Binance Exhange Buys into Forbes, Binance Coin BNB Prepares to Turn Higher
Binance coin BNB is gathering momentum for a bullish move, as Binance exchange buys half of Forbes media
Cryptocurrencies have been showing mixed signals in the last few weeks, after the second crash in less than a year came to an end in January. They started to reverse higher but then retreated lower again last week, and in the last few days, cryptocurrencies have been stagnating, showing that traders are undecided. Binance coin and Litecoin both started to reverse higher, but are having second thoughts now.
Binance Daily Chart – The 50 SMA Still Acting as Resistance
The Binance exchange was under immense pressure from authorities in many countries across the world throughout 2021, with some countries closing its operations down, as the crackdown on cryptocurrencies continued. But, the Binance coin (BNB) followed the crypto market, nevertheless, although many cryptocurrencies made new highs in the September-November period, while BNB didn’t.
In November, the sentiment turned bearish in the market, and Binance reversed from $670, falling to around $330. But, the support and resistance zone around that level held once again, and we saw a bounce to $450. However, the 