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.

Buterin: Ethereum Foundation Sold 70,000 ETH at All-Time High

Michael LaVere
  • Vitalik Buterin revealed on a recent podcast that he was able to convince the Ethereum Foundation to sell 70,000 ETH at the last all-time high.
  • Development group would have made around $100 million when the price of ETH was near $1400

Vitalik Buterin, co-founder of Ethereum, revealed that the Ethereum Foundation netted around $100 million by selling ETH at its last all-time high, when it was trading close to $1,400.

Speaking on a podcast with Eric Weinstein, managing director of Thiel Capital, Buterin explained that the Ethereum Foundation sold 70,000 ETH “basically at the top” of its market price. 

Buterin was able to convince other members of the Foundation to make the trade. He said,

I did get the Ethereum Foundation to sell 70,000 ETH like basically at the top and that’s doubled our runway now, so it was one good decision that had a lot of impact.

Ethereum’s previous all-time high occurred in January 2018, when the price of ETH reached close to $1,400. Buterin also has a personal history of selling at the top of the market, moving 30,000 ETH at the end of the bull market in December 2017. 

When asked how he felt during the ensuing bear market of 2018, which took the price of ETH as low as $84, Buterin said he was undeterred. He also explained that he was relieved by the price correction and did not believe that crypto had created enough value to be worth half a trillion dollars. 

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