Ledger Nano S Announces Support for Binance DEX


Ledger Nano S Announces Support for Binance DEX
Contents

Ledger Nano S, the most popular hardware wallet, is now able to connect to the mainnet of Binance DEX, according to an official announcement on their website. Hence, you can now trade your coins while keeping private keys offline.  

 Ledger rolls out support for Binance DEX
‘Ledger Support Enabled for Binance DEX’, image by ledger.com 

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Acting as a custodian     

As reported by U.Today, the much-anticipated decentralized exchange was launched by crypto juggernaut Binance on Apr. 23 (it was initially supposed to go live a tad later). All Ethereum-based BNB tokens that will be deposited to the exchange will be automatically converted to BEP-2 tokens.

Binance DEX is targeting those customers who are super-cautious about security. Unlike centralized exchanges, it will allow you to trade crypto without actually holding your private keys. In that case, they will be stored on them on your own Ledger wallet.

“With Binance’s Decentralized Exchange now live, we are happy to be able to provide Ledger’s security support,” said Eric Larchevêque, CEO of Ledger.

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Facing the downsides  

While the idea of a decentralized exchange sounds like a boon for security, it also has its own bottlenecks. Now, you are in charge of your assets, and Binance won’t act as your custodian anymore. If something happens to your coins, you (or Ledger) will be responsible for the loss. Hence, it is vital to be extra cautious when you are dealing with your hardware wallet.

Cover image via www.123rf.com
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Bitcoin Price Could Experience Another Setback: Prominent Crypto Expert  


Bitcoin Price Could Experience Another Setback: Prominent Crypto Expert  
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Tuur Demeester of Adamant Research predicts that the BTC price could soon witness another retracement. At the time of writing, Bitcoin keeps hovering above the $8,000 level.

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Is Bitcoin SV to blame?

Some Twitter users suggested that another price downtrend could be caused by Bitcoin SV. As reported by U.Today, the price of BSV skyrocketed by more than 90 percent on May 21 after its creator Dr. Craig Wright copyrighted the Bitcoin white paper. Thus, it almost doubled its market cap, currently occupying 11th place on CMC. While there is no clear link, it is reasonable to suggest that some might have sold their BTC for BSV.   

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A potential double-bottom

Earlier, trading expert Peter Brandt also predicted that another retracement could proceed a full-fledged bull run that has been on everyone’s lips for the past few weeks. Thus, it would be 2015 all over again, with the Bitcoin price reaching a double-bottom before it began to rise for two consecutive years.

Right now, the Bitcoin price is desperate for more momentum, but it seems like the bears are refusing to cede ground (at least for now). Shortly after recovering from a 20 percent price drop, the flagship coin lost a bit less than 1 percent of its value over the last 24 hours, according to CoinMarketCap data.

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