Tag Archives: Binance

Binance Moves Towards Compliance

Binance CEO Unveils New Approach to Compliance Amid Regulatory Setbacks

By Daily Hodl Staff • August 7, 2021 // BITCOIN // REGULATORS

Binance CEO Changpeng Zhao says the cryptocurrency exchange is taking a proactive approach towards regulatory compliance.

Zhao states in a tweet that Binance is ‘pivoting’ after weeks of facing multiple regulatory setbacks across the globe.

“Binance pivoting from reactive compliance to proactive compliance. Stay tuned.”

The Binance CEO further says that ‘one of many’ steps the cryptocurrency exchange will adopt as it embraces ‘proactive compliance’ is banning Hong Kong users from opening new derivatives products accounts.

“New Binance users from Hong Kong can no longer open futures accounts and we will wind-down access for existing users. This is one of many proactive measures Binance is taking to help establish crypto compliance best practices worldwide.”

Hong Kong users will have a grace period of 90 days within which to exit existing futures positions. Binance will not permit new positions to be opened during the grace period.

Over the past couple of weeks, the cryptocurrency exchange has withdrawn various products and changed operating practices that could attract the ire of regulators.

For instance, Binance lowered the maximum amount of Bitcoin that users who have only undergone a basic know-your-customer verification procedure can withdraw. The cryptocurrency exchange also limited the amount of leverage offered to a maximum of 20x while stopping the use of select fiat currency pairs in margin trading.

Zhao’s announcement follows a string of regulations-related setbacks, including losing payment services provided by traditional financial institutions. Early last month, amid the regulatory pressures, Binance announced it would be expanding its compliance team.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Mopic

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Binance Reduces Daily Withdrawals to 006 BTC

Binance Reduces Daily Withdrawals for Unverified Accounts to 0.06 BTC

JOHN P. NJUI   •   BINANCE (BNB) NEWS   •   JULY 27, 2021

  • Binance has reduced daily withdrawal limits for unverified accounts from 2 BTC to 0.06 BTC
  • Binance has also reduced leverage on new futures accounts to 20x
  • There is also a new tax reporting tool on Binance for users who are obligated to report their capital gains
  • The exchange has implemented the new changes as it works towards complying with regulators globally

The popular crypto exchange of Binance has lowered the daily withdrawal limits for accounts that are not fully verified, from 2 BTC to 0.06 BTC.

The team at the exchange made the announcement of the new changes earlier today further explaining that they will take effect immediately for new accounts, and be implemented gradually for existing ones.

Existing users who have not verified their accounts will see their daily withdrawal limits adjusted to 0.06 BTC starting ‘ from 2021-08-04 00:00 AM (UTC) and completed by 2021-08-23 00:00 AM (UTC).’ Furthermore, verification was encouraged by the team at Binance for it would increase the daily withdrawal limits to 100 Bitcoin.

Leverage on Binance Futures Reduced to 20x For New Users

Hours ago, the exchange had also announced new limits on the amount of leverage available for new futures accounts. According to the official announcement, futures accounts that are less than 60 days old will have a maximum leverage limit of 20x.

Existing accounts that fall under this category will see their leverage reduce effective immediately. Existing trading positions will maintain their leverage until closed after which leverage will drop to 20x.

The leverage limits for new accounts will begin to increase gradually after 60 days.

Binance Introduces a New Tax Reporting Tool

Also today, Binance announced the launch of a new tax reporting tool that will assist traders in declaring capital gains or losses to their respective regulatory bodies. The new tax reporting tool is available via the ‘Account > API Management‘ feature on both the Binance website and mobile application.

Binance Implements Changes to Adhere to Various Regulatory Bodies

The aforementioned changes at Binance come in the wake of the exchange being pressured by various global regulatory bodies, to abide by existing rules in the various jurisdictions. Chances are, that Binance will continue to add new changes and policies in the days to follow.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

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Binance Smart Chain Growth

Binance Smart Chain Daily Transaction Count Grows by 92% in One Month

JOHN P. NJUI   •   BINANCE (BNB) NEWS   •   JULY 23, 2021

  • The daily transaction count on the Binance Smart Chain has increased by 92% in one month
  • Active daily addresses on the Binance Smart Chain have increased by 33% in the same time period
  • Dapps on the Binance Smart Chain are growing with games and play-to-earn applications leading the rest in unique wallet interactions
  • 4 of the top 5 games on the Binance Smart Chain have seen remarkable growth in unique active users

Daily transactions on the Binance Smart Chain have grown by 92% in the last month. The daily transaction count on the Binance Smart Chain currently stands at 6.043 million up from the June 26th lows of 3.150 million. The chart below, courtesy of BSCScan.com further demonstrates the resurgence in daily transaction activity on the Binance Smart Chain.

