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Ketaki Dixit

Binance continues its forward run as BNB predicted to reach greater heights

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Binance, the world’s largest cryptocurrency exchange, had seen momentous success with the launch of its native token; the community has celebrated Binance Coin [BNB] and the victory. The latest news showed that the cryptocurrency underwent another change, with Whale Alert reporting that over 2 billion BNB tokens were burned at Binance.

The exact amount that was burned was 2,061,888 BNB, which amounted to a significant $36.736 million. The event occurred on October 17 at 5:11 UTC with a hash of D3ED9EFA4A242BD06E667A1F5DF102BC190C9EE76F7DB8005A5633FD7D46732A. The block height of the block that conducted the transaction was 41881636, a number that has grown steadily over the past couple of months.

Many members of the community were clamoring to praise the token’s rapid movement with Tommy Mustache, a popular cryptocurrency enthusiast tweeting:

“It appears Binance had just burned $36M USD or 2M $BNB token for the Q3 quarterly token burn.In a few years, there will be less and less $BNB token out in the market. The writing is on the wall already for this to be a $100 token one day.  Just need for this bear market to end.”

He was also supported by several other proponents of the cryptocurrency space as users like Rad_Shar commented:

“$100 is lowballing at best.  Hit $57 earlier this year.   Neblio hit $65 in the last bull run.  $binance is the frontrunner of exchanges going into the next bullrun.”

Some fans and analysts of the cryptocurrency predict that looking at the growth in its prices this year; people can expect the value to rise to $3578 by January 2020. But again, that is just a prediction.

A current analysis of the cryptocurrency’s growth will reveal that Binance Coin has been one of the most successful cryptocurrency this year, trumping the likes of Ethereum and XRP. This has also prompted its steady rise within the charts, sometimes even entering the top 4 club.

At the time of writing, Binance Coin was trading for $18.12, with a total market cap of $2.82 billion. The cryptocurrency further held a 24-hour market volume of $155.54 million after a 24-hour decrease of 1.32 percent.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Binance sees record-breaking BTC/USDT futures movement amid slow market climate

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Binance, the world’s largest cryptocurrency, has received another boost to its workings as new reports have revealed that the exchange just had record transactions today. According to the analysis conducted by Skew, the Changpeng Zhao led company recorded a new peak for its BTCUSDT futures product, clocking $700 million in trades on the 15th of October.

A more in-depth analysis showed that since the start of the last week of September, the asset has been performing much higher than expected. Prior to the 23rd of September, Binance saw BTCUSDT futures trade in the median of $200 million and $350 million.

Since the 23rd, however, the value of the trades has held near the $400 million mark and even breached the $600 million thresholds a couple of times. The $700 million trade was preceded by trades that amounted to $500 million and $350 million with some members of the community predicting that the current record is just the beginning. Firelakeco, an avid cryptocurrency follower, tweeted:

“Follow the median and you can see this growth is going to go parabolic.”

Binance’s performance has ensured that it holds its rankings in the upper echelons of the cryptocurrency world. With the recent trade, Binance had the third-largest trade when it came to the BTCUSD futures, while Huobi and Bitmex held the first and second positions, respectively. Compared to those figures, Bakkt, which was touted to be the next big thing in the exchange world, only managed to secure trades worth BTC on its platform.

Binance’s stellar performance comes during a week when the market has been stuck in a price slump. The situation was also called out by eToro official Mati Greenspan, who had tweeted:

“On the top 10 exchanges, bitcoin has traded less than $200 million. This is from data compiled by @MessariCrypto. During the peak a few months back, this number easily reached $4 billion.”

He also added:

“Looking at the bitcoin blockchain itself, we can see a huge drop in transactional volume. Worth noting that the rate has stayed steady at about 320k transactions per day, but the amount of money being sent is the lowest since May, below $800 million.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Analyst predicts Bitcoin would continue holding its current price point in Q1 2020

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Bitcoin’s performance has stumped many analysts and investors in the cryptocurrency space, and a recent prediction by a cryptocurrency enthusiast has tried to pinpoint the world’s most significant digital asset’s position in 2020.

Davethewave, a Bitcoin enthusiast, recently put up a chart that calculated Bitcoin’s 2018 sideways movement and linked it to where the price would be during the first quarter of 2020. The curve from the chart represented Bitcoin undergoing the same movement that would put it in the $8000- $8200 range next year. Many users in the space had questions about the prediction with Kapishaa, Twitteratti asking:

“So you are saying price after one year will be more or less same as today. Best strategy is to sell now and buy 1 year later. Right now, buy Google stocks.”

To this, Davethewave replied:

“Same as two years ago.

This bodes very well for building a base going forward…”

Looking at the Bitcoin charts for 2018, it is pretty evident that the sideways movement was directly succeeded by the massive bear crash from which the cryptocurrency is recovering even now. The sideways movement started with a peak of $8264.22, with the last hold being at $6280.52, after which the value of Bitcoin crashed significantly to settle near the $3000 range.

Bitcoin price technical analysis chart

Some users in the space have also speculated that the reason why Bitcoin might undergo a sideways movement is because of the impact of altcoin prices. It is a generally accepted axiom that when significant altcoins like Ethereum and XRP start a ramp-up in terms of prices, Bitcoin is the one whose prices start consolidating. The pattern is starkly visible when Ethereum prices start moving up, a situation where Bitcoin’s value buckles and vice versa.

Applying the Bollinger bands on Bitcoin’s current standing, one can see that the upper band and the lower band have both started a slight convergence. This convergence is a result of the sideways movement that the cryptocurrency has been undergoing in October, a month that was expected to change Bitcoin’s standing for the better.

