Binance, the major cryptocurrency exchange, will launch Binance Coin (BNB) futures trading on February 10.
Continuing Its Crypto Market Takeover, Binance Fires Up BNB Futures https://t.co/PAeSQWW2U3 pic.twitter.com/c8RXNmhrTn — Utsav Jaiswal (@utsav_jaiswal1) February 8, 2020
On February 7, it has been reported that as the 17th cryptocurrency available on Binance’s futures trading branch, BNB comes with 50x leverage, paired against Tether’s USDT stablecoin.
However, Binance’s BNB coin has already rallied several dollars this month by hitting a price of $22.16.
Keith Wareing, the Analyst and Trader of Cointelegraph, sees upcoming demand for the BNB asset itself.
Wareing said in a Telegram message:
“Looking at trading volumes on Binance, it’s clear they don’t have to sell any of their s***coin for revenue.”
He added:
“As such, during the forthcoming bull run, their position as one as one of the most trusted and secure exchanges in the space guarantees to add demand to the BNB token, so I expect it to outperform all other top 10 assets if the Bitcoin bull run continues.”
Likewise, Crypto Dog, the Digital Asset Trader and Social Media Personality, suggested that it was pro-BNB in a February 7 tweet, saying:
“Anybody else like BNB?”
Anybody else like $BNB? — The Crypto Dog📈 (@TheCryptoDog) February 7, 2020
The crypto-Twitter crowd posted a mixed bag of positive and negative reviews in response.
<img width="1920" height="1200" src="https://i1.wp.com/www.cryptonewspoint.com/wp-content/uploads/2020/02/shutterstock_1123812992-e1568804408947.jpg?fit=1024%2C640&ssl=1" alt="" class="wp-image-10562 lazyload" />
However, Binance got popular quickly after its 2017 launch. By summer 2018, the exchange saw more than $1 billion in single day trading volume. Binance shortly after collected $78 million of profit in the first quarter of 2019.
The business continued its expansion throughout the first half of 2019 by funneling millions of dollars in volume through its Binance Launchpad for various initial exchange offerings, or IEOs.
Thus, several months prior to its futures trading platform launch, Binance banned U.S. customers. Since the ban, the exchange has opened up a U.S. branch, as well as growing its futures trading platform by hosting Bitcoin futures with 125x leverage, which is substantively faster than others.
Source: cointelegraph.com