BNB Coin Surges By Over 20% During Market Pullback
04 Noviembre 2022 - 09:57PM
NEWSBTC
While the crypto market faced a pullback, BNB coin has added
substantial gain in the last 7 days. The native token of the
world’s largest crypto exchange registered over 20% profit, joining
the top gainers for the week besides Dogecoin. The token has also
enjoyed a 24-hour trading volume uptick. Specifically, over $1.1
million worth of BNB tokens have changed hands in the last day,
representing a 9.45% increase. As of writing, BNB trades at $349, a
4.74% gain on the day. Related Reading: XRP Price Spikes 10% and
Could Extend Rally To $0.55 or Higher There’s no major catalyst for
the BNB token’s surge. However, its most likely caused by Binance’s
participation in Elon Musk’s Twitter acquisition. Recall that
Binance also launched a ‘blue bird’ index containing BNB, Doge, and
Mask. Some analysts took it as the crypto exchange hinting at
tokens that would be supported on Twitter as payment methods. After
Twitter Acquisition, Binance Eyes Bank Purchase While the BNB token
started an uptrend thanks to the Twitter deal, its parent company
seems to eye other ventures. According to a recent Bloomberg
article, Binance may add a bank to its list of potential
acquisitions. A deal of this nature has the potential to ease
tensions between the Bitcoin sector and traditional banking.
Binance CEO Changpeng Zhao recently stated that the company was
willing to spend more than $1 billion on acquisitions. Despite the
severe market downturn, Binance still sees a lot of potential and
has invested in 67 projects this year alone. Zhao said the company
is looking to invest in gaming, e-commerce, and other markets. It
has broadened its scope to potentially include financial
institutions in its purchase prospects. Zhao has yet to reveal
which bank the crypto exchange is considering. However, he
mentioned the possibility of Binance purchasing a minority share
instead of a full takeover. The cryptocurrency mogul believes
Binance might help banks grow their user base and valuation. Back
in July, FTX CEO Sam Bankman-Fried mentioned the possibility of
buying out Goldman Sachs. In light of the latest crypto meltdown,
however, it is evident that cryptocurrency elites will never catch
such massive fish. Regarding purchases, Bankman-Fried adopted a new
tack, investing heavily in foreclosed properties and other troubled
assets. BNB Also Leads In the GameFi Sector Binance Smart Chain has
reportedly created more blockchain games than any other platform in
GameFi. BNB now has a 36.6% advantage and is working to solidify
its position as GameFi’s premier blockchain games supplier. There
has been a tremendous expansion in the present GameFi scene since
its launch. As opposed to when it originally began, many Blockchain
networks now annually contribute new games. BNB Chain, Ethereum,
WAX, Solana, and Polygon are just some companies that have produced
several unique blockchain games. These games include CryptoKitties,
Axie Infinity, Alien Worlds, and many more. Related Reading:
Ethereum Price Just Reversed and $1,700 is Imminent, Here’s Why A
recent Binance analysis showed that it had contributed the most
blockchain games to GameFI out of all these networks. In fact, BNB
Chain, Ethereum, and Polygon are the three most important
blockchain networks in the GameFi ecosystem. Currently, these three
make up over 70% of all games available on Web3. Featured image
from Pixabay and chart from TradingView.com
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