over the past week and is now ranked 24th among cryptocurrencies, with a total market cap of $3,899,455,661. At present, the bulls are not strong, and the short sides are still dominating the market in the short-term, which suggests that XMR may drop to a $200 support level.

Binance Coin (BNB) Price Analysis

Source: BNB / USD Daily via TradingView

After forming a base higher than $210, Binance Coin started a new round of growth. BNB broke the $250 resistance level on March 9. Although BNB dropped by 5.18% yesterday, it is currently trading above the 9-day Moving Average line. The bulls are protecting its $260 support level.

A key bullish trend line is formed on the daily candlestick chart of the BNB/USD, and the support level is around $250. On the bright side, the main resistance is still around $300. Above this level, the price may accelerate more in the short term to hit its all-time high of $368.29.

If BNB fails to move higher, a new downward correction may occur. The first major support is at $260. The next major support level is near the trend line. If it breaks below the upward trend line, the bears may suppress the price to around $210.

The blue MACD line is approaching the yellow Signal line, showing that bearish momentum is slowly reversing for BNB. The MACD of BNB/USD is slowing down in the bearish zone, indicating a signal of forming a bullish crossover.

Monero (XMR) Price Analysis

Source: XMR/USD Daily via TradingView

Monero (XMR) is a privacy-focused cryptocurrency released in 2014. After the market correction in late February, Monero tried to break through the resistance level of $230 on March 1 and March 2 but was unsuccessful. Therefore, a new round of bearish market began.

Although the Stochastic RSI indicator broke out of the oversold area and climbed to the 60 levels, the blue K-line and the yellow D-line have turned downward and merged to form a bearish cross, which may make it difficult for the bulls to initiate an upward breakthrough. The first resistance zone for XMR to test will be the $230.80 level zone. If it can successfully break through this level, the next uptrend will be triggered for XMR and the bulls will aim to retouch XMR’s all-time high of $288.88.

The first support level is the 30-day Exponential Moving Average of $210.71. If the bulls fail to maintain this level, then the bears will suppress XMR’s price, forcing it to test the next support level of $200.