Review Cause Of The Rise Of Binance Coin To 75% In One Month In A Bear Market

Discussion in 'Crypto Learning Center (Library)' started by philipj, Feb 11, 2019.

  1. philipj

    philipj GrandMaster Crypto Guardian

    The primary contributing factors of the surge in the price of Binance Coin are fundamental factors such as a decreasing circulating supply, the multi-billion dollar business it represents, the performance of Binance in the bear market, and the prospect of a decentralized exchange.

    On January 16, the Binance team burned $9.4 million worth of BNB in a coin burn, eliminating a portion of the circulating supply of the crypto asset.

    The timing of the coin burn and the beginning of a short-term rally of BNB coincided. From January 16, following the successful elimination of 1,623,818 BNB, the price of the asset surged substantially.

    Initially, BNB was issued as a means to finance Binance in the early stages of the company. After its establishment as a top exchange, Binance has been using 20 percent of the firm’s profits to buy back BNB and burn the asset, decreasing the supply of BNB.
     
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