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Binance Chain Decentralize Exchange Testnet Will Launch Next Week

CEO of Binance, Changpeng Zhao, has revealed that the company is targeting February 20th as a release date for its decentralized exchange’s testnet.


Binance Chain Testnet Coming Next Week

Binance Chain, the decentralized exchange (DEX) of Binance, aims to launch its testnet to the public on February 20th. That’s what the company’s CEO stated in a tweet earlier today.

Finally got a date. Targeting to release Binance Chain testnet (https://twitter.com/binance_dex) for public testing on Feb 20th. This is a testnet, your feedback would be most valuable.

The company also said that Binance Chain will offer support for hardware wallets immediately after it’s launched. Prior to opening the testnet for the public, Binance released it to their partners, revealing support for Ledger wallets.

As Bitcoinist reported, the company will charge a sum ‘close’ to $100,000 for listing new coins on the DEX. Additionally, Binance will have a lot of influence over the network in the beginning, making it ‘more centralized’ compared to others.

Zhao said in a live AMA that the testnet will initially begin with 11 validator nodes and that they will be looking for “guys who can run very fast validators”, making them likely to be selected through the company’s close partners.

Binance Coin Up 60 Percent on The Month

At the same time, Binance Coin (BNB) 00, has surged over the past month, gaining around 60 percent of its value.

In fact, yesterday, on February 11th, BNB hit its absolute all-time high (ATH) value trading against BTC.

Besides the news of the upcoming testnet of Binance Chain, the company concluded a scheduled BNB burn in mid-January, which saw 1,623,818 BNB taken out of the cryptocurrency’s supply. At the time of the burn, the dollar value of the tokens was about $9.4 million.

Earlier in February, Binance Coin crawled up in positions and is currently the 10th largest cryptocurrency by market capitalization.

What do you think of the testnet launch of Binance Chain? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock, coinmarketcap.com

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Binance’s BNB Token Hits All-Time High in Bitcoin Value

Binance Coin (BNB), the token issued by the world’s largest cryptocurrency exchange by trade volume Binance, has extended its recent gains to set a new all-time high in bitcoin-denominated value.

At press time, BNB is trading at 0.002619 BTC ($9.60) but previously reached 0.002688 at 10:00 UTC Monday – the cryptocurrency’s highest price in its entire one and half year history, according to data from Binance. 

Binance first listed BNB for trading on July 14, 2017, and the token has achieved a nearly 9,600 percent return on investment from its December 2017 initial coin offering (ICO) price of $0.10.

At the same time, BNB still has a ways to go before approaching it’s all-time high in USD value. Current figures represent a decline of 58 percent from BNB’s USD high of $22.48 achieved on Jan. 12, 2018, data from OnchainFX further reveals.

BNB’s BTC-tied high came after a period of strong performance that played out over the past several weeks.

As can be seen in the table below, BNB has significantly outperformed the market leader and world’s largest cryptocurrency bitcoin over the past 90-days, including a 35 percent increase in the past seven days alone when bitcoin rose just 5 percent.

BNB’s recent growth has catapulted it to become the world’s 10th largest cryptocurrency by market capitalization, which now registers $1.33 billion, according to data from Coinmarketcap.com.

While BNB may be the only well-known cryptocurrency to hit a new record of sorts, it has not been the best performer.

Data from OnchainFX reveals three cryptocurrencies have outshined BNB in the past seven days including ARK, Dentacoin, and Theta Token who have printed gains of 35 percent, 43 percent and 43 percent, respectively, against the US dollar.

Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, ZIL, 1st and AMP at the time of writing.

Binance phone image via Shutterstock

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BitTorrent Token Is Already Nearly 6 Times Its ICO Price

The price of BitTorrent Token (BTT) is closing in on six times the price of its initial coin offering (ICO), which occurred just one week ago.

59.8 billion BTT tokens were sold through Binance’s token sale platform on Jan. 28 at a price of $0.00012 per token, according to sale information provided by the exchange.

Up nearly 40 percent today alone, BTT is now trading at a considerably higher price of $0.000798 – representing a 565 percent increase from its ICO price, Coinmarketcap data reveals.

That sale sold out in minutes, prompting complaints from users who were unable to make purchases due to technical issues. In an attempt to compensate for the technical difficulties, the BitTorrent Foundation completed an airdrop of 5,000 tokens to each user unable to participate in the ICO.

