Cryptocurrency exchange, Binance recently underwent its 12th quarterly burn which is considered to be its largest to date. While its price continues to hover at $17, the exhcnage seems to have fueled the price of other currencies by extending support.
KNC And WAVES Find Shelter At Binance.US
Prominent cryptocurrency exchange, Binance has a spot fixed in the headlines. The cryptocurrency exchange often pops up on prominent social media platform, Twitter following several updates, new listings as well as partnerships.
Off late, enabling trading for cryptocurrencies on certain exchanges have posed beneficial to those respective coins as it drives its price. San Fransico-based cryptocurrency exchange, Coinbase listing, decentralized lending platform, Compound Finance’s governance token, COMP is one such example. Even though the token is currently witnessing a slump, Coinbase’s listing spruced up COMP’s price during its initial days. Binance seems to be the next one in line as the price of Kyber Network’s KNC was seen surging post a recent listing.
While Binance’s American exclusive platform, Binance.US pointed out that the exchange sheltered more than 70 trading pairs with 20 cryptocurrencies, Catherine Coley, the CEO of Binance.US revealed that KNC, as well as WAVES, were the latest additions. Binance.US shared a tweet confirming the same. The tweet read,
The latest listing seemed to have fueled the price of the altcoin as it witnessed a 13.5 percent increase over the last 24-hours. At the time of writing, KNC was trading at $1.81. WAVES, on the other hand, did not witness much of a rise. The coin was observe trading at $1.47 with a 1.8 percent surge in its price during the past 24-hours.
Binance’s Biggest Burn Yet
Earlier today, this Malta-based cryptocurrency exchange underwent its 12th Binance Coin [BNB] burn. A total of 3,477,388 BNB worth $60.5 million USD was destroyed by the cryptocurrency exchange. This burn was touted as the biggest burn till date.
In a blog post, the CEO of Binance, Changpeng Zhao aka CZ further wrote,
“This burn, which represents trading activity across Binance spot, margin, and futures exchanges, as well as the various portfolio projects and ecosystem partners that use BNB, from April to June 2020, permanently took away about 60.5 million USD worth of BNB out of circulation.”
While scarcity drives the value of any asset, carrying out burns like this is expected to impact the price of the coin. However, BNB had little or no effect post Binance’s biggest burn. The coin has fallen below several other altcoins in terms of market cap and now the price of the coin was $17.24.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.