Binance Coin (BNB) Reaches $34 After CZ Teases Margin Trading Rollout

The price of Binance’s BNB token has recently jumped 12% to hit the $34 mark after the cryptocurrency exchanged teased the launch of margin trading, a long-awaited feature that’s seen as an important growth factor for cryptocurrency trading.

Via the microblogging platform Twitter, the leading cryptocurrency exchange teased the arrival of margin trading options for its users through a post asking them whether they prefer the light or the dark theme.

The company’s CEO, Changpeng Zhao, initially revealed the exchange was set to add margin trading options earlier this month during a live stream that followed a security breach that saw hackers steal over 7,000 BTC (over $40 million) from its hot wallet.

According to TechCrunch, the cryptocurrency has beta tested margin trading among selected users, and a Binance representative has confirmed the exchange will launch the feature “soon.”

Margin trading lets traders use their balance as collateral to enter leveraged positions, and while it can allow them to make greater profits, it also carries greater risk. Binance has been avoiding margin trading so far, while Huobi Pro, Poloniex, Kraken, and BitMEX all let traders enter leveraged positions.

The news outlet notes the feature is part of a wider number of upgrades the exchange is looking to add. Binance has back in January of this year launched Binance Jersey, which lets users trade BTC and ETH with EUR and GBP, as well as a decentralized exchange (DEX) that’s set to let users trade from their own wallets.

The crypto exchange’s recent margin trading tease saw the price of its Binance Coin token surge by about 12% in only 24 hours. CryptoCompare data shows it’s currently trading above the $34 mark, and that over the last 30 days BNB has risen by over 54%.

This, despite the recent hack that forced Binance to shut down deposits and withdrawals temporarily, and that saw the exchange resort to its Secure Asset Fund for Users (SAFU) for the first time since it was launched in July of 2018.

BNB's rise in the last 30 days

Most other cryptocurrencies are also up in the same period., with BTC, ETH, XRP, and BCH all rising between 5% and 7%. Litecoin and Waves’ token stand out, as they’re up by 11% and 22.9% respectively.

Derivatives Trading Platform Synthetix (SNX) Is up Over 5,000% Since 2019

Michael LaVere
  • Derivatives trading platform Synthetix is the best performing DeFi product since April 2019.
  • Synthetix's native token SNX has appreciated more than 5000 percent over the last two years. 

The little-known crypto-asset Synthetix (SNX) is the best performing decentralized finance (DeFi) project of the past two years. 

According to a tweet published by popular crypto analyst Alex Saunders, SNX has been the best performing DeFi asset since April 2019. Saunders claims that Synthetix has appreciated 5000% over the past two years and was one of the top two ETH-based projects he has been following since Edcon Sydney 2019. 

SNX’s price took off in June, from $0.79 at the start of the month to its current trading price of $2.73, representing a 245% increase. 

Synthetix is a derivatives trading platform built on the ethereum blockchain that allows users to trade on stocks, crypto and other commodities. Users are required to exchange bitcoin or ethereum for SNX tokens in order to participate in trading. 

The exchange’s native token can be locked as collateral to produce “synths” such as a synthetic U.S. dollar (sUSD), which in turn can be used to place bets on rising and falling asset prices. 

Synthetix also operates a reward program, where users of the exchange can stake their SNX tokens as collateral in order to receive additional benefits.

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