The token sale came months after BitTorrent was acquired by Tron last summer, and weeks after a new cryptocurrency was announced that would be integrated with BitTorrent’s peer-to-peer file-sharing tech. That acquisition led to criticism and some staff exits, and the unveiling of the BitTorrent Token has drawn its share of critique as well.

Since the token sale, a number of cryptocurrency exchanges have listed BTT for trading. The largest markets for the token thus far are UpBit and Binance, which combined account for more than 90 percent of BTT’s $270 million total trading volume in the past 24 hours.

Given the state of the broader cryptocurrency market, BTT’s recent performance is an outlier. The seven-day return for BTT since the ICO accounts for near 600 percent. By contrast, the price of bitcoin reflects a three-percent different from its opening price on Jan. 28, CoinDesk pricing data.

Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, ZIL, 1st and AMP at the time of writing.

Bittorrentimage via Shutterstock

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Binance’s BitTorrent Token Sale Sells Out in Minutes Amid Technical Issues

A public sale of 59.8 billion BitTorrent Tokens (BTT), worth roughly $7.2 million, sold out in a matter of minutes on Binance’s Launchpad earlier today, despite technical difficulties that frustrated some users.

At 3:00 UTC, the token sale platform opened its doors to BTT investors through two separate sale sessions, one for those paying with the token native to the Tron blockchain, TRX, and the other for those paying with Binance’s native exchange token, BNB. Each BTT token was valued at $0.00012 during the sales, according to sale information posted on Binance’s website.

BTT is the first token in BitTorrent’s 17-year history. The decentralized file-sharing service was acquired by Tron last summer and plans for BTT, which runs on Tron’s blockchain, were rolled out in a white paper earlier this month.

Both of today’s sales began at the same time and were scheduled to end either once the hard cap of the sale was reached or when the clock struck 10:00 UTC on February 3. The minimum purchase amount was 100,000 BTT.

According to a tweet from Tron CEO and founder Justin Sun, the 23.76 billion token cap for the BNB session was reached in just 13 minutes and 25 seconds, while the 35.64 billion token cap for the TRX session was fulfilled in 14 minutes and 41 seconds.

Information from Binance reveals there were 622 participants in the TRX session and 340 participants in the BNB session.

Binance CEO and founder Changpeng Zhao tweeted the sale could have ended in just seconds if not for technical issues with the Launchpad platform.

At 3:20 UTC, Zhao tweeted:

“Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.”

In an attempt to be transparent about the inconvenience, Zhao added:

“Full transparency. The issue experienced today was caused by the ‘user agreement confirmation’ button caching/locking. Most of the stress tests focused on the buy process, this part was not covered thoroughly enough. The order of requests received was preserved.”

The first of many airdrops to TRX token holders will take place on February 11, at which time 10.89 billion tokens or 1.1 percent of the total circulating supply will be airdropped. Subsequent airdrops will occur through 2025, according to a January 20 post by the BitTorrent Foundation.

Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, ZIL, 1st and AMP at the time of writing.

Binance phone image via Shutterstock

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Top 5 Crypto Performers Overview: Tron, Neo, Cardano, Binance Coin, Litecoin

The recent market sell off may indicate that the process of bottom formation will be volatile.

After a strong start in 2019, the crypto markets have witnessed sharp selling that dragged the prices down by about 10 percent on Jan. 10. This indicates that the process of bottom formation will be volatile.

The traders should aim to book quick profits and trail their stops higher to protect any potential profits. The important event that turned the tide in favor of the bears was the 51 percent attack on the Ethereum Classic network.

The crypto markets had topped on Jan. 7, 2018, reaching a total market capitalization of over $835 billion. From there, most of the top cryptocurrencies reversed direction causing a huge erosion in wealth. Even after one year, we can not confirm that the markets have bottomed out and are now on the way up.

However, in 2019 the prices could by boosted by any positive regulatory developments, Bitcoin exchange-traded fund (ETF) approval, or increased institutional interest. Until then, what should the traders do? Let’s study the charts of the top 5 performers among the top coins to gauge the current sentiment.

TRX/USD

Tron was the best performer in the past week, as it bucked the trend and stayed comfortably in the green. The company has acquired the peer-to-peer torrent client BitTorrent in August 2018. Last week, the latter has launched its own Tron-based cryptocurrency called BTT.

Justin Sun, the founder of Tron, expects this move to increase the reach of blockchain to hundreds of millions of users. However, Simon Morris, former chief strategy officer at BitTorrent, has opined that the Tron blockchain does not have the capacity to manage the transaction volume needed to tokenize BitTorrent.

