Binance Crypto Exchange Records Highest Quarterly Volume

World’s leading crypto exchange, Binance, recorded the highest quarterly volume evident by the amount of coin burn for Q1 2020. According to the original Whitepaper, every quarter, it burns 20% of its profits. The estimates suggest a profit higher than $262.33 million in the Q1 of 2020.
Update: According to sources, Binance has changed the metrics for burn last year from 20% profits to burning tokens w.r.t. trading volume. Hence, the burn metrics indicate that volumes are record high since BNB release. The title has been changed accordingly as well.
At the 11th quarterly BNB Burn, Binance burned 3,373,988 BNB, worth 52.4 million USD, at the present rate of $15.55 per token. The Exchange notes,
This is the biggest BNB burn ever recorded, in terms of both BNB and fiat volume.
The previous high was recorded in the last quarter of 2019 with profits’ totalling $190.
Apart from leading the crypto-space in spot markets, the exchange has now gained adequate dominance in the derivatives market as well. While trading volume is an ambiguous metric, the profits from the derivatives market should also add to the total.
Furthermore, Binance recently launched options trading on the exchange which will help in the growth of the business.
Price Analysis
The coin burns are bullish for the Binance [BNB] coin as well, as it results in a decreased supply. The token is designed to burn 46.6% of its total supply until it reaches 100 million tokens.
Currently, the price faces resistance from the $17.3 from the 200-Day Exponential Moving Average (EMA) on a daily scale. On a weekly scale, it faces resistance from the 50-period EMA around the same level at $17.6.
With respect to Bitcoin [BTC], the price has broken above the moving averages forming higher highs and higher lows. Nevertheless, it faces resistance from the 0.00229 BTC range resistance.
How do you think the exchange and its token will perform in the rest of 2020? Please share your views with us.
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying