Crypto Market Overview: Correction Week
After Bitcoin’s $41,950 all-time high late last week, the world’s top cryptocurrency underwent significant fluctuations this week. BTC went as low as $32,900 on Monday, before rebounding to $39,700 on Thursday and ending the week at around $36,700.
Altcoins also closely followed Bitcoin’s price action this week. After setting a multi-year high of $1,345 on Sunday, Ethereum fell as low as $960 on Tuesday before settling at $1,140 to close the week. BNB set an all-time high of $45.12 on Sunday, before sinking to $36.53 on Tuesday, before ending the week at $40.50.
In addition, the rankings among the top cryptocurrencies have changed significantly this week. Tether (USDT) has toppled XRP (XRP) for the No. 3 spot, while Polkadot (DOT) and Cardano (ADA) have overtaken Litecoin (LTC) and Bitcoin Cash (BCH) as the No. 5 and No. 6 spots, respectively.
The global crypto market cap reached a new high of $1.117 trillion on Sunday, but fell as low as $831 billion on Tuesday before regaining its trillion-dollar status on Thursday.
For more crypto-related news and updates, head over to the Binance News service. We now move to updates from the Binance ecosystem and beyond.
From the Binance Team
1. Tune in for Binance Blockchain Week: The Future Is Now, starting February 1! Join us for the blockchain and crypto event of the year, featuring 5 days of world-class programming. This is your chance to learn how blockchain technology is transforming the way we live, work, and transact. Get the latest on crypto trends that are driving mainstream adoption, and preview the future of blockchain-based spending, earning, saving, and giving.
2. Earn Passive Income With Crypto: Trade Without Complex Dashboards.Liquid Swap quickly became one of the most popular financial products within the Binance Ecosystem and the crypto market. As of October 3, 2020, the active stablecoin volume on Liquid Swap reached $128 million, and in total, there’s over $22 billion locked in DeFi.
Binance Exchange Updates
3. Update to the Symbol (XYM) Airdrop Program for NEM (XEM) Holders. A further announcement regarding the revised snapshot timing will be made once an update has been provided by NEM.
4. Binance Will Support the Blockstack (STX) Network Upgrade & Hard Fork. Deposits and withdrawals of STX will remain suspended until the upgraded network is deemed stable.
5. Binance Staking launched NAV Staking with Up to 8.49% APY.
6. Binance Loans Offers 50% Lower Fees for Borrowing RUB and EUR. We extend a 50% lower interest rate for borrowing RUB and EUR until 2021/01/20 08:00 AM (UTC).
7. Earn Up to 40% APY on BTC, DIA, DUSK, EGLD, and RIF with Binance Savings.
Binance Pool launches 25th phase of dual savings products for BTC, USDT, and BUSD.
Binance Will Support the DIA (DIA) Airdrop Program for DIA (DIA) Holders. Binance will support the DIA (DIA) airdrop program for DIA holders and distribute DIA tokens to each user based on the formula explained in the announcement.
10. Following the announcement from the Firo team, Binance updated the ticker of XZC to FIRO.
Removal of Trading Pairs:BZRX/BNB, TOMO/BNB, TRB/BNB, STEEM/BNB, HOT/BTC, MBL/BTC, AAVE/BKRW, ADA/BKRW, BNB/BKRW, BTC/BKRW, BUSD/BKRW, DOT/BKRW, ETH/BKRW, LINK/BKRW, XRP/BKRW.
Binance Smart Chain Updates
12. Orbs and Binance Team Up to Launch DeFi Accelerator. Orbs and Binance are excited about working together with breakthrough teams to create innovation and drive the DeFi ecosystem forward and invite the entire blockchain ecosystem to consider joining the accelerator as co-sponsors or mentors.
13. Release of Patch v0.8.0-hf.2 for Binance Chain Mainnet
Binance Futures Updates
14. PAXG Enabled on Binance Isolated Margin. We enabled Isolated Margin trading for the Isolated Margin/Borrowable asset PAXG and Isolated Margin pairs PAXG/BTC, PAXG/USDT.
15. Binance Futures Launches BTCBUSD Perpetual Contracts.Users can select between 1-50x leverage. The BTCBUSD Perpetual Contracts are BUSD-margined futures contracts that use BUSD as collateral, quoted and settled in BUSD.
16. LATEST UPDATES: Cross Collateral
Fiat, P2P, BNB, and BUSD Updates
17. Ghana Cedi zero deposit fee promotion. Users can deposit GHS via mobile money with no extra fees from 2021/01/06 12:00 PM UTC to 2021/01/20 00:00 AM UTC.
Binance Ecosystem Updates
18. Binance Broker Spotlight: How Entrepreneurs Leverage Binance to Grow Their Own Platforms. Since its inception in September 2019, the Binance Broker program has empowered 570 partners across more than 30 countries to grow their own platforms through the power of Binance’s market-leading crypto exchange.
Binance Academy’s newest articles:
Promos and Community
20. NEW: Fan Tokens: 100,000 USDT to Be Won! We launched a Collect & Win trading activity. Collect all five (5) Fan Token logos - JUV, PSG, OG, ATM, and ASR to win your share of the 100,000 USDT prize pool. The activity starts 2021/01/15 00:00 AM and ends 2021/01/22 00:00 AM (UTC).
21. NEW: NEM Trading Competition - $50,000 in XEM to Be Won! All users that register for a Binance account during the competition period and trade 10,000 XEM or more effective trading volume (including buys & sells) in any XEM trading pairs will share an exclusive prize pool of 10,000 USD in XEM tokens.
That’s a wrap for the past week. Follow us on Twitter, Instagram, Facebook, and YouTube, and join our official Binance Telegram group to talk more with our community.
