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Binance Coin (BNB)

Indonesia’s National Crypto Exchange Goes Live, Promises Fair Trading Ecosystem

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Recently, the Indonesian government’s Commodity Futures Trading Supervisory Agency (Bappebti) announced the official launch of the country’s first-ever national cryptocurrency exchange. The platform, which opened its virtual doors on July 20, is set to become Indonesia’s sole legal space for crypto asset trading.

The Head of Bappebti, Didid Noordiatmoko, revealed that the establishment of the crypto exchange, as well as its clearing and asset storage managers, went through an exhaustive and meticulous process in compliance with all applicable regulations. 

The gove­rnment demonstrated its commitme­nt to creating a secure and fair digital asse­t trading ecosystem by approving a serie­s of decrees. The­se decree­s prioritize customer protection and le­gal certainty.

Noordiatmoko emphasized:

The government’s involvement in this endeavor demonstrates its dedication to maintaining and nurturing the Indonesian crypto industry, ultimately contributing to the nation’s economic growth.

The move to create the cryptocurrency exchange comes as the interest in digital assets continues to skyrocket in Indonesia. In June 2023, the­ country experience­d a significant increase in digital asset inve­stors. Recent data reve­als that this influx totaled 141.8 thousand individuals, contributing to a remarkable surge­ in registered custome­rs, which now stands at an astounding 17.54 million.

Global Crypto Market Fluctuations

The most frequently traded digital assets on the exchange include Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Binance Coin (BNB). However, despite the surge in customers, the total transaction value for the January-June 2023 period declined by 68.65 percent compared to the previous year, amounting to IDR 66.44 trillion. 

Noordiatmoko attributed this dip to various factors, including a decline in global crypto market trading volume, potential liquidity crises, and the United States Government’s Federal Reserve policy on interest rates.

Nevertheless, optimism still surrounds the future of the physical trading of digital assets. Leading companies like Meta, Google, and Twitter are increasingly integrating blockchain technology into their business activities, indicating the potential for further growth and development in the industry.

To ensure­ the success of the digital asset exchange and the broade­r crypto market, Bappebti collaborates with re­levant ministries and institutions. It includes partne­ring with the Financial Services Authority (OJK), Bank Indone­sia (BI), and the Ministry of Finance.

The coordinate­d effort seeks to adapt the­ digital asset industry according to societal nee­ds while fostering a comprehe­nsive understanding of the advantage­s and risks involved in trading digital assets.

Nevertheless, with its new national cryptocurrency exchange, the Bappebti is poised to make its mark on the global crypto stage, offering investors a regulated and secure platform for digital asset trading.

Related Reading |  Uniswap Founder’s Security Scare: Twitter Account Restored After Hack 

SEC Tightens Noose Over Binance As It Investigates The Latter’s 2017 ICO Sale

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US regulator SEC has now directed its attention to the world’s largest crypto exchange Binance to examine if its 2017 initial coin offering [ICO] for its BNB token is in violation of the securities rules that require prior registration with the agency.

In more troubling news, the platform currently faces multiple investigations in Washington. Sources closed to the matter revealed that the SEC has brought dozens of enforcement actions over ICOs, which involve issuing virtual coins to raise money.

Following the investigation, Binance released a statement saying, “it would not be appropriate for us to comment on our ongoing conversations with regulators, which include education, assistance, and voluntary responses to information requests.”

The firm added that it would be assisting the authorities and “we will continue to meet all requirements set by regulators.” 

Apart from BNB, the SEC is also probing possible trading abuses by the firm’s insiders and also investigating its American affiliate- Binance.US, formed in 2019. 

More Scrutiny Awaits Binance

The crypto exchange however maintained that Binance.com and Binance.US “are separate entities.” “The US branch is a separate trading platform that services US users by offering products and services that are compliant with US federal and state regulations,” the firm said.

In a separate statement, the US’s arm said it was “committed to upholding the highest standards of compliance.”

Anonymous experts sources said the SEC is also monitoring market-making entities linked to the founder Changpeng Zhao, commonly known as “CZ”.

Will Binance Meet Ripple’s Fate?

The latest development has raised concerns of Binance meeting a similar fate to that of Ripple Labs Inc., which is currently engaged in a bitter court battle with the SEC after the regulator sued the firm and two of its executives in December 2020 for allegedly breaking rules in selling a crypto token known as XRP.

In its defense, Ripple emphasized that its token acts as a medium of exchange for digital currency rather than a security, and called the SEC’s litigation flawed.

U.S. Securities and Exchange Commission chair Gary Gensler has been taking aim at crypto exchanges by asserting that most digital assets fall under the purview of the SEC and crypto trading platforms should be registered with the agency.

