The unfortunate hack on Binance led many holders and traders fell into the controversial debate. This buzz had an adverse effect on Binance official coin, Binance coin/BNB during the last week but the currency has kick-started the new week with over 10 percent growth.
At the time of reporting, Binance coin/BNB is up with 10.14% percent within past 24 hours which made it trade at the value $23.12 against US Dollar. Nevertheless, last week, the price of one BNB saw a steep decline of $18 which led it fell down to the 8th spot on coinmarketcap in terms of market capitalizations.
Fortunately, on May 13, 2019, BNB is again available on its previous position and can be seen as the 7th largest cryptocurrency in terms of the average trading volume. By snatching its long-standing position from Tether (USDT), BNB’s market capitalization today counts at $3,263,765,935 USD which is majorly spat on its parent exchange, Binance, in trading pairs of USDT and BTC.
The boost in the price of BNB can be directly linked to Binance’s latest announcement – that is enabling its users with deposit and withdrawal feature. Binance CEO, CZ released a brief update on Binance official website on May 13, 2019, and stated that they will resume the deposit and withdrawal at Binance exchange on Tuesday (May 14, 2 019) which is presently suspended since the hacking incident happened. CZ in the post briefed that;
Our team is making progress and has been working through the weekend. In the past few days, we have made some significant overhauls to our system, with a large number of advanced security features added and/or completely re-architected. We will share details on some of the changes later.
We aim to fully resume deposits and withdrawals on Tuesday. The time will be communicated at a later stage, depending on how the testing goes. This upgrade will require a trading halt. We will update you again tomorrow.
What do you think about the boost in BNB’s trading volume.? Do you think CZ’s confirmation of resuming deposit and withdrawal positively influenced the value of BNB.? Let us know in the comment below
Image Source: coincodex.com
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com