Binance Coin (BNB) Booms on Announcement of New Blockchain Coming

The exchange asset spiked above $10 on news of Binance planning a public exchange.

The decision of Binance to create a new blockchain and migrate its BNB asset from the Ethereum network created enthusiasm for the token, raising the market price by 25% overnight, just as the rest of the market slid. BNB reached $10.21

Overnight, trading volumes on Binance also grew by roughly, $300 million, to $1.6 billion compared to the day before the announcement. Trading volumes for BNB spiked above $250 million, as the asset returned to levels resembling the January activity.

Creating a public blockchain would mean the network and the asset would be in the hands of the community. Even the project’s logo would be a community effort:

For now, the time period for the network launch is unknown, as are the rules of the blockchain – staking or hashing work, as well as the number of coins, nodes, or other details. But if a date for a snapshot is set, or another form of coin swap, the price of BNB may benefit with another rally.

Troubles with iOS App?

But not all things are working out for Binance. Users are reporting troubles with the iOS app for the exchange, and so far the glitches are not being addressed. For now, users are relying on reinstalling the app, and no losses have been reported.

Binance Favorites are Shifting

Trading on Binance usually sees coins coming up to the top. Right now, Binance Coin is among the most actively traded, and pumped to higher levels. The BNB digital asset sees unusual activity, as its price rarely grows on pure speculation.

But there is another minor star, Nucleus Vision (NCASH), trading against BTC and making up to 10% of the Binance volume. The price action for NCASH looks like an early pump, taking the price to records against BTC, and in dollar terms, quadrupling it since March 8. The recently launched asset may remain highly volatile, and the price has started to go lower, unraveling the gains.

Source: Read Full Article

Leave a Reply