Binance Coin [BNB] jumps over $600 while other coins drown in the red sea

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The crypto market was painted in red. Binance Coin [BNB] was the only asset that was riding the bullish wave. Volatility was written all over the market. Just today, all the assets were seen surging but hours later almost the entire market dropped to the red zone.

Bitcoin [BTC], despite enduring a dainty drop, was seen floating above the $60K level. The altcoin market was in a slump. Solana [SOL] had been bagging significant gains over the last couple of days. However, today, the altcoin was smeared in red. XRP, Cardano [ADA], and Polkadot mirrored a similar notion. Shiba Inu [SHIB], was dropping by 3.60% which was good considering the asset’s recent track record.

Binance Coin [BNB] was on a roll. The altcoin was the face of today’s market. With a whopping 8.85% surge in the last 24-hours, BNB was the talk of the crypto town. During the time of writing, BNB was trading for $607. While the coin finally crossed the $600 level, the persistence of the ongoing trend could act as a great push to the asset.

The market cap of the altcoin was on board with the existing trend as it reached a high of $101.5 billion. Binance Coin stood as the third-largest cryptocurrency in the market.

Binance Coin [BNB] one-hour price chart

Binance Coin

The bulls were dancing all over the Binance Coin market. The one-hour price chart on BNB noted strong bullish signs which could mean that the chances of the altcoin moving on towards $650 were high. The Parabolic SAR indicator formed dotted lines below the price candles which further acted as a line of support.

The MACD line was way above the signal line which further indicated a bullish crossover for the altcoin.

The Relative Strength Index [RSI] indicator suggested that the altcoin was being overtly purchased by the buyers in the market.

Binance Coin [BNB] gracefully glides over $500

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The crypto market was painted in different colors. Shiba Inu [SHIB] and Binance Coin [BNB] were particularly glistening in green. Bitcoin [BTC] was clearly taking a breather as it remained stuck at $61K. The altcoins were trying to take over but certain coins were sluggishly moving on to the bullish zone.

Over the last couple of days, Ethereum [ETH] has been making immense news. The asset’s jump towards its latest all-time high left the entire crypto community in awe. While it tries to move on to the $5K zone, the bulls were trying to bring in all the luck to the altcoin.

The meme coins were leading the bull run. Both, Shiba Inu as well as Dogecoin were amassing significant gains.

Binance Coin [BNB] was the star of today’s market. The altcoin took charge and pushed itself over the $500 zone. At the time of writing, Binance Coin was trading for $523 with a 5.33% surge in the last 24-hours. The previous few days have unquestionably been beneficial for the coin as it bagged profits up to 9%.

While the overall market cap of the crypto-verse resides at $2.64 trillion, Binance Coin, the third-largest cryptocurrency, accounted for about $87 billion.

Binance Coin [BNB] one-hour price chart

Binance Coin

Despite its move over $500, the bears were seen dancing all over the short-term price chart of BNB. The Awesome Oscillator indicator laid out numerous sturdy red bars and closed the trend with a bearish read bar. This bearish notion was further mirrored by the MACD indicator. As the signal line took over the MACD line, the chances of BNB to surge were shattered.

These signs could dement the possibility of an uptrend. However, since the above chart depicted Binance Coin’s short-term, a long-term hike could be possible.

The Relative Strength Index [RSI] indicator announced that the altcoin was being excessively purchased by the buyers in its market.

Binance Coin Witnesses Double-Digit Gains as Other Cryptos Fail to Catch Up

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The arrival of the bear set a new precedent for the cryptocurrency market as prices fluctuated constantly. In the midst of dwindling prices, one altcoin outperforming its compatriots was Binance’s own altcoin, BNB. The third-placed cryptocurrency sought its vindication by cementing its increased market cap over 4th ranked Cardano.

At press time, Binance Coin was trading for $459 holding a market cap of $77.5 billion. The boost could be attributed to the cryptocurrency’s hold on its investor market. Binance Coin grew by 17 percent over the past day, making it one of the biggest winners in the top 20 cryptocurrency club. Even the daily trading volume shot up to $5.62 billion as a wave of new investors joined the BNB market.

Binance Coin [BNB] 1 hour:

Binance Coin

BNB’s hourly gains were evident on the charts as the price climbed vertically from the immediate support at $360.4. After crossing the $400 threshold, the cryptocurrency faced a price slump. The community had no reason to panic as the recovery was almost instantaneous.

Parabolic SAR: A majority of the markers stayed below the price candles after an active 48 hours. This shift in momentum was seen as a new step in BNB’s growth.

Relative Strength Index: The graph spiked towards the overbought threshold as more users bought into the BNB market.

Chaikin Money Flow: The hold above the zero line meant that the capital coming into the market had overtaken the outflow, despite the flux.

Binance Coin 1 day:

Long-term performance was indicative of a bullish atmosphere akin to the ramp-up in April. The daily support clocked at $330 after the formation of consecutive green candles.