In other news, Tron has hired former SEC supervisory attorney David Labhart as its head of compliance. Will the performance of the digital currency continue for the next few days? Let’s find out.

TRX/USD

The TRX/USD pair has mostly been trading inside the range of $0.0183–$0.02815521 since mid-August of last year. Although the bears had broken down of this range in mid-November, they could not capitalize on it.

After trading close to $0.011 for about five weeks, the bulls staged a smart recovery that pushed the price above the resistance of the range at $0.02815521. However, the breakout was momentary, as sellers pounced at higher levels, dragging the price back into the range.

We anticipate a new uptrend if the price breaks out and closes (UTC time frame) above $0.02815521. Currently, both moving averages are flat and the RSI is also close to 50 levels, which suggests that range bound action might continue for a few more days. Our view will be invalidated if the bears sink the price back below $0.0183.  

Short-term traders can buy closer to the bottom of the range and sell near the top of the range. However, as the price action inside the range can be volatile, traders should keep their positions small.

NEO/USD

The news of a rumored partnership between the Russian government and NEO developers has kept the cryptocurrency buoyed. The expectation is that in order to dodge the United States sanctions, the Russian government is attempting to diversify into cryptocurrencies.

If the rumor turns out to be completely false, the price might fall. So, what should the traders do?

NEO/USD

The NEO/USD pair has a tendency to consolidate before breaking out or breaking down. The two previous attempts resulted in a breakdown of the range, followed by extended fall.

Currently, the cryptocurrency is again stuck in a range with support at $5.4808 and resistance in the $10–$12 zone. Both moving averages are sloping down and the RSI is also close to the oversold zone. There are no signs of a reversal forming on the charts yet.

The previous consolidation had lasted for 13 weeks and the current one has so far been going on for seven weeks. We expect the price to remain stuck in the range for a few more weeks, before it breaks out or breaks down.

We suggest investors wait for a trend reversal to be signaled before initiating any long positions.

ADA/USD

The market participants are awaiting the release of Project Shelly that will help Cardano shift from a centralized platform to a decentralized one. Will this upgrade propel the digital currency higher in the near future? What should the traders do now?

ADA/USD

The ADA/USD pair is in a downtrend. It continues to make lower highs and lower lows. Both moving averages are sloping down and the RSI is also in the negative territory. The previous two pullback attempts have been shallow, which points to a lack of buyers.

A break of the recent low of $0.027237 will resume the downtrend. On the upside, a move above $0.1 will indicate strength. We suggest traders wait for a bullish pattern to form before buying.

BNB/USD

Binance has revealed plans to launch one new token every month of this year through Binance Launchpad, its exclusive token launch platform. Will this give a much needed boost to the struggling initial coin offering (ICO) market?

BNB/USD

The BNB/USD pair has been trading inside the descending channel for the past few months. The bulls are struggling to break out of the resistance line of the channel. If the bears sink the price below $5.4666, a retest of the recent low at $4.1723848 is probable. If this support breaks, the fall can extend to the support line of the channel.

Our neutral-to-bearish view will be invalidated if the pair breaks out of the channel. The pattern target of such a breakout is $15, with a minor resistance at $12. Therefore, investors can wait for a breakout and close (UTC time frame) above the channel to initiate long positions.

If the price remains stuck inside the channel, buying can be done close to the support line of the channel and profits can be booked closer to the resistance line of the channel. As this is a counter-trend trade, the position size should be about 40 percent of usual.

LTC/USD

The total amount of litecoins in circulation has reached 60 million on Jan. 12. That number represents about 71.5 percent of the total 84 million that can be mined. The last litecoin is expected to be mined somewhere in 2142.

In the wake of the 51 percent attack on Ethereum Classic, Charlie Lee, creator of Litecoin has said that a decentralized network “must be susceptible to 51% attack,” because otherwise it does not meet the requirements of being decentralized.

LTC/USD

The LTC/USD pair is in a long-term downtrend. The attempt by the bulls to stage a recovery in the past few weeks has hit a major roadblock at $40.784. If the bulls fail to defend the support at $29.349, a retest of the lows at $23.090 will be on the cards.

The downtrend will resume if this support breaks. Both moving averages are sloping down, and the RSI is in the negative zone, which shows that the bears currently have the upper hand.

However, if the bulls defend $29.349, we anticipate another attempt to break out of the overhead resistance at $40.784 and $47.246.

The previous two consolidations had resolved to the downside. Hence, we recommend traders wait for a buy setup to form before initiating any long positions.