Bitcoin halving is just hours away, while the market also focuses on major altcoins like Binance‘s native token, BNB. What’s happening on the BNB front?
How Much is BNB Now?
CoinMarketCap data shows that BNB, the native token of the Binance ecosystem, was one of the best-performing cryptocurrencies among major altcoins in the last 24 hours.
While most major altcoins and meme coins continue to fall or trade sideways, BNB was already on the rise.
A closer look at the 24-hour price movement shows that BNB, ranked fourth in market capitalization, was trading at $550.2 as of April 19, having risen to $555. This price level represents an increase of nearly 3%.
Positive events within the Binance ecosystem could have acted as a support preventing a drop in BNB’s price, contrary to the bear market outlook.
BNB and Developments
Binance, the world’s largest cryptocurrency exchange by volume, announced it has received a license from Dubai’s crypto regulators to support and serve individual investors in the city.
Binance was already serving institutional investors in Dubai, but the new permission allows access to a broader range of investors in this major economic center.
In addition to news from Asia, another update came from India. A recent report from India suggests that Binance might return to the Indian market, which had been closed since early January.
Alongside these positive regulatory updates, Binance announced the successful completion of the BSC Feynman hardfork on the BSC Chain, enabling local staking and governance.
Meanwhile, derivative traders have increased their activities on BNB, as evidenced by data from Coinglass, which shows that the Open Interest (OI) in BNB futures increased by about 10% in the last 24 hours, exceeding $525 million.
Furthermore, the number of investors betting on an increase in BNB’s price has reduced the signs of a downtrend, as indicated by the Longs/Shorts Ratio.