Relative Strength Index: The pattern was similar to its hourly action as the number of BNB HODLers increased. If more users amp up the buying pressure, the graph is expected to break the threshold.

Chaikin Money Flow: As the buying pressure increased, so did the capital influx.

Parabolic SAR: Since the end of September, only two markers have failed to stay below the price candles. The strong bullish momentum played a massive role in establishing BNB in the podium positions.

Acute selling activity causes trouble in Binance Coin [BNB] market; Will BNB drop below $400?

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The crypto market was filled with mixed emotions. Binance Coin [BNB], Cardano [ADA], Dogecoin [DOGE], and few others were seen residing in the bearish arena while Bitcoin [BTC] and Solana [SOL] still had the bulls in their markets.

Bitcoin [BTC] has been on a roll. From a low of $42K, the king coin flew to a high of $54K in no time. The persistence of the ongoing trend could undoubtedly push the coin on to $60K. The entire market was seen rejoicing BTC’s plunge towards $1 trillion, in terms of market cap. Solana [SOL] noted a major uptrend after its recent downfall. The altcoin was seen on a downward trajectory while the entire market was enjoying a bullish notion.

Binance Coin [BNB] was seen noting a major loss as the bears were all over its market. BNB, during the time of writing, was trading for $421.28 with a 4% drop over the last 24-hours. The altcoin was one of the first assets to welcome the bear into its market.

The market cap of the altcoin has been noting major fluctuations in its market cap. The altcoin’s market cap was noted at $70.8 billion. BNB’s ranking was rising and falling over the third and the fourth spot.

Binance Coin [BNB] one-hour price chart

Binance coin

The one-hour price chart of Binance Coin noted major bearish signs. The Parabolic SAR indicator took a significant turn from residing below the candlesticks all the way over the candlesticks. This transformation wasn’t for the best as the line acted as resistance and blocked any form of an uptrend. The Chaikin Money Flow [CMF] indicator also followed a similar suit. The CMF marker slipped below the zero median onto the bearish side of the chart.

The Relative Strength Index [RSI] indicator noted a sellers’ notion as the RSI marker resided below the 50 median. The RSI marker was so close to the oversold zone further indicating the high selling activity in the market.

Binance Coin [BNB] maintains rank 3 as bear influences price action

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The first week of October seems to have brought fervent activity to the market as cryptocurrency prices entered a bull/bear flux. Altcoins moved along the bull axis before it was rudely interrupted by the bear’s swirl. As Bitcoin held its own above the 50k mark, the altcoin industry had its crests and falls too.

One of the major altcoins suffering under the bear’s crunch was Binance Coin [BNB]. The Changpeng Zhao led cryptocurrency witnessed a 4.8 percent drop in value over the previous 24 hours to trade at $423.3. Binance Coin’s market cap fell to $70.6 billion while the daily trading volume clocked at $1.64 billion. Even though the daily rate was bearish, the cryptocurrency held a strong standing in the weekly spectrum.

Binance Coin 1 hour:

The third largest cryptocurrency on the charts had a wild week after reclaiming the third spot and hitting the bear wear. Binance Coin’s immediate support was at $412.2 after a tumultuous price action week.

Relative Strength Index: BNB’s graph climbed into the oversold threshold after a change in user sentiment. The graph is expected to climb more if more people hold onto their assets.

Chaikin Money Flow: The climb allowed BNB to tick above the zero line, indicating a shift in capital movement. A positive turnaround signified   more money coming into the Binance market.

MACD: The signal line and the MACD line fell to the bottom of the graph after diverging from the confluence. Even the histogram moved into the red zone after the bear’s arrival.

Binance Coin 1 day:

In the long term, Binance Coin struggled to hit earlier highs with the daily support at $327.6. The bottom of the graph was higher than earlier thresholds.

Chaikin Money Flow: The sporadic movement on the charts settled with the graph moving towards the zero line. A rescued capital flow may lead to further disparity among the time spectrums.

MACD: Unlike it’s hourly counterpart, the indicator moved upwards as the histogram surged towards greener pastures.

Relative Strength Index:The RSI was closer to the overbought zone than the oversold zone as user interest piqued in the long term. Fans of the cryptocurrency would want it to replicate it’s daily performance on the hourly charts.

Binance Coin [BNB] persists its hot streak while other assets fall into the bear’s den

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The bulls had entered the market and all the coins were seen rejoicing. But, how long will this joy last? Binance Coin [BNB] was the only asset still persisting in its bullish notion. Bitcoin [BTC], Cardano [ADA], and a few other assets were slowly making room for the bear.

While the daily gains of every asset were slowly depreciating, the market cap of a few coins was rising and directly pushing the overall numbers beyond $2 trillion. The altcoins were putting up a great show with regard to market cap. Sadly, BTC was struggling to make it past $900 billion. At press time, the overall market cap of the crypto-verse was at $2.10 trillion.