During the same time period, the number of daily active addresses on the Binance Smart Chain has also increased by 33%. At the time of writing, there are roughly 630k daily active addresses on the Binance Smart Chain compared to 474k on June 26th. The chart below, courtesy of BSCScan.com provides a visual cue of a resurgence in the daily address activity on the Binance Smart Chain.

Gaming and Play-to-Earn Dapps have Grown on the Binance Smart Chain

The growth in address activity on the Binance Smart Chain has also been observed by the team at DappRadar who pointed out that four of the top 5 games on the BSC have seen a remarkable increment in unique active wallets.

According to their analysis, games on the Binance Smart Chain are becoming particularly popular as explained in the following statement and accompanying screenshot of data highlighting the Dapps with the most user activity.

Games on Binance Smart Chain, often offering a play-to-earn or financial incentive, are becoming increasingly popular. CryptoBlades, My Defi Pet, Mobox and DungeonSwap have all seen their user base increase over the past 7 days.

Binance Smart Chain is Becoming a Big Development Ground

In their concluding remarks, the team at DappRadar stated that Binance Smart Chain is ‘actively becoming a big development ground’ as more usres and developers turn to blockchain-based games due to their play-to-earn mechanics. As a result, the current growth of games and play-to-earn Dapps on the BSC is a sign of bigger things to come.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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Binance Coin BNB Becomes the 3rd Crypto With a Market Cap Over 100B

Binance Coin (BNB) Becomes the 3rd Crypto With a Market Cap Over $100B

JOHN P. NJUI   •   BINANCE (BNB) NEWS •   MAY 3, 2021

  • Binance Coin has become the third digital asset with a market cap above $100 Billion
  • BNB’s market cap currently stands at $100.74 Billion
  • Binance Coin is now worth more than Zoom, SnapChat, AirBus and GlaxoSmithKline
  • Binance Coin printed a new all-time high of $666 – Binance rate – and could keep growing

The digital asset of Binance Coin (BNB) has just hit a new milestone by becoming the third digital asset, after Bitcoin and Ethereum, to have a market capitalization above $100 Billion.

At the time of writing, Binance Coin has a market capitalization of $100.74 Billion as seen in the following screenshot courtesy of Coinmarketcap.com.

Binance Coin (BNB) is Now Bigger than Zoom, SnapChat, AirBus and GlaxoSmithKline

To understand the magnitude of BNB’s achievement in reaching the $100 Billion club, the digital asset is now worth more than the following ‘traditional’ companies in terms of market capitalization.

  • AMD – $96.30 Billion
  • Daimler – $95.70 Billion
  • GlaxoSmithKline – $94.57 Billion
  • Airbus – $93.57 Billion
  • Zoom – $92.42 Billion
  • Snapchat – $90.86 Billion

Binane Coin Sets a New All-time High of $666

Binance Coin (BNB) reaching a market cap above $100 Billion was the result of the digital asset hitting a new all-time high of $666 earlier today. BNB’s current price action is within a bullish trend as seen through the following 1-day BNB/USDT chart.

From the chart, it can be observed that the daily MACD has crossed in a bullish manner above the baseline. However, its histograms are a bit too short for a confident continuation of the current upward trajectory. In addition, trade volume is reducing hence the possibility of BNB to undergo a correction in the hours or days to follow.

However, the daily MFI and RSI are yet to venture into overbought territory at values of 69 and 74. Therefore, Binance Coin could be gearing up for some consolidation above the $620 to $640 support zone in preparation for another drive towards new all-time highs.

If the latter scenario plays out, Binance Coin (BNB) could be on a path towards breaking $700 in the next few weeks if not days.

As with all analyses of altcoins such as BNB, traders and investors are advised to use low leverage and stop losses when trading Binance Coin on the various derivatives platforms.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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Binance CEO: We Will Eventually Burn All Team Allocated BNB From ICO

Binance CEO: We Will Eventually Burn All Team Allocated BNB From ICO

JOHN P. NJUI   •   BINANCE (BNB) NEWS •   APRIL 18, 2021

  • The Binance team was allocated 40% of the BNB minted during the ICO back in 2017
  • The 80 million BNB is now worth $37 Billion
  • CZ has clarified that all team allocated BNB from the ICO will be burned
  • Binance Coin (BNB) dropped to a local low of $428 due to the crypto market crash earlier today
  • However, fundamentals surrounding the Binance Smart Chain and BNB remain strong

The CEO of Binance, Changpeng Zhao, has shared via Twitter a plan to eventually burn all team allocated BNB from the exchange’s 2017 ICO. According to CZ, the Binance team was allocated 40% of the 200 million Binance Coin (BNB) minted. This amount of 80 million BNB, is now worth roughly $37 Billion, and the team at the exchange plans to burn it all rather than selling it at a profit.

