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Binance Exchange Coin BNB Soars Due to Crypto Market Volatility

  • Yuri Molchan
    📰 News

    Among the current red market BNB brings a glimmer of hope


Binance Exchange Coin BNB Soars Due to Crypto Market Volatility
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Over the last 24 hours, BNB has shown a 5.39 percent increase and is now trading at $16.88, according to Coinmarketcap.com. That is the maximum the coin has reached since February this year.

Besides, BNB seems to attract potential investors, since this coin, as it appears, can hold liquidity in the market, getting almost one mln dollars trading volume within 24 hours. Also, so far this is the only coin on the top 20 list that has shown such a fast upward movement in this short time period.

👉MUST READ What Is Binance Coin (BNB) - Simple Explanation for Beginners
What Is Binance Coin (BNB) - Simple Explanation for Beginners

BNB compared to other cryptos

The coin has exceeded the 5.03 percent rise of BTC and ETH’s 4.89 percent increase.

If the coin keeps moving at this pace, it may well reach the $17 mark within a few more hours.

What caused this upward jump

Even though no platforms but Binance trades BNB and this big rise could be the result of the overall market volatility, there is one more reason for the soaring of this token.

BNB is the only coin that is traded against BTC, USDT and ETH and brings more than a million US dollars within 24 hours.

 

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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

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