Coming back to the price aspect, Binance Coin [BNB], Polkadot [DOT], and Solana [SOL] were bagging the most gains. BNB had a pretty good week as the coin garnered profits up to 20% over the last seven days. During the time of writing, BNB was trading for $423 with a 2.42% surge over the previous 24-hours.

The market cap of the altcoin blew to a high of $71.54 billion. This further secured the coin a spot as the third-largest cryptocurrency. Cardano [ADA] was slyly overpowered by the Binance Coin.

Binance Coin [BNB] one-hour price chart

Binance Coin

The short-term price chart of BNB had the bull dancing all over it. While the bulls were slowly moving away from all the other markets, BNB still harbored it. The Parabolic SAR indicator formed dotted lines below the candlesticks and notified the presence of the bull. The Chaikin Money Flow [CMF] indicator remained in the bullish arena. The CMF marker was well settled over the zero median. The persistence of this trend could further push the altcoin towards $500.

The Relative Strength Index [RSI] indicator noted increased buying activity. The RSI marker was over the 50 median in the buyers’ arena.

Binance Coin [BNB] Sees Double-Digit Growth As October Brings Greener Pastures

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Several altcoins led the bull charge on the 1st of October with market caps surging on the charts. Binance Coin [BNB] emerged as one of the best performers of the day that saw spectacular growth in both the daily and weekly timeframes. The weekend seems to have brought along some good tidings for the crypto-verse as multiple coins witnessed double-digit gains.

At the time of writing, BNB was valued at $411.8 while its market cap climbed to $69.35 billion. The cryptocurrency climbed by 10.6 percent over the last 24-hours which was enough to push the daily trading volume over the $1.9 billion mark. As October officially dawned upon the cryptocurrency market, enthusiasts expected a change in fortunes.

Binance Coin 1-hour:

The hourly spectrum saw BNB register strong green candles on Friday. Binance’s cryptocurrency enjoyed a consecutive green red save for one red candle in between. According to the readings, BNB’s immediate support was clocked at $325.06.

Bolinger bands: The Bollinger bands diverged from one another as the cloud size increased. This was a sign of an impending buy-in run for Binance Coin.

Relative Strength Index: BNB’s RSI stayed above the overbought threshold as the cryptocurrency enjoyed one of its strongest runs in weeks. The indicator was evidence that more users were buying into the Binance Coin ecosystem.

MACD: The MACD line and the signal line moved upwards after crossing over. Even the histogram displayed strong bullish momentum.

Binance Coin 1-day:

BNB’s daily performance was more stagnant compared to its hourly counterpart. The daily price resistance fell to $265 after the bear run at the start of May.

Relative Strength Index: After Friday’s resurgence, the indicator shot up to the moon. The new influx of investors is expected to benefit the cryptocurrency’s long term price hold.

MACD indicator: After a slow September, the MACD line and signal line converged on October 1. The histogram in turn was in the midst of recovery after seeing red for the entirety of September.

Bollinger bands: Both the bands moved parallel to each other after the green candle lifted the price action out of its lull.

Binance Coin [BNB] slows down after registering massive growth

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Volatility was at its peak in the crypto market. Binance Coin [BNB], XRP, Ethereum [ETH], and several other coins, witnessed a plummet after bagging significant gains. While a few assets still remained green, the bears announced their entry into the crypto-verse.

Bitcoin [BTC] finally pushed past the barricade set up by the bear and hit $43K. Along with its price, the king coin’s market cap also noted a boost as it rose up to $800 billion. Ethereum [ETH], however, failed to make it to $3K. Despite the arrival of the bull and notwithstanding its daily gains of 1.23%, the altcoin remained at $2,900. The asset was a perfect example of the statement so close, yet so far.

Earlier today, Binance Coin [BNB] was seen bagging massive gains. But, this hot streak was interrupted by the bear. BNB’s journey towards $400 was once again placed hurdled. At the time of writing, BNB was trading for $373 with a price rise of only 0.93% over the last 24-hours.

The asset’s ranking noticed major fluctuations this year. From residing below the top five for the longest time, the altcoin finally made it to the top. Binance Coin even found a spot below Ethereum for a while. However, at press time, BNB stood as the fifth-largest cryptocurrency with a market cap of $62.7 billion.

Binance Coin [BNB] one-hour price chart

Binance Coin

The short-term price chart of BNB observed the arrival of the bear. The bullish notion that existed in the market, earlier today was being reversed. The Parabolic SAR indicator laid out a single dot over the candlesticks and announced the presence of the bear. Mirroring this sentiment, the Awesome Oscillator indicator formulated red closing bars. All these bearish signs could further disrupt the altcoin’s journey towards $400.

The Relative Strength Index [RSI] marker remained over the 50 median noting a buyers’ market.