CZ shared this information through the following tweet that also provided the blockchain addresses of where the team allocated BNB is kept for tracking purposes.

Binance Coin (BNB) Drops to $428, But Fundamentals Remain Strong

Earlier today, Binance Coin (BNB) dropped from $518 to a local low of $428 as a result of a crypto-wide dump that resulted in over $10 Billion in liquidations. At the time of writing, Binance Coin is trading at $466 as the digital asset attempts to recover from the dip, and possibly reclaim $500.

A brief analysis of the daily BNB/USDT chart below reveals that the coin has a brutal few days ahead, at least till the price of Binance Coin touches the 50-day moving average (white) as was the case back in late March.

Also from the chart, it can be observed that all indicators point towards a bearish few days or weeks for Binance Coin (BNB). To begin with, the daily MACD is about to cross in a bearish manner above the baseline. Secondly, the daily MFI and RSI are dropping from overbought territory thus implying an ongoing correction.

However, the fundamentals surrounding the Binance Smart Chain continue to provide much-needed bullish momentum for Binance Coin (BNB). The Binance Smart Chain continues to attract new DApps and the migration of those trying to escape the high gas costs of operating on Ethereum. Furthermore, network activity is still high with the Binance Smart Chain processing roughly 4.76 million transactions in the last day.

Therefore, the bearish environment surrounding Binance Coin might just be a precursor to further gains as its utility on the Binance Smart Chain is bound to increased demand for the digital asset.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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Binance to List a Tokenized Version of Coinbase COIN Stock

Binance to List a Tokenized Version of Coinbase (COIN) Stock

JOHN P. NJUI   •   BINANCE (BNB) NEWS •   APRIL 14, 2021

  • Binance will list the Coinbase Stock Token (COIN) today
  • Users will be able to trade fractional Coinbase stock through the COIN/BUSD pair
  • Binance recently announced it will start listing stock tokens
  • Tesla (TSLA) was the first stock token listed by Binance
  • FTX is already trading Coinbase pre-IPO contracts which are trading at $600

The popular crypto exchange of Binance has announced that it will be listing the Coinbase Stock Token (COIN) today, April 14th. According to the official announcement, the token will be available through the COIN/BUSD pair with users having a chance at trading fractional shares of the Coinbase Stock.

Binance Launches Zero-Commission Tradable Stock Tokens

The move by Binance comes only days after the team at the exchange announced the launch of Zero-Commission tradable stock tokens. Coinbase Stock Token (COIN) is the second offering after Tesla (TSLA) which was launched on Binance on the 12th of this month. Fractional stock of the electric vehicle company are now available through the TSLA/BUSD pair.

Each stock token on Binance is fully backed as explained below.

Binance Stock Tokens are zero-commission digital tokens fully backed by a depository portfolio of underlying securities that represents the outstanding tokens. Holders of stock tokens qualify for economic returns on the underlying shares, including potential dividends.

Coinbase is Already Trading on FTX Exchange

To note is that the FTX crypto exchange has already started trading of Coinbase Pre-IPO contracts under the CBSE/USD pair. Users of the exchange can trade the contracts with up to 5x leverage.

The contracts will be converted to tokenized Coinbase fraction stocks after the first day of official trading of COIN on Nasdaq.

At the time of writing. CBSE/USD is trading at $604 with the team at Unfolded capturing the contracts at a recent all-time high of $622 as seen through the following tweet. The team went on to explain that such a value implies a Coinbase valuation of roughly $160 Billion.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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BNB’s next rally

Up 700% in Q1, BNB’s next rally could be one for the “history books”

By Reynaldo Marquez – April 9, 2021 in Binance Coin, Cryptocurrency News Reading Time: 2min read

Crypto research firm Messari released this Q1 Performance Recap, the undisputed winner on the top assets was Binance Coin (BNB) with an astonishing 709% in profits. Followed by ADA (557%) and UNI, BNB seems ready to continue its rally.

Conducted by researcher Roberto Talamas, he concludes Binance Coin’s rally was fuel by the emergence of the Binance Smart Chain (BSC). Taking market share from Ethereum, BSC became a cheaper and faster option for some users.


