Crypto Market Overview: More Corrections
Two weeks removed from its $41,950 all-time high, Bitcoin sank further this week. After trading between $35,000 and $37,700 for most of this week, the world’s biggest cryptocurrency plunged to as low as $29,500 on Friday before rebounding to around $32,500 to close the week.
Altcoins exhibited mixed results this week, but BTC’s brief fall on Friday also heavily factored into the price action. Ethereum (ETH) was a few dollars away from beating its $1,440 ATH on Tuesday, but it fell as low as $1,050 on Friday before ending the day at $1,220. Meanwhile, BNB (BNB) did reach its ATH at around $47 on Tuesday, but fluctuated from a low of $37 on early Friday to $41 to close the week.
With Bitcoin’s continued descent, the global crypto market cap fluctuated above and below the trillion-dollar mark before totally missing the mark beginning on Thursday and sinking as low as $840 billion on Friday.
There was also a slight change in the top cryptocurrency rankings. Polkadot (DOT) has toppled XRP (XRP) for the No. 4 spot earlier this week.
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. 14th BNB Burn | Quarterly Highlights and Insights from CZ. For this past quarter, we just burned 3,609,050 BNB, plus 10,838 BNB from the Pioneer Burn Program, for a total of 3,619,888 BNB. This effectively took $165,791,000 worth of BNB out of circulation forever. With this recent burn, the total supply of BNB has officially decreased from 174,152,713 BNB to 170,532,825 BNB.
2. Make Money With Crypto: 10 Ways To Earn Bitcoin and Other Crypto With Binance Earn. At the time of writing, $4.2 billion worth of crypto assets currently on Binance Earn with $70 million worth of total rewards distributed in 2020. Binance Earn has more than 270,000 daily active users and investors and the number is rising. The active stablecoins volume on Liquid Swap reached $128 million, and over $22 billion in funds are locked in DeFi in Binance as of late 2020.
3. Binance To Train 1,000+ Developers in Africa in Q1 of 2021. A huge part of Binance Africa’s 2021 goals is to spread crypto education and adoption across Africa.
Binance Smart Chain Updates
4. Binance Smart Chain 2020 Recap – Building the DeFi Infrastructure. A quarter has passed since the BSC mainnet launch, and we want to share with you the growth and development of BSC’s ecosystem, the future infrastructure bridging the world’s of centralized and decentralized finance.
5. Binance Smart Chain 2021 Roadmap: Vision and Trends. Four months into the launch of Binance Smart Chain (BSC), we share our agenda for 2021, including our vision for BSC and some of the dApp (decentralized app) trends that we will support.
6. Binance joins Seascape Network to take DeFi Gaming to the Next Level. Seascape Network is a gaming platform designed around the NFT and DeFi economies. The investment is part of Binance’s $100 million fund, which supports blockchain projects that connect DeFi and CeFi on the Binance Smart Chain (BSC).
7. Cobo + Binance Smart Chain Goes Live, Further Expanding the DeFi Ecosystem. Cobo has announced the addition of BSC support for both Cobo Wallet and Cobo Custody. Customers that work with Cobo Custody get one-click support for BSC.
8. Binance Chain and Binance Smart Chain Testnet Lagrange Upgrade Complete.
Binance Exchange Updates
9. Binance Review, Month 42: Great Start to 2021. The past 30 days have been some of the most exciting for the crypto industry. For the 42nd month, Binance looked back at the past year and set forth a new agenda for 2021.
10. NEW INNOVATION ZONE LISTINGS: DeXe (DEXE) and TrueFi (TRU)
11. Binance Staking launched OAX Staking with Up to 10% APY.
12. Binance Loans Offers 50% Lower Fees for Borrowing DAI and EUR. We extend the 50% lower interest rate for borrowing DAI and EUR until January 27.
13. Earn Up to 16% APY on ARPA, BEL, DUSK, and EGLD with Binance Savings.
Binance Pool launches 26th phase of dual savings products for BTC, USDT, and BUSD.
