In this post, we will take a look at some of the latest Binance news and happenings in the crypto market. This information will be useful for users and traders who have funds on Binance as well as those planning to invest in the exchange.
Binance Review and Comparison with Other Exchanges
A news article on Globalcryptopress had claimed that from more than 200 popular crypto exchanges, Binance is the best. The data was based on the volume of trade that was done this year.
Why is this so?
The cryptocurrency exchange works on Bitcoin and altcoin trading platforms. The exchange does not hide facts and offers competitive trading fee rates. Besides, Binance lets traders and users work using close to 1,000 cryptocurrencies.
Perhaps, this could be the main reason why traders are keen on trading using the exchange. They also see that the trading times are exceptionally quick. Additionally, transaction processing offers traders a barrage of services and products, including crypto payment cards, crypto loans, and staking.
Binance offers Secure Asset Fund for Users (SAFU), which makes it safe for users. When there is hacking, then the users are immediately alerted. Now coming to the fees, when compared to exchanges like Kucoin and Uniswap, they withdraw a 0.1% cut fee.
This is for margin trading and spot trading that are held on the platform. Moreover, they provide users with a 25% discount when they are trading with Binance Coin (BNB) and another 25% for referrals.
Kraken is considered as the third popular exchange, and they work on a “maker-taker fee schedule.” The maker is charged close to a 0.16% fee, and the taker has to pay a minimum of 0.26% fee.
Companion table of the market today
|Name||Last price||24 Change||Market|
Value of Asian Exchange Data Can Generate $4.23 Billion Annually, Say Market Analysts
An interesting report was published on Blockchain News stating that strategy consultants are optimistic about the Asian Exchange. The sale of the data present on the exchange itself can generate close to $4 billion annually.
This is according to a leading market analyst, Quinlan & Associates. They specialize in the financial services industry. Based on their research, a report that explores different avenues present in the Asian exchange has been suggested.
They found that the exchanges contain large amounts of data that can be a precious commodity. The stock in the market can improve growth and prepare for the future by selling their exhaust data, striking deals with third-party partnerships, and developing index services.
Benjamin Quinlan, who is the CEO, felt that the market data is growing at a rapid pace, and that is a sign of changing trends of traders. The value-added information and advanced tools are having immense value, where “investment analysis tools” are intensely democratized.”
Binance Spot Trading System Upgrade Complete
A news article on Binance has said that Binance was able to complete a spot trading system upgrade yesterday. Now that is great news for traders who want to do trading activities. They can complete their deposits, cancel orders, trade on the OTC site, trade on P2P, and participate in savings and redemption.
However, users who want to do Futures and Margin trading using the open position may want to re-assess their collateral balance. This helps them mitigate their prices before the trading begins due to price fluctuations that may happen at that time.
Uniswap trading volumes holding steady despite liquidity leak
A recent news report on Coinjournal stated that the trading volumes on Uniswap were holding steady despite the liquidity leak. It was plunging due to the shakeup occurring after its farming period.
Joe, the CryptoGeek who is a social media strategist had this to tweet about Uniswap listing price and others.
The total locked value was more than $1 billion as of November 17, but within 24 hours, it slumped to 11.70%. Due to the loss of liquidity did not impact trading volume, it was steady at around $10 billion.
It seems to be the only positive metric on the exchange as they were steady during this period. Uniswap is the largest decentralized exchange in terms of trading volume, however they had lost more than half of its collateral.
Ethereum 2.0 Staking Rewards to be Made Available On Coinbase
A news report on Coinbase stated on December 1, the Ethereum Beacon Chain will come up with a multi-year upgrade to Ethereum 2.0 (ETH2). Customers can now easily convert their ETH to the Coinbase accounts and earn staking rewards.
Coinbase, where traders can buy and sell cryptocurrency had tweeted this on the development.
Though the ETH2 tokens are the main currency, Coinbase will allow traders to use ETH2 as well as ETH. They can use the currency that offers them with liquidity. The Ethereum was used in the market since 2015, and was widely utilized as decentralized exchanges, lending protocols, and others.
The ETH2 aims to provide a solution for limited scalability and high gas prices. The designers are extremely confident that the new development can work for the benefit of the traders and the users who are keen on using several currencies for liquidation purposes.