• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Binance Coin (BNB)
Sensei Inu Logo

Binance Burns $480 Million In BNB, Will Price Recover?

Scott Matherson by Scott Matherson
2 months ago
in BNB
Reading Time: 3 mins read

Binance, the world’s largest cryptocurrency exchange, just completed its quarterly BNB burn, destroying $480 million worth of its native BNB token. According to the company’s blog post, 1,991,854.33 BNB was recently burned in its 24th quarterly BNB burn, with 747.51 BNB going through the Pioneer Burn Program.

Binance Completes 24th Quarterly BNB Burn

BNB Chain’s token-burning events are not new and have become somewhat of a routine. BNB has an auto-burn protocol that removes a predetermined amount of BNB from the crypto market every quarter of the year.

Related Reading: USDC Market Cap Drops As Redemptions Climb To $1.4 Billion

The number to be burned each quarter is determined by the price of BNB and the number of blocks mined on the BSC blockchain. With the circulating supply of BNB now at 153.8 million, the latest 24th burn represents 1.2% of the total supply.

The initial total supply of BNB was 200 million BNB, but the supply is gradually decreasing due to the regular coin burn events. According to Binance, the auto-burn protocol will continue until its total supply is 100 million BNB.

Earlier today, #Binance completed the 24th quarterly #BNB token burn of 1,991,854 BNB through BNB Auto-Burn.

Not sure what the BNB Auto-Burn is?

Give this a read 👇 https://t.co/C5wlki9Lmb

— Binance (@binance) July 19, 2023

$480 Million In BNB Destroyed: The Impact On Price And Supply

For BNB holders, token burns are usually a reason to celebrate since they reduce the total BNB supply and should make the cryptocurrency more valuable. In the days following the burn, the BNB price may increase slightly as the circulating supply drops. However, these price spikes are often temporary. At this time, the BNB price barely budged despite the burn. 

Binance Coin (BNB) price chart from TradingView.com

BNB price fails to move despite latest burn | Source: BNBUSD on TradingView.com

After hitting an all-time high of around $600 in September 2021, BNB has declined along with the rest of the crypto market. At its peak, the market cap of BNB went over $90 billion, making it the third-largest cryptocurrency behind Bitcoin and Ethereum. 

Now, the cryptocurrency has been ranging between $300 and $200 since the beginning of the year, bringing its market cap to $37.1 billion. With its current market cap, the coin is now the 5th-largest cryptocurrency after XRP overtook it to claim the fourth position. 

With less BNB floating around, the remaining tokens should become more scarce and valuable. However, scheduled or routine coin burns tend to have a negligible impact on price over the long run, as evidenced by BNB’s performance over the last day. 

Related Reading: ARK Invest CEO Says Firm Is Still Bullish On Coinbase Despite Selling COIN Stocks

While the burn is meant to be a bullish event for BNB holders, the price hasn’t skyrocketed immediately as many investors had hoped. Considering the price of BNB is affected by various market conditions, past burns have had different outcomes on BNB. 

The cryptocurrency is currently trading at $241.84 and is down by 2.39% over a 7-day timeframe. Trading volume in the past 24 hours is also down by 17.91% to $585 million.

Featured image from Currency.com, chart from TradingView.com
Tags: BinanceBinance CoinBNBBNB burnBNB PriceBNBUSDbnbusdt
Tweet123Share196ShareSend
Scott Matherson

Scott Matherson

Related Posts

Binance Coin (BNB)

BNB Price Prediction – Poised For Bullish Breakout Unless This Changes

4 days ago
Bitcoin Crypto Market Altcoins BCH ETH XRP BNB ADA TRX EOS

BNB Price Topside Bias Vulnerable If It Continues To Struggle Below $225

2 weeks ago
BNB price (Binance coin)

BNB Price Prediction: Recovery To $235 On The Horizon As Bulls Step In

3 weeks ago
BNB Price Prediction

BNB Price Prediction: Why Bulls Could Aim Recovery To $230

1 month ago
Binance BTC BNB

Is Binance Really Selling Bitcoin To Prop The Price Of BNB?

1 month ago
BNB Price Prediction

BNB Price Consolidates Below $250: What Could Trigger A Fresh Increase

2 months ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Uwerx’s Recovery Blueprint Ignites Momentum With The...

    2 hours ago
  • Pocket Option Trading Company Is Second In TU’s Best...

    19 hours ago
  • Bitcoin Spark Drives Home Solana Killer Narrative Raising...

    21 hours ago
  • Shiba Inu, Bone ShibaSwap or Kangamoon: Which Meme Coin Can...

    22 hours ago
  • Top Three Must-Have Tokens for Investors In 2023 –...

    22 hours ago

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.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 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.