At the time of writing, Bitcoin trades for $8006, a marker that is far below from what it held at the beginning of the year. Fortunately, the cryptocurrency holds a healthy market cap of $144 billion alongside the trading volume of $15.7 billion. The trading volume increase also occurred in conjunction with recent reports that revealed that the cumulative Bitcoin trading fees had crossed the $1 billion mark.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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IRS wades into the cryptocurrency space by releasing the first report on digital assets in 5 years

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The Internal Revenue Services [IRS] is the latest overwatch body to take a stance on the cryptocurrency market, joining the likes of the CFTC and the Securities and Exchange Commission [SEC] of the United States.

The movement by the governing body comes after months of speculation that started in May of this year when the IRS Commissioner Charles Rettig revealed that the organization was working on statements related to the digital assets industry. In a new report released by the IRS, the Commissioner stated:

“The IRS is committed to helping taxpayers understand their tax obligations in this emerging area. The new guidance will help taxpayers and tax professionals better understand how longstanding tax principles apply in this rapidly changing environment. We want to help taxpayers understand the reporting requirements as well as take steps to ensure fair enforcement of the tax laws for those who don’t follow the rules.”

The report touched upon important aspects and events in the cryptocurrency industry such as forks. The IRS claimed that any new token created from a fork should be subject to an ordinary income equal to the fair market value of the new cryptocurrency when it is received. The document added:

“If your cryptocurrency went through a hard fork, but you did not receive any new cryptocurrency, whether through an airdrop (a distribution of cryptocurrency to multiple taxpayers’ distributed ledger addresses) or some other kind of transfer, you don’t have taxable income.”

The watchdog also stated that it is looking to address potential non-compliance in the cryptocurrency space through multiple efforts including taxpayer education, audits, and criminal investigations.

Some instances of the IRS’s steps include mailing information letters to over 10,000 taxpayers who may have reported transactions involving virtual currency incorrectly or not. The report concluded by saying:

“Taxpayers who did not report transactions involving virtual currency or who reported them incorrectly may, when appropriate, be liable for tax, penalties and interest. In some cases, taxpayers could be subject to criminal prosecution.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Tether usage booms in China as country continues to juggle trading ban decisions

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Tether has had a roller coaster 2019 with controversies mounting on the stablecoin like there’s no tomorrow. But a recent revelation has shown that Tether enjoys a good market share in a place far away from the United States, China.

In a country that has been on the fence about cryptocurrencies with the government proposing a blanket ban on crypto trade, the number of developments in the space coming out is surprising. The most famous story that has come out from China is that Tether has been used in an astounding 99 percent of all Bitcoin spot trades in 2019. This has come after the stablecoin replaced the yuan, the native fiat currency that was earlier pegged to Bitcoin.

The officials from Chainalysis, a data aggregator, has touched upon why Tether’s performance in China should act as an indicator of the growing Asian market presence in the cryptocurrency sphere. Philip Gradwell, the Chief Economist at Chainalysis, stated:

“People should be paying more attention to the price formation on the large Asian exchanges. There’s probably going to be a large amount of liquidity there that, for example, these OTC brokers will be providing. It can move very fast.”

Tether will be glad that the Chinese preference has come to light because of the scandals that surround the stablecoin organization. In a recent address of the class action lawsuit levied on Tether, plaintiffs Vel Freedman and Kyle Roche went all out to call Tether a scam. The statements read:

“This action concerns a sophisticated scheme that co-opted a disruptive innovation — cryptocurrency — and used it to defraud investors, manipulate markets, and conceal illicit proceeds.”

They further elucidated by saying:

“Part-fraud, part-pump-and-dump, and part-money laundering, the scheme was primarily accomplished through two enterprises — Bitfinex and Tether — that commingled their corporate identities and customer funds while concealing their extensive co-operation in a way that enabled them to manipulate the cryptocurrency market with unprecedented effectiveness.”

The boom in China has also enabled Tether to rocket up the cryptocurrency charts. If one compares performances from the beginning of 2018 to the present, Tether has been the biggest gainer, both in terms of market cap and ranking.

The reason for this is that back in 2018; the Chinese government prohibited its citizens from using yuan for cryptocurrency trades. This enabled Tether to move from the low rankings in the top 10 club to currently sit at a respectable 4th rank.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Altcoin performances break expectation as major coins continue to struggle

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After an extended bear run, the cryptocurrency market’s climate seems to have changed for the better with popular altcoins enjoying green pastures recently. Bitcoin, after holding at the $8000 level, looks like it needs notes from alts like Dogecoin, NEO, and XRP on how to hit the ramp.

Dogecoin

Dogecoin

The Jackson Palmer co-founder cryptocurrency loves sudden rises in prices, and that is precisely what has happened in the course of the last few weeks.

As of now, the Bollinger bands are in the midst of a divergence, which may indicate that there is an imminent bull run. The CMF line was below the zero line, which meant capital movement was less. The RSI showed that DOGE buy trade was more than the sell trade.

NEO

NEO

NEO has been trying to break away from the sideways moment, and there have been positive indications in the past week. The Bollinger band showed the exact same thing because the upper band and the lower bad was heading for a divergence.

The CMF maintained a healthy distance from the zero line and pointed to the positive capital movement. The RSI was heading away from the oversold zone, a sign that users were buying more of the cryptocurrency.

XRP

Ripple XRP

Ripple’s native cryptocurrency has had a difficult 2019, but its recent performance may indicate a change in fortunes.

The Bollinger bands had diverged completely, which meant that crypto was heading to the greens.

The CMF showed a strong signal of a really positive capital movement. The RSI was also in support of XRP as the line maintained near the overbought zone.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.