Binance Coin (BNB)
$12.61 (3.28 %) View coin
News
20 January 2020

Binance burns $38 million in fourth quarter nearing prior high from 2017

As part of their quarterly burn, Binance has burned 2.2 million BNB representing 1.1% of total supply, worth over $38 million. The $2 million increase from Q3 marks the fourth consecutive quarter of growth and brings their total burn amount to nearly $250 million. While in previous quarters Binance burned tokens equal to 20% of profits it now burns an amount "based on overall trading volume" in a three-month period. The growth in burned tokens was fueled by the launch of Binance Futures last year which now regularly exceeds spot volume. Binance founder CZ believes futures were the largest catalyst for coin burns in Q4 and will continue to be in subsequent quarters. The exchange has also significantly increased its fiat-to-crypto trading pairs, launched Binance U.S. and their native Binance USD stablecoin.

Why it matters - Binance has built one of the most profitable businesses in crypto and this consistent growth will enable the firm to continue the rapid expansion of its product offerings in its pursuit of becoming a __full-service crypto bank__. - Adding a token on top of a centralized business allows Binance to expand its existing set of stakeholders. This opens up the path to gradual decentralization which enables them to __compete with existing open finance__ applications.

With the recent market turmoil most large cryptoassets saw their year-to-date (YTD) returns turn negative. Bitcoin is now down 15.85% while Ethereum is down 0.95%. The two outliers, BitcoinSV and Tezos had seen dramatic jumps in price earlier this year leaving them still in the green YTD. Messar...
Newsletter
17 February 2020
3 coins to keep an eye on | Issue #69
Bitcoin bulls paused last week around $10,250 at resistance near the EQ of the weekly OB from September's consolidation period. This region also triggered a reversal in October. Is another short-term reversal coming? It's too soon to say for sure. The altcoin marketcap made a similar move, climbing from $103 billion to nea...
Newsletter
10 February 2020
3 coins to keep an eye on | Issue #68
Bitcoin bulls continue their rampage upward after support held at $9,100. Last week's candle decisively closed over the weekly levels at $9,533 and $9,753 after covering a 12.40% range. Will the momentum continue this week, giving us a candle close over the weekly and monthly levels between $10,300 and $10,400? Meanwhile, ...

3 coins to keep an eye on 👀