Binance Supports the TomoChain (TOMO) Network Upgrade & Hard Fork. The network upgrade happened on January 21.
16. Binance Will Support the Cocos-BCX (COCOS) 1,000:1 Redenomination Plan. For further information, please refer to the following: COCOS reduction plan will officially resume starting on January 19 | COCOS Token Reduction Plan Announcement
Binance Futures Updates
17. Binance Margin Launches Calculator Function. Binance Margin has launched the Margin Calculator function on January 21. This function is currently available on Binance.com, specifically on the Margin trading web page, and will launch on the Binance Android App and iOS App on January 28.
18. Binance Futures launched USDT-Margined Perpetual Contracts with up to 20x for CHZ and AKRO.
19. CHZUSDT Futures Trading Competition - $100,000 in CHZ to Be Won! To celebrate the listing of CHZUSDT Perpetual Swap on Binance Futures, Binance and Chiliz have committed a total of 100,000 USD in CHZ tokens to be given away to our users. The promo runs until January 28.
20. The previously announced launch of Binance Futures USDT-Margined INJ 20X Perpetual Contracts is now postponed.A new date and time will be announced soon.
21. Binance Futures launched DOTECO (Polkadot Ecosystem) Composite Index Perpetual Contracts. You will be able to select between 1-20x leverage.
22. New Minimum Order Notional Limit Rule for USDⓈ-M Futures. Binance Futures will launch a new minimum order notional limit rule for all USDⓈ-M futures contracts on January 25. The minimum notional value of each order must be no less than the threshold of $1 USD.
23. Updates to Binance Leveraged Tokens Subscription and Redemption Rules.
Fiat, P2P, BNB, and BUSD Updates
24. All You Need to Know About the Binance P2P Appeals Process.In case of conflict between users, Binance P2P offers the opportunity for both to open an appeal. This is when the customer service team comes in, to mediate between both parties and solve the issue.
25. Binance P2P Adds Comment Feature. With the comment feature, users can rate their trading experience and comment on their trade partners when they complete a P2P order.
26. Binance P2P Celebrates its First Anniversary in Vietnam with Multiple Prizes. Binance P2P has achieved consistent growth since the addition of VND. USDT/VND is the most traded pair on the Binance P2P platform, which also indicates that stablecoin has become the entry option for the local crypto investors.
27. Binance P2P extends zero-fee promotion for depositing Ghana Cedi (GHS) and Kenya Shillings (KES).
Binance Ecosystem Updates
28. Binance Broker Spotlight, Part 2: More Entrepreneurs Growing Their Platforms, Powered by Binance. 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.
29. Binance Charity Donates More Than $60,000 for Healthcare Workers’ Masks in Mexico City. The donations were used to purchase KN95 masks and will be distributed among three hospitals in Mexico City, each of which was strongly affected by the pandemic.
30. Convert & OTC Portal Now Available on the Binance App. The Convert & OTC Portal can now be used on the Binance mobile and desktop apps. To use the portal, please download or update to the latest version of the app (iOS 2.24.0 / Android 1.35.0). The portal is a live request for quotation (RFQ) platform in which you can easily convert over 40 different assets.
Binance Academy newest articles:
32. Binance Research latest reports:
Promos and Community
33. ONGOING: Liquid Swap Trading Competition - Win a Share of 50,000 USDT. We have launched a promotion for Binance Liquid Swap, with two opportunities for Binance users to enter and win. The activity ends 2021-01-29 at 0:00 AM (UTC).
34. ONGOING: Binance P2P Launches VND Anniversary Promotion - $2,000 and Multiple Prizes to Be Won!
35. ONGOING: Bluzelle Trading Competition - $50,000 in BLZ Tokens to Be Won!
36. ONGOING: First Prize Wins $10,000 in a Lucky Draw! Buy Crypto or Deposit and Trade to Enter! Complete at least one of two simple tasks before the end of the competition on 2021/01/26 00:00 AM (UTC) and win!
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.
