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BNB Price Soars 3% Amid Binance’s Latest Spot Trading Update

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8 months ago

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BNB experienced a notable 3% price surge following Binance’s recent announcement, which has generated significant excitement and speculation among traders. This update, aimed at increasing market liquidity and enhancing the trading experience, involves adjustments to the tick size, or the minimum price movement of a trading pair. Such changes are expected to lead to more precise and efficient trading, reflecting Binance’s commitment to continuously improving its platform’s functionality.

Details of Binance’s Spot Trading Tick Size Update

BNB soared 2.29% within 24 hours, indicating heightened buy pressure from the bulls in response to Binance’s latest spot trading update. The primary focus of this update is to enhance market liquidity and improve the overall trading experience by adjusting the tick size for certain trading pairs. These adjustments are scheduled to be implemented on May 23 between 05:00 (UTC) and 07:00 (UTC).

The changes will refine the precision of price changes, allowing for more granular trading activities. This update will not impact ongoing spot trading activities or other functionalities, ensuring a seamless transition for traders. Additionally, API users will need to adjust to the new tick size, which can be tracked through the GET /api/v3/exchangeInfo endpoint. Notably, orders placed before the update will retain their original tick size, maintaining continuity in trading operations. For detailed information, traders are encouraged to refer to the API Changelog, which outlines all the specifics of the upcoming changes.

Also Read: Bitcoin ETF Trading Volumes See Sharp Surge, GBTC Sees $27 Million Inflows

BNB’s Market Performance and Future Projections

As of today, the live price of Binance Coin (BNB) stands at $582.70, with a 24-hour trading volume of $1.24 billion. Recently, BNB experienced a dip below its moving averages but rebounded sharply from the support line of the symmetrical triangle pattern, indicating strong buying interest at lower levels. This recovery highlights the robust demand for BNB and the resilience of its market position.

Currently, the Open Interest for BNB has increased by 0.82%, now valued at $498.7 million. The Relative Strength Index (RSI) stands at 57.23%, signaling a bullish trend. Buyers are now attempting to push the price above the triangle’s resistance line. If successful, BNB/USDT could see significant gains, potentially rising to $634 and then $692, with a pattern target of $726.

Conversely, if the price falls and breaks below the triangle, it could indicate bearish control, potentially driving the pair down to $495 and then to the pattern target of $434. Binance Coin is currently trading between $586.48 and $581.45, with a live market cap of $85.9 billion, reflecting its substantial presence in the cryptocurrency market. This performance underscores the dynamic and volatile nature of BNB’s market, driven by both technical factors and market sentiment.

Also Read: Ex-Speaker Paul Ryan Sees Stablecoin Legislation as Key to Economic Stability

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Tron Founder Justin Sun Reveals Plan To Push Ethereum To $10K

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18 minutes ago

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January 22, 2025

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Tron founder Justin Sun has laid out an ambitious plan to drive Ethereum (ETH) price towards a $10,000 price point. Sun’s proposal includes halting ETH sales, taxing Layer 2 solutions, and focusing on Layer 1 development. These bold steps are designed to strengthen the token position in the crypto market and ensure long-term growth.

Sun’s strategy aims to not only optimize ETH supply but also create a deflationary system to build market confidence and attract further investments. His plan comes as the token market dynamics continue to evolve.

Justin Sun’s Bold Plan to Boost ETH Price

On January 22, Justin Sun shared his plan on X to push Ethereum price to $10,000. The Tron founder proposes ceasing Ethereum Foundation (EF) sales of ETH for the next three years. By halting the sale, Sun believes supply will remain stable, supporting a deflationary market model.

Additionally, Sun plans to leverage AAVE lending, staking yields, and stablecoin borrowing to cover operational costs, ensuring long-term sustainability. His vision includes restructuring the ecosystem and creating a more efficient system to fuel ETH’s price growth.

Justin Sun’s Vision for Ethereum and Layer 2 Solutions

Justin Sun has been vocal about his plan and making waves within the crypto community. He also expressed admiration for newly elected US President Donald Trump, highlighting the potential for crypto-friendly policies. Sun’s proposed tax on Layer 2 solutions is a key strategy, aiming to generate at least $5 billion annually.

All collected taxes will be used to repurchase and burn ETH, helping to drive the token’s deflationary nature. Tron founder plans to focus on bolstering Ethereum’s core development, ensuring its long-term scalability, and reinforcing its value proposition.

ETH Price Context and Market Update

Ethereum price has remained steady, trading within a range of $3,265 to $3,366 in the past 24 hours. Its 24-hour trading volume was $26 billion, reflecting a slump of 36%. Notably, Ether Futures Open Interest stayed near the flatline today.

However, despite the fluctuation, ETH remains a focal point for large investors. Recent Coingape reports indicate that whales have accumulated over $1 billion in ETH over the past few days.

Adding to the market dynamics, Tron founder Justin Sun has deposited a total of 227,000 ETH to the crypto exchange HTX over the past few months. This move by Sun, in conjunction with his ambitious plans for Ethereum, could further influence ETH’s price trajectory.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Why FET, RENDER, TAO, & Other AI Coins Are Rising Today?

