Crypto Market Overview

BTC breaks $11,500 before Friday fall

This past week, Bitcoin saw sideways price action, characterized by brief spikes to above $11,500 in four separate occasions, followed by equally brief corrections. BTC hit a weekly high of almost $11,700, but it suffered a late drop from above $11,500 to as low as $11,240 on Friday before closing the week at $11,300, according to data from CoinMarketCap.

Altcoins mostly followed BTC’s price trends. Ethereum began and ended the week at around $365, with a high of $395 on Tuesday. BNB fared better this week, rising from $28.50 to as high as almost $32, before a late Friday fall that sent the price down to $30 to end the week.

The cryptocurrency industry's total market capitalization rose from $350 billion to $355 billion week over week, with a peak of almost $370 billion on Tuesday.

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.

Binance Smart Chain News

1. Binance names BSC accelerator fund’s inaugural class. We have granted a total of $350,000 to AnySwap, Arkane Network, BakerySwap, Bitquery, PancakeSwap, and Proxima as part of the $100 million BSC Accelerator Fund, one of the largest seed funds within the DeFi space.

2. Accelerator fund sets aside $10 million for liquidity support. This allocation supports the launch of projects based on the BSC ecosystem, such as AMM (automated market maker) projects Pancakeswap, Burgerswap, and Bakeryswap, as well as decentralized lending provider Fortube.

3. BSC accepts applications for BUIDL program. Participate in the BUIDL program, where $5 million worth of BNB is committed to reward developers who deploy usable dApps on BSC.

4. Binance Chain Panama supports 12 more assets. You can now peg 16 tokens on Binance Chain via Panama.

Binance Exchange Updates

5. Binance Launchpad: Injective Protocol Token Sale. The $3.6 million token sale will follow with a lottery-format ticket claim with the recording of user BNB balances starting on October 13.

6. Binance Pool charges zero pool fees for three months. From October 15 to January 15, 2021, all users can participate in the 0% Pool Fee exclusive offer as long as they connect their computing power to Binance Pool.

7. NEW Listings:

- October 15: Filecoin (FIL). Deposit FIL until October 23 to win from a $100,000 BNB prize pool.

- October 14: NEAR Protocol (NEAR), SXPUP and SXPDOWN

8. NEW Trading Pairs: BTC/BRL, USDT/BRL, DOT/BKRW and SXP/GBP.

9. Binance moves the following tokens into the Innovation Zone: BEL, BZRX, CREAM, SUSHI, WING, and WNXM.

10. Use BNB to get a 25% discount on Isolated Margin fees.

11. Isolated Margin trading now available for FIL, XVS, NEAR, FLM, and WING.

12. Binance launches Cross Margin trading for YFII

13. Binance Loans adds DAI and BNB as borrowable assets + BUSD and USDT as collateral options.

14. Binance opens BEP20 deposits and withdrawals for several more projects. There are 17 more BEP2 tokens and six more BEP20 tokens included in this update.

15. You can earn up to 8% APY on DOT via Binance Savings. 

16. Binance Pool launches 12th phase of Dual Savings products.

17. 8th week of Binance Ecosystem SXP Rewards.

18. Binance supports the Fetch.ai (FET) smart contract swap, as well as the OCEAN and CHR token swaps.

Binance Futures and Options Updates

19. NEW USDT-margined contracts with up to 50x leverage:

- FIL/USDT (October 16) 

- NEAR/USDT (October 15) 

- KSM/USDT (October 14)

- REN/USDT (October 13)

- TOMO/USDT (October 12)

20. Binance Futures launches VIP fee structure for cross collateral function. Users will enjoy different borrowing limits and daily interest rates at different VIP levels.

21. A beginner’s guide to funding rates. Read this blog to understand the impact of funding rates on traders and why it matters.

22. What can you expect on Futures Expiration Day? This article will give you a better understanding of Futures Expiration and how it impacts the market.  

23. What is the potential impact of Ethereum 2.0 on the derivatives market? This article discusses the impact of Ethereum 2.0 and its influence on ETH prices.

Binance Ecosystem Updates

24. Binance Labs leads $5 million investment round in DeFi startup DODO. Continuing our commitment to supporting blockchain solutions that advance the freedom of money, Binance Labs recently provided financial backing for liquidity provider platform DODO.

25. Binance-backed Travala.com, Tripadvisor’s Viator partner for booking tours and activities. This strategic partnership makes more than 400,000 experiences – including activities, attractions, events, and tours – bookable with BNB, BTC, and more than 30 other cryptocurrencies.

26. Binance Academy revamps for a customized learning experience. With updates such as a Start Here primer and custom display options, Binance Academy continues to provide quality crypto education in a more streamlined manner. 

27. Binance Research’s latest reports: Filecoin, NEAR Protocol, and Injective Protocol.

28. Binance Charity sends KN95 masks to Haiti. This is part of the ongoing Crypto Against COVID campaign around the world.

Binance Fiat/Stablecoin/BNB Updates

29. Zero fees on Buy Crypto credit/debit card in Europe. This is available to users with Visa or MasterCard issued in the EEA (European Economic Area) and the UK when they paywith EUR, GBP, SEK, PLN, CZK, RON, NOK, or HRK. Promo runs until October 23.

30. EUR Zero Maker Fee Promotion extended to October 30.

31. Buy Crypto via credit cards using four more Latin American currencies. Binance has added support for Mexican Peso (MXN), Chilean Peso (CLP), Colombian Peso (COP), and Peruvian Sol (PEN).

32. Binance adds Chiliz (CHZ) for credit/debit card purchases. You can now buy CHZ using USD, EUR, and GBP.

33. EUR deposits via Payeer are now disabled

From the Binance Team

34. Binance Smart Chain AMA. Binance CFO Wei Zhou, Binance X Managing Director Flora Sun, and Xiaoguang Zhang from Binance Smart Chain talk in detail about the latest developments in BSC.

35. 5 reasons to try the Binance Desktop App. Do you access Binance through your web browser? We recommend you to try out the Binance desktop app for a better experience.

36. We Helped Someone Track And Recover Nearly $30,000 in Stolen Funds. Read this recent testimony of a user who was able to get back his funds with our help. Just another day in the office. 

37. Recognizing World Mental Health Day. Read some insights from a couple of people who operate at the core of our industry, and who frequently witness and report industry developments at the frontlines.

Promos and Community

38. ONGOING: $30,000 P2P Trading Competition. In celebration of Binance P2P’s first anniversary, participate in promos for 10 international markets. Promo runs until October 26.

39. ONGOING: $60,000 Streamr (DATA) Trading Competition. In celebration of Binance P2P’s first anniversary, participate in promos for 10 international markets. Promo runs until October 26.

40. ONGOING: #MyBinanceClass for Africa. Be a tutor today and win from a 60-day $50,000 fund for crypto education in Africa.

41. COMPLETED: 30,000 UGX Cashback Promo: Sign Up and Trade (ended October 12).

42. COMPLETED: Trading Competitions for ADX, DOCK, and BAKE + ALGO Airdrop for Binance Futures Tournament.

43. #MyCryptoWebinar. Join this webinar on October 17 to listen to real stories from crypto users.

44. MORE COMMUNITY EVENTS:

- Injective Protocol on Binance Vietnam (October 17)

- Binance Masterclass Australia Crypto Arbitrage 101 (October 16)

- Tron on Binance Nigeria (October 16)

- BurgerSwap on Binance English (October 16)

- Orion Protocol on Binance English (October 15)

- Binance Battle of Asia Grand Finals Kickoff (October 12)

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.