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Binance Rallies Towards $300, TRON Remains Stable, And These Assets Might Hit Bull Run

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Binance Rallies Towards $300, TRON Remains Stable, And These Assets Might Hit Bull Run

The price prediction this weekend for cryptocurrencies did not work, as most of the coins remained stable while others posted a decline. Binance Coin (BNB) and TRON (TRX), as well as some of their biggest rivals like Bitgert (BRISE) and Centcex (CENX), did not post significant changes in their prices.

In fact, the overall global crypto marketcap has not changed much even into this weekend, and it looks like the market will maintain the same tempo this Sunday. However, crypto experts are bullish about these coins for this week. According to various analyses released, these coins might post one of the biggest price growths in the next few days.

 

Binance Coin (BNB) and TRON (TRX) Performance This Week

Crypto analysts have given this a more bullish performance, even with FED expected to announce the 75% increase. The growth is expected to be driven by the fact that the FED has said that this would be the biggest rate adjustment. Going forward, FED will do very little in terms of adjusting the rates.

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So Binance Coin (BNB) and TRON (TRX) will be among the coins expected to pump this week. The prediction is that the Binance price will increase from the current $280 and push past the $300 before the end of the week. Note that Binance has been one of the best performing in the recent bear run, where the coin surged past $350.

Unlike Binance, TRON (TRX) price prediction shows that the coin will remain stable this week. The prediction shows that the TRX coin will make minimal gains unless the TRON team makes groundbreaking news that will explode the price.

 

Bitgert and Centcex To Post The Biggest Pump

The Bitgert (BRISE) and Centcex (CENX) coins are expected to do well this week. The weekend has seen these coins retain most of the lost value, indicating that the coin might be preparing for a bull run. In fact, crypto analysts believe that these coins might be preparing for a bull run.

The price prediction is that Bitgert (BRISE) might increase by +50% this week because of the adoption of its zero gas fee chain, the exchange, and the tens of partnerships that have been announced. There is also a lot of excitement around the Centcex (CENX) team this week, especially after the release of the BriseSign. Centcex might increase by +20% this week.

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In conclusion, Bitgert (BRISE) and Centcex (CENX) are showing bigger potential to explode this week than Binance and TRON. That’s why crypto analysts are super bullish about them this week.

The post Binance Rallies Towards $300, TRON Remains Stable, and These Assets Might Hit Bull Run appeared first on Analytics Insight.

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Binance’s latest acquisition will enable it to set foot in this country after four years

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Binance’s latest acquisition will enable it to set foot in this country after four years

  • Binance is all set to enter the Japanese cryptocurrency market after a break of four years
  • The exchange acquired Osaka-based Sakura Exchange BitCoin, a crypto exchange with full regulatory compliance  

The world’s largest crypto exchange, Binance, is set to re-enter the Japanese crypto market four years after it exited the country following a fallout with local financial regulators. 

Binance and its latest Japanese acquisition

Binance acquired Sakura Exchange BitCoin, an Osaka-based crypto exchange that is registered with the Japanese Financial Services Agency (JFSA). Binance’s 100% stake in the JVSA licensed local exchange will enable the exchange to enter Japan with full regulatory compliance. However, the value of the deal has not been disclosed.

Sakura Exchange BitCoin, headquartered in the Japanese city of Osaka, was set up in 2017 under the name Xtheta. Furthermore, data from Crunchbase showed that the exchange was acquired by Kakao Piccoma in April 2022 for an undisclosed sum.

According to a statement by Binance, this move marks the exchange’s first license in East Asia.

“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users” said Takeshi Chino, General Manager of Binance Japan.

Sakura Exchange currently supports 11 trading pairs including BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY and ETC/JPY.

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Alas, after 4 long years

Binance exited the island nation back in 2018 after the Financial Services Agency ordered the exchange to suspend its operations in Japan. In a formal warning, the regulator alleged that Binance violated the country’s rules on fund settlement. This was because it did not have the necessary registration to operate in Japan.

The exchange received a similar warning from the Japanese financial regulator in 2021 and reiterated that it did not have permission to operate in the country.

Changpeng Zhao has undertaken a global expansion campaign, and has been meeting with several government agencies for the same. Recently, Binance received approval from Cyprus to operate as a digital asset service provider.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Binance Market Share Allegedly Hits 77%; Criticism Grows As Even Jack Dorsey Speaks Out

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Binance Market Share Allegedly Hits 77%; Criticism Grows As Even Jack Dorsey Speaks Out

It is no secret that Binance benefits from FTX’s insolvency. After the second largest exchange in the world went belly up, other exchanges had to divide FTX’s market share among themselves.

And that Binance is one of the biggest winners now seems to be confirmed by recent data. The Block claims that Binance now has a 75% market share on the spot market, 8.5 times more than the second Coinbase.

🚨Binance now represents 75% of all exchange volume, and almost 8.5x that of the second (Coinbase)

Good or bad for the ecosystem? pic.twitter.com/ykPisGn3W2

— Mario Nawfal (@MarioNawfal) November 30, 2022

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Other Data Providers Do Not Agree

The chart is based on CryptoCompare data and shows that total volume for the month was $642.7 billion. Binance’s share of the yet-to-be-completed month of November reportedly equates to $481.7 billion.

However, there are discrepancies with other data providers. Their data doesn’t find a massive dominance by Binance.

Coinmarketcap, which was acquired by Binance in April 2020, shows that the exchange currently has $12.5 billion in daily trading volume. It is followed by Coinbase Exchange with $1.5 billion dollars, Kraken with $626 million and KuCoin with $495 million.