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1 hour ago

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January 22, 2025

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Against the backdrop of a broader crypto market recovery on Wednesday, AI Coins like FET, RENDER, and TAO have stolen the spotlight by witnessing a considerable pump. Notably, these tokens are surging amid broader AI-related developments such as Donald Trump’s ‘Stargate’ formation and tech giants injecting massive investments in the industry.

As a result, the abovementioned AI coins witnessed remarkable intraday price gains worth 6%-12%. Here’s a collective overview of the potential factors driving a frenzy across the AI crypto industry.

AI Coins FET, RENDER, & Others Bullish As Donald Trump Announces ‘Stargate’ Formation

Notably, the 47th president of the U.S., Donald Trump, has unveiled plans to offer massive support to the broader artificial intelligence sector soon after his inauguration. Addressing the nation’s masses, Trump recently announced the formation of ‘Stargate,’ the largest AI infrastructure project in American history.

Intriguingly, this AI project is set to invest a staggering $500 billion into the U.S. economy and curate over 100,000 American jobs. Trump revealed that OpenAI, Softbank, and Oracle came together to announce the formation of this monumental feat. Overall, with the developmental saga weighing in, top AI Coins like FET and others also appear to be bullish as the broader sector’s outlook glimmers with hope for further growth.

AI Coins soar amid Donald Trump's investmentAI Coins soar amid Donald Trump's investment

Google Chimes In With Massive Investment In AI

Meanwhile, the tech behemoth Google has also revealed plans to invest heavily in the sector. According to a recent FT report, the tech giant is investing more than $1 billion in Anthropic, a prominent OpenAI rival.

Meanwhile, people familiar with the matter have also revealed that Google is set to invest about $2 billion in Anthropic. Further, Lightspeed Venture Partners emerged as another key backer for the OpenAI rival as it is expected to inject $2 billion into the entity. Overall, these massive investments in the AI sector have further glimmered hope for tokens FET, RENDER, and TAO, among many others.

AI Coins Rise In Sync With Broader Market Recovery

At the time of reporting, FET price witnessed gains worth 11% intraday and is currently trading at $1.30. The coin’s 24-hour low and high were $1.16 and $1.34, respectively. Further, RENDER price witnessed a 7% uptick in value and is currently resting at $7.09. The coin’s 24-hour low and high were $6.60 and $7.36, respectively.

Even TAO price pumped 6% intraday to reach $418.21. The coin’s 24-hour low and high were $391.79 and $433.29, respectively. As mentioned above, the AI tokens appear to be leveraging a positive market sentiment across the AI sector, primarily attributable to the massive investments. Further, it’s also worth mentioning that the broader crypto market recovered today, aligning with the upswing in the price of AI coins.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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VTHO Price Rockets 300% As Binance Reveals Support For VeThor Token

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2 hours ago

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January 22, 2025

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VTHO price has skyrocketed 300% after Binance announced its support for VeThor Token. Simultaneously, the token’s trading volume also surged by an astonishing 86,000%, reaching $3 billion. This massive rally reflects the strong influence of the top crypto exchanges in the market and how the listing or any other positive developments impact the sentiments.

Notably, VTHO token is used as gas within the VeChainThor ecosystem, further driving the market’s enthusiasm.

VTHO Price Surge After Binance Announces Listing of Perpetual Contract

On January 22, Binance listing announcement showed that the exchange plans to list VTHOUSDT perpetual contract on its futures platform, offering a maximum leverage of 75x. This new trading option has caught the attention of traders, contributing to a massive spike in VTHO’s trading volume.

Meanwhile, VTHO is the secondary token in the VeChainThor ecosystem, primarily used as the gas for transactions within the network. This listing expands Binance’s support for the VeChainThor blockchain, enabling users to trade VTHO with increased leverage. The contract’s capped funding rate is set at +2.00% / -2.00%, with funding fees settled every four hours, giving traders more flexibility.

Notably, the 75x leverage allows traders to maximize their exposure to VTHO price movements, further intensifying the market’s focus on the VeThor Token. The move by the top crypto exchange to offer such high leverage and favorable funding rates is a clear indication of its confidence in VTHO’s potential.

Binance’s Multi-Assets Mode and Trading Rules

Binance’s Multi-Assets Mode allows users to trade the VeThor token perpetual contract across multiple margin assets. This feature enables traders to use other cryptocurrencies, such as BTC, as collateral when trading VTHO contracts.

Multi-Assets Mode supports greater flexibility, giving users the ability to diversify their margin options for more efficient trading strategies. Recently, Binance expanded support for TRUMP and several other tokens, fueling optimism about future price movements.

The rules for Multi-Assets Mode include applicable haircuts on collateral, ensuring the safety of user assets. It is particularly useful for those who hold large amounts of various cryptocurrencies and wish to leverage them for high-leverage trading opportunities.

VeChain and VTHO Price Surge

VeChain (VET), the blockchain powering VTHO, has experienced notable growth, rising by 11% in the past 24 hours. VET price now trades at $0.05, and its market cap has reached $4.06 billion. This rise is attributed to VeChain’s increasing adoption and its partnerships with major corporations, including Walmart China and BMW.

VTHO price today jumped 320% and exchanged hands at $0.0087, indicating a growing interest in the VeChainThor ecosystem. With a market cap of $744 million, VTHO has seen an 86,000% increase in trading volume, reaching $3.11 billion. As the blockchain industry continues to innovate, VeChain’s supply chain solutions and VTHO’s integral role are poised for continued success.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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