NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Binance Coin Rises on the Day Bitcoin Fails to Sustain above $10K

Yashu Gola
Yashu Gola
5 years ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Even though the valuation of all the cryptocurrencies combined fell by circa $8 billion on Monday, Binance Coin (BNB) emerged as a winner.

As of 1332 UTC, the ninth-largest crypto was trading at $24.81, up 1.68 percent into the day. It nevertheless did better against bitcoin, rising 5.17 percent to 0.0025 BTC as the latter corrected to lower $9,800s a day after breaking above $10,000. Elsewhere in the market, other altcoins – barring Tron’s TRX – noted a similar price drop.

binance, cryptocurrency, bitcoin
Binance Coin surged impressively against Bitcoin on an otherwise bearish day | Source: TradingView.com, Binance

BNB’s move uphill in both the dollar- and bitcoin-denominated markets added more than $200 million to its market cap. Meanwhile, it also brought BNB’s year to date gains up by 34.13 percent, signaling an overall optimistic buying trend in the market.

‘Futures’ Saves the Day

BNB’s jump occurred despite a wider intraday bearish sentiment in the cryptocurrency market. So it appears, the move closely followed the launch of BNB-linked futures contracts on Binance Futures on February 10. The digital asset derivatives platform had announced the launch late last week.

“We’ve introduced 16 altcoins to our platform as of today and have seen excellent growth in our altcoin trading volume, with some pairs quickly taking the number one spot in the futures market,” said Aaron Gong, Director of Binance Futures, adding:

“The BNB contract has been a highly-demanded product and will continue to grow the industry impact of Binance Futures trading platform.”

The service went live at 0800 UTC, leading speculators to believe that it would somewhat help increase the prices of BNB in the spot markets. That partly explains why the coin surged impressively even though its correlated rivals, including Bitcoin, fell.

Binance’s Corporate Expansion

Meanwhile, traders also assessed the possibility of Binance foraying into the cloud computing industry. Binance CEO Changpeng Zhao announced on February 7 that they would launch a new service, titled Binance Cloud. But the entrepreneur avoided giving any further details, only stating that he wishes to see the platform as “more of an infrastructure provider.”

People hold BNB because it’s scarce by Binance’s business model. The digital asset exchange periodically burns part of their profits (in BNB). At the same time, Binance ensures that BNB’s demand always goes up by letting traders use it as a reward/monetary token on its platform.

https://t.co/34rN2m5wIZ

— CZ 🔶 BNB (@cz_binance) February 7, 2020

Binance Cloud, albeit with its unclear business model, tends to conduct finances via BNB, thereby raising the use-case against a dwindling supply rate.

That leaves Binance Coin is a very bullish state for the year 2020.

Tweet123Share246ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin price news

Bitcoin Breakout Is A Trap—Analyst Predicts Pain Before $160,000 Surge

Bitcoin may be breaking out—but don’t celebrate yet. Crypto analyst Cristian Chifoi warns that the current move is a deceptive...

Jake Simmons 3 hours ago

BTC Bull重金押注突破800萬 距離FOMO引爆日只剩72小時

在美國獨立日煙火綻放之際,BTC Bull Token (BTCBULL)已率先點燃行情,預售融資突破800萬美元大關,距離週一正式上所僅剩72小時倒計時! 現在已經沒有時間猶豫或觀望了。當 BTCB...

estherw 3 hours ago
Snaky Way ($AKE) Explodes Into Presale with AI Buybacks, Influencer Partnerships & Blockchain Games

Snaky Way ($AKE) Explodes Into Presale with AI Buybacks, Influencer Partnerships & Blockchain Games

The cryptocurrency landscape is always evolving, with new projects popping up to capture the attention of investors, whether they are...

Aaron Walker 5 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum Forms Rising Wedge Pattern – $2,200 Support Back In Focus?

Ethereum Forms Rising Wedge Pattern – $2,200 Support Back In Focus?

Sebastian Villafuerte 1 hour ago

With no more minting, $FUN can skyrocket 500% on fixed supply announcement

News BTC 2 hours ago
XRP

XRP’s 30% Jump To $2.8: Analyst Says This ‘Classic Confirmation’ Must Happen First

Scott Matherson 2 hours ago

Premium Sponsors

Press Releases

  • 仮想通プレセール注目:リップルが米銀行ライセンスを申請、機関投資家の関心が急上昇中

    ...

    6 hours ago
  • 仮想通貨おすすめ:話題の新トークンがプレセール開始直後に15万ドルを調達

    ...

    6 hours ago
  • 新しい仮想通貨:ソラナ系取引ボットが話題のプレセールで150万ドル調達、次の100倍候補か?

    ...

    6 hours ago
  • 仮想通貨おすすめ|米下院が大型法案可決、7月4日にビットコインが急騰

    ...

    7 hours ago
  • ミームコイン急騰中|Solana発の人気銘柄続々高騰、新たな注目トークンも登場か?

    ...

    7 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.