With a total volume of $44.985 billion over the past 24 hours, this only calculates to a much healthier 27.8% market share for Binance.

CoinGecko, on the other hand, tracks 544 crypto exchanges with a total 24-hour trading volume of $59.5 billion. Binance’s market share is actually only 21.7% based on this figure. However, both data providers only provide daily volumes and thus not a complete picture.

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Binance Is In The Crosshair Due To Other Reasons

Regardless of the discussion about Binance’s market supremacy, the exchange is in the crosshair of critics due to other reasons. One of the harshest critics is Bitcoin analyst Dylan LeClair.

As he notes, BNB has made 9x in two months during the bull run with barely a retrace, 10x versus BTC since 2021. “Must be a new paradigm,” LeClair wrote and shared the following chart.

Source. Twitter

The analyst drew comparisons to FTX and commented ironically; “I’m sure it was retail that sent BNB 10x in two months. Same with FTT, right?”, and shared a chart of FTT and BNB with a similar price trend.

“It definitely wasn’t the exchange operator with an incentive to drive up the price of their own token to create a feedback loop of attention, hype, and more users…. Definitely not,” LeClair further commented.

He argues that the outperformance against “everything” is significant, and one should wonder what the reason is.

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Who is supporting this market (we know), and do they have infinite money? […] Think of some alts that outperformed this bull run? SOL (Alameda leverage and fraud), AVAX (3AC), LUNA (perpetual motion machine), etc.

To support his conjecture, LeClair also looked at the volume side profile for BNB/BTC spot market and BNB/USDT perpetual swaps (leverage) on Binance. He found a striking disparity.

Source Twitter

While Binance CEO Changpeng Zhao (CZ) said the exchange never uses leverage, users are encouraged to do so by means of various offers on Binance, according to the claim.

Also, CZ reiterated after the FTX collapse that Binance has never used its BNB token as collateral and has never taken on debt. LeClair only commented, “CZ my man, I really hope you’re telling the truth.”

Jack Dorsey And Others Also Express Criticism

Remarkably, Twitter co-founder and former CEO Jack Dorsey took a stand on the matter, commenting: “All made up.” Dorsey is known as a Bitcoin proponent, but his statement is vague.

His only other comment on the subject was a response to “Bitcoin, not shitcoin” with “yes,” leaving the community in the dark as to whether he supports LeClair’s theses.

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All made up

— jack (@jack) November 29, 2022

Renowned on-chain analyst Willy Woo also expressed cautious criticism of Binance, specifically on its Secure Asset Fund for Users (SAFU):

SAFU is misleading marketing. It was boosted to “$1 billion,” but if you look at it closely and factor out the correlated impact of BNB and to a lesser extent BTC, the fund is really only good for 0.5% of the $68 billion in assets on Binance. This is not hate, it is informing the public.

At press time, BNB was down 0.9%, while BTC experienced a small surge and posted a daily gain of 2.5%.

BNB trading at $300.70, 4-hour-chart. Source. TradingView

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Binance re-enters Japan, controls over 75% of exchanges’ monthly trading volume

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Binance re-enters Japan, controls over 75% of exchanges’ monthly trading volume

Binance re-enters Japan, controls over 75% of exchanges’ monthly trading volume Oluwapelumi Adejumo · 4 hours ago · 2 min read

Binance now controls over 75% of exchnages’ monthly trading volume, according to available data.

2 min read

Updated: November 30, 2022 at 11:53 am

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Cover art/illustration via CryptoSlate

Binance has re-entered the Japanese market with its acquisition of Sakura Exchange BitCoin (SEBC), according to a Nov. 30 announcement.

#Binance Acquires JFSA Registered Sakura Exchange BitCoin, Committed to Enter Japan Under Regulatory Compliancehttps://t.co/xfdnaY2hiO

— CZ 🔶 Binance (@cz_binance) November 30, 2022

The Changpeng Zhao-led exchange revealed that it bought a 100% stake in the Japanese-regulated exchange for an undisclosed sum, giving it its first license in East Asia.

Speaking on the development, Binance Japan’s general manager, Takeshi Chino, said:

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“We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.”

Binance exited the Asian country in 2018 after Japan’s Financial Services Agency (JFSA) ordered it to stop operating without a license. The financial watchdog issued another warning in 2021 that the exchange had failed to register with regulators.

With this move, Binance can expand its influence and market dominance, which has increased significantly since FTX’s recent collapse.

The crypto exchange has secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, etc. though some of the approvals have drawn the ire of some lawmakers.

Binance makes up 75% of all exchange trading volume

Crypto analyst Miles Deutscher highlighted that Binance now controls 75% of all crypto exchanges volume as of Nov. 29, citing data from The Block. According to the data, its closest rival, Coinbase, controls only 11.6% of the crypto trading volume.

Binance now has 75% of all exchange volume. 🤯 pic.twitter.com/ZTwbnb0RMP

— Miles Deutscher (@milesdeutscher) November 30, 2022

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Nomics data confirms Binance’s dominance in its 24 hours trading volume metrics. According to the data aggregator, Binance’s trading volume was $38.53 billion in the last 24 hours, which accounted for 18.69% of all trades.

Its closest rival was OKX which processed 4.46% ($9.20 billion) of all crypto exchanges’ trading volume.

Other top rivals like Coinbase, ByBit, KuCoin, Huobi Global, Gate.io, and Kraken processed less than 10% of exchanges’ trading volume cumulatively in the last 24 hours.

Read Our Latest Market Report

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