Source: Messari

In parallel, the token leveraged Binance high trading volume “and earnings fueled by white-hot crypto markets”, according to Talamas. One of BSC’s most popular protocols PancakeSwap also was of the top winners these past months. The researcher claimed:

Binance Smart Chain has quickly become the most used smart contract platform next to Ethereum and has benefitted from Ethereum’s rising transaction fees, and accelerated volumes and earnings fueled by white-hot crypto markets. These developments created the perfect environment for BNB to reach new all-time highs.

PancakeSwap’s native token CAKE made 3,031% gains, ranking it in the top position of the best performing DeFi assets.


Source: DeBank

BNB from the traders perspective

At the time of writing, Binance Coin is trading at $442 with 6.3% profits in the 24-hour chart. In the 7-day chart, the token has 32.8% profits and 50.2% in the past month.


BNB with moderate gains in the 24-hour chart. Source: BNBUSDT Tradingview

Although BNB dropped from its ATH at $448, trader “Kaleo” was expecting a vertical breakout due to a pattern spotted in its price. The token has a period of a massive rally, shakeout, and a new push to ATH.

In the short term, BNB could experience a period of accumulation as it prepares for the next rally, Kaleo said:

All in on $BNB and $FTT (…) One more flight. One more leg up for BNB and FTT.

Trader “Bitcoin Printer” is bullish on Binance Coin and has set support at the current levels. Losing them could mark a “pause in the party”. Otherwise, BNB could go north of $510 with more upside in the coming months. The trader said:

IF RSI breaks out and invalidates the bear div.. holy moly.. It seems to happen.. this is insane.. but also 161,8% extension.

In the medium term, Binance Coin’s profits will be determined by its capacity to maintain competitiveness with Ethereum’s optimism rollout with Uniswap v3 deployment. Set for early May, the new features and cheaper transactions could reverse BSC and PancakeSwap’s edge.

Now, PancakeSwap has the top position in daily trading volume with $967 million followed by Uniswap v2 with $799.  Analyst Checkmate said the following on BNB’s future:

Straight up, the single biggest upset this bull could deliver would be a BNB flip of ETH. Even if it was just for a day, it would be one for the CT history books.

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The original article was written by Reynaldo Marquez and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

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Huge Binance Coin BNB Uptrend Forming

Why This Trader Expects a Huge Binance Coin (BNB) Uptrend Forming

By Yashu Gola – April 8, 2021 in Binance Coin Reading Time: 2min read

Binance Coin (BNB/USD) is bracing for a massive bullish move in the sessions ahead, a trend that could see the exchange token rise above $450.

The analogy comes from an independent analyst on Twitter, operating under the pseudonym of Crypto Kaleo to distribute day-to-day cryptocurrency updates across its 142,000 followers. Kaleo predicts a wild upside rally in the BNB/BTC instrument as he compares the pair’s current price movements with those last month — that led a parallel instrument, the BNB/USD, to its current record high of $422.

The Breakout Mood

In February 2021, BNB/BTC reached a new high in a breakout move that followed a consolidating move below a descending trendline and pattern top (0.0032 satoshis). After hitting 0.0067 satoshis as its breakout target, the pair started consolidating again under a new descending trendline pattern. Only this time, bulls waited for days before pursuing an upside breakout.

Later, the BNB/BTC pair consolidated near the level coinciding with its descending trendline top at 0.0067 satoshis.

“The first one back in mid-February went nearly vertical afterward,” said Crypto Kaleo, mentioning the chart as shown below. “I expect something similar here, though probably a bit slower considering the higher market cap/longer accumulation period prior.”


Notice how both ATH breakouts had massive wicks/shakeout candles. Source: BNBBTC on TradingView.com

The analysis appeared as the cryptocurrency market, on the whole, risked correcting lower under Bitcoin’s influence. The BTC/USD exchange rate again failed to log a breakout move above $60,000. Traders unwound their upside positions to secure short-term profits and dropped the pair to as low as $55,400 on Wednesday. It was attempting to rebound this Friday, albeit with weaker volumes.

BNB’s fundamentals typically take cues from the Bitcoin market. The correlation efficiency between the two assets currently sits near 0.75. The general market consensus for Bitcoin is bullish. It means Binance Coin also has a likelihood of tailing the flagship cryptocurrency to its gains.

BNB/USD

Kaleo spotted more similarities in the BNB/USD price movements in February 2021 and right now.


Coin outlook from mid-Feb. Source: BNBUSD on TradingView.com

and in April 2021:


Coin outlook in April 2021. Source: BNBUSD on TradingView.com

“Extremely similar also,” Kaleo stated, “both accumulated/accumulating slightly higher than the ATH they recently broke. “Continuing to play out like the time above. I’m expecting a surge out of this range to a new all-time high and price discovery any time now.”

