Binance burned 1.6 million of their tokens, but the price went down. What's wrong?
Source:
In an official press release dated 17 October Binance announced that for the fifth time successfully destroyed its own coins. Despite the reduction in the total supply BNB, price of tokens came down. According to Wallpaper, they will be destroyed 100 million BNB, and the same shall remain in circulation. By the way, if you do not understand the meaning of burning cryptocurrency, read this . Mainly doing this to increase the value of the tokens, because the less you have, the higher the demand.
theBNB continues to fall
At the same time in response to the burning rate of the token fell. According to CoinMarketCap, the last day the coin fell 2 percent and now stands at $ 9.87. The current price movement BNB repeats April the situation when the token is lost after the destruction of the next party.
This attracted the attention of one cryptocurrency trader and analyst BambouClub. He noted that trade on BNB and was so worthless and down.
burn The coin is due in the next 24 hours. Data on previous burns.
— BambouClub [BitMEX & Deribit] (@BambouClub)
The Trader also said that Binance raised the fee for the transaction by 50 percent. Probably due to the fact that in July a discount on the transaction at the BNB was reduced to 25 percent. Before that it was 50.
theWhat they say in Binance?
Each quarter we will redeem the tokens BNB 20 percent of the total profits of the company. And will continue to do this until you destroy half of all tokens. Transactions will be recorded in the blockchain.
Fifth, the procedure of burning affected much less tokens compared to the previous. This time burned 1 643 986 coins of BNB, equivalent to 17 million dollars.
Binance buys his coins and destroys them to increase the value of the remaining coins in the long run. However, you can fix, except that the price reduction BNB 20 percent over the past three months.
Information was prepared . More information to search for .
Recommended
the long-awaited summer. Niche cryptocurrency supported the event and gave unusually hot week. During the last seven days, we learned about the new line of graphics cards from AMD, the mining in TON and hard forks . In addition dealt with the profita...
Co-owner Bitcoin.org Coinbase Pro ridiculed and called a stock exchange Scam
co-Owner Bitcoin.org and most popular forum about cryptocurrency Bitcointalk.org Cobra called Coinbase Scam Pro trading platform American crypto currency exchange Coinbase. In his tweet he wrote «if you read Coinbase Pro backwards, get the word ...
The Ethereum is a cryptocurrency Scam. A new report Chainalysis
When people learned how to create a new cryptocurrency and began to build their infrastructure like marketplaces, in the field began to appear and fraud. According to blockchain auditor Chainalysis for the past two years, fraud in the ecosystem has s...
Related News
VEB and the Grozny mayor's office transferred the housing sector on the blockchain
In February, the first Deputy Chairman of VTB Olga Dergunova positively the prospects of the blockchain. According to her, the technology will improve the speed of transactions and security standards. To move from words to action ...
Hacker 1337. How to hack Etherscan not to cause any harm
Monday on the website Etherscan.io appeared a pop-up message with the numbers 1337. The visitors began to panic and spread rumors about hacking Explorer. really hacked, but the damage from a hacker attack was zero. About it writes...
Odyssey (OCN) increased by 30 percent. Rumor about listing coins on OKex
Odyssey — a kind of Uber/Airbnb on the blockchain. The project developers are working in Singapore and work closely with Tron. No wonder, because the Creator of the TRX is the main Advisor of a startup. The main goal of programmer...
In Yekaterinburg, a criminal gang staged a mass brawl because of cryptomancer
Cryptocurrency is dangerous. Coin holders are often victims of swindlers and criminals, and they sometimes even have to protect his life. For example, when the digital money trying to sell in person. In Yekaterinburg because of cr...
When will the lateral movement of Ethereum, and what will happen next? Response graphs
the Price of Ethereum continues to consolidate against the dollar and Bitcoin. ETHUSD trading pair will soon test the area of $ 210. At the moment the air is trading around $ 206. For proshedshie day coin lost nearly 1 percent of ...
