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Binance Coin Bucking the Bearish Market

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Binance Coin
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The cryptocurrency market may not be in the best of positions right now in terms of valuation, as prices have considerably slumped across the board. The market leaders, especially Bitcoin, Ethereum, and Ripple have all shown signs of a struggle. While many cryptocurrencies are facing the effects of this price slump, the Binance Coin, or BNB tokens are considerably doing well. Analysts have sighted many reasons behind the stability of Binance Coin, one of them being the nature of the coin. As of 18/06/2018, Binance Coin’s value is $17.01 USD, placing it comfortably within the top 20 cryptocurrencies according to coinmarketcap.

The Binance Coin has been largely overlooked by a majority of the global crypto-community, with only a minority portion enjoying the various benefits it has to offer. With this in mind, Binance Coin can be regarded as a profitable investment for the rest of the year, due in part because of its massive media interest as well as an all-time high, reached last Monday. Indeed the BNB/BTC pair has been receiving quite the push in recent weeks, fuelled by some important factors listed below.

Binance Coin: Judicious Investment

Much of Binance Coin’s success can be attributed to its parent exchange Binance’s success. In the first quarter of 2018, it was reported that Binance had achieved a turnover that has dwarfed that of several high profile banks of the world including heavyweights such as JP Morgan, Deutsche Bank etc. There are two main driving forces behind the success of Binance Coin, which are discussed in brief below.

  1. The Role of Binance Cryptocurrency Exchange: As mentioned before, Binance Coin (BNB) is the native currency of the Binance cryptocurrency exchange, arguably one of the largest and well-known exchanges of its type. As of 2018, the daily trading volumes on the platform reached close to $2 Billion USD, offering more than 100 crypto-pairs to its users.  The Binance team introduced the BNB token back in mid-2017 as the platforms native token, offering various discounts, bonuses and other advantages to its users. Because of this, analysts have unanimously agreed that the price of the coin will grow as Binance gets more customers in the near future.
  2. Addition of Coins: Unlike other well-known crypto exchanges like Coinbase and Bittrex, Binance has remained undeterred by the various KYC/AML restrictions in place. This has allowed Binance to add 15 new tokens to the exchange which will directly result in the appreciation of BNB’s value.

This phenomenon has already been experienced in the last 2 months, where BNB has seen an increase of over 50% of its value. As BNB coins are almost a necessity on the platform, the higher rate of adoption will drive its prices even forward.

Current Market Scenario:

Binance Coin’s value has remained stable despite the market downtrend. This is because the Binance team has made sure that its users are actively trading on the exchange. Besides conducting regular airdrops, Binance has reinstated the community coin of the month, a voting contest to get a particular coin listed on the exchange.  All of this has raised a great degree of positive sentiment from the market, which in turn adds to the coins stability.

Final Thoughts:

As discussed above, various factors have made Binance Coin a favorable asset to hold in the forecasted bearish market for the rest of the year. Especially for someone, looking to hold value in this bearish market, Binance Coin is the answer. It is estimated that Binance Coin’s value would soon cross the $20 mark and could further soar higher as the overall market breaks upwards. For the time being though, Binance Coin looks to stay good, especially since it is backed by such a popular and heavily traded exchange such as Binance.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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