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The original article was written by Yashu Gola and posted on NewsBTC.com.

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Binance Could Soon have an NFT Marketplace

CZ Drops a Hint That Binance Could Soon have an NFT Marketplace

JOHN P. NJUI   •   BINANCE (BNB) NEWS •   APRIL 4, 2021

In brief:

  • Binance CEO, CZ, has hinted that the exchange could soon have an NFT marketplace
  • He also tweeted about a meeting with MetaKovan, the owner of the $69M Beeple NFT
  • An NFT marketplace on Binance is logical given the popularity of Non-Fungible tokens on Ethereum and Tron

The CEO of Binance, Changpeng Zhao, has hinted via Twitter that the exchange could soon have an NFT marketplace. CZ was responding to a tweet in which he was asked when users could expect an NFT marketplace on the trading platform. CZ went on to respond in his signature fashion of ‘careful what you wish for’ as seen in the tweet below.

‘Careful What You Wish For’ Usually Foreshadows a new Feature on Binance

The CEO of Binance has had a history of using the phrase ‘careful what you wish for’ to respond to user requests that are in line with a new feature the exchange is working on.

One such example was in May 2019 when Twitter user @CryptosBatman suggested that the exchange launch a stablecoin to which CZ responded in a similar manner. The exchange went on to launch Binance USD in September of 2019 with the stablecoin now having a circulating supply of 3,966,435,600 BUSD.

An NFT Marketplace Seems Logical Given Current Interests

In an earlier tweet, CZ narrated a meeting he had with @MetaKovan, the owner of the famous Beeple NFT that was sold for $69 million. CZ went on to describe him as a cool guy who taught him a lot about NFTs. His exact statement on the meeting can be found below.

Just had a drink with Vignesh (the guy who bought the $69m @beeple #NFT). Really cool guy, down to earth, and taught me a lot more about NFT and #crypto.

In conclusion and connecting the dots, Binance launching an NFT marketplace seems like the next logical step by the exchange given the popularity of several Ethereum based NFT marketplaces and the commitment of Tron’s Justin Sun through the JUST NFT fund.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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I Didn’t do Much for Binance Smart Chain Just a Lot of Shilling CZ

I Didn’t do Much for Binance Smart Chain, Just a Lot of Shilling – CZ

JOHN P. NJUI   •   BINANCE (BNB) NEWS •   MARCH 21, 2021

Summary:

  • CZ has pointed out that he did not contribute much towards the building of the Binance Smart Chain
  • He explained that all he does is support the project through ‘a lot of shilling’
  • The Binance Smart Chain continues to grow with daily transactions constantly above 2 million
  • Binance smart chain unique addresses have now hit 60.384 million in total

Earlier this week, the CEO of Binance, Changpeng Zhao, explained via Twitter that he had almost zero contribution to the Binance Smart Chain project. According to CZ, he did not write a single line of code nor make any design decisions. He also added that majority of his work has been supporting the project through a lot of shilling.

CZ was responding to another tweet crediting him for the spectacular growth of the Binance Smart Chain in the last few months. His full response can be found below.

Binance Smart Chain On-Chain Metrics Continue to Grow

A quick glance at BSCScan.com reveals that the Binance Smart Chain has continued to sustain the impressive growth of the project since the beginning of the year. According to the tracking website, the Binance Smart Chain now handles over 2 million transactions in a day with a current count of 2.6 million. The highest amount of daily transactions of 3.726 million were recorded on March 16th.

The screenshot below courtesy of BSCSCan.com further demonstrates this fact.

In terms of network growth, the Binance Smart Chain now hosts 60.384 million unique addresses with the highest increment witnessed on March 2nd. On this date, a total of 6.574 million new Binance Smart Chain addresses were created as highlighted by the following chart courtesy of BSCScan.com.

Network Activity on the Binance Smart Chain is Bullish For Binance Coin

The growth of the Binance Smart Chain has had a positive effect on the value of Binance Coin (BNB) that has seen a parabolic rise since the beginning of the year. BNB opened the year at roughly $38 and is currently trading at $265 signifying a 6.97x increment in value in one quarter.

Besides the possibility of a drastic Bitcoin dip down the line, there is no other potential roadblock halting BNB from growing further in terms of value as network use increases. To note is that the 15th Binance Coin burn is around the corner and the event should push BNB close or past the $300 price ceiling.

(Feature image courtesy of Unsplash.com)

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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