The wonders of the stock market: why the Bitcoin on Bitfinex is more expensive by as much as $ 300?
After the Tether has encountered problems with security tokens, the price of Bitcoin in relation to the USDT has grown substantially in a short period of time. The growth of the main cryptocurrencies have followed the stop input o...
Putin's special envoy suggested to wait with the adoption of the law on cryptocurrencies
the Government should await the decision of the Group of development of financial measures of struggle against money-laundering (FATF) before making a law on the regulation of cryptocurrency in the country. This was stated by spec...
Elvira Nabiullina: the excitement around cryptocurrencies is eroding. What's wrong?
According to the head of the Central Bank of the Russian Federation, the hype around digital assets is gradually eroding. About this Elvira Nabiullina said at the forum Finopolis on innovative technologies in Finance. the Event is...
Charlie Lee: a vulnerability in the Bitcoin network could lead to the most terrible things for coins
Recently detected by the Core developers of error in the network of Bitcoin — perhaps the most serious vulnerability in blockchain first cryptocurrency. It could lead to inflation of coins. This is the worst thing that can happen ...
Exclusive interview: why Nouriel Roubini is so "hates" cryptocurrency?
Nouriel Roubini, an economist at new York, which is famous for its accurate prediction of the financial crisis of 2008. A Harvard graduate and now a Professor at the school of business Leonard N. Stern always skeptical of industry...
Among the developers Cordano was split — the community coins its founder, Charles Hoskinson made against the head Cardano Foundation Michael Parsons. They accused him of using the draft to their advantage. For example, the head of...
How much to send 30 thousand bitcoins? An unexpected answer
Cryptocurrencies are often subjected to harsh criticism by traditional bankers, investors and officials. Causes are usually a large number of scams in the industry, high volatility and limited in scope. However, digital assets, th...
Expert: for the approval of the Bitcoin ETF will take years
CEO of Pantera Capital Dan Morehead believes that the issue of approval: the ETF is not as important as Bakkt and Fidelity. These projects start cryptocurrency trading platform for institutional investors, and the ETF is still too...
Analyst at Pantera Capital: after the arrival of the bulls, the stock market will increase 10 times
During the next bull market capitalization of cryptocurrencies will grow at least 10 times or 1,000 percent above the current estimate. This was stated by analyst cryptocurrency Fund Pantera Capital Joey Circle. This implies that ...
Is there a correlation between Bitcoin and traditional markets? The long-awaited answer
Analysts are debating on this topic for several years now. And they have enough soil for this — in 2017, the stock market grew along with the new price records index S&P 500. After a few months of classical markets fell, and ...
Einsteinium prepared for the attack 51 percent of the anonymous hacker. But he changed his mind
the developers of the coins Einsteinium built a serious wall of defense from the attack 51 percent of which live previously anonymous hacker under the nickname GeoCold. On the one hand, the creators of the coin suggested another m...
Monero is preparing a new wave of growth. Proof on the charts
is likely in the near future will be out of phase accumulation. While the picture is on the 1 day chart says about cryptocurrency bullish scenario. the Overall situation looks like this: the the asset made it through the long te...
A trade war between the U.S. and China is heating up. Waiting for a rise in price of ASIC miners?
In June, the US trade office has changed the wording of the definition of Asimov «machines for processing» «equipment». The decision of the authority passed almost unnoticed, because it increased the tax on min...
Why is fall of Bitcoin is a sign of the coming rally? Explain traders
the day before Yesterday, Bitcoin could experience the strongest and the last shock before the rally, slated to begin in the near future. The course is the first cryptocurrency first fell to 6.15 thousand dollars, then increased s...
Sorry, Steve: iPhone have become popular devices for covert mining
according to the index Global Threat, made by analytical company Check Point, last month the number of cases of infected devices with malware for covert mining has increased significantly. In this case, the risk was even iPhone ow...
Comments (0)
This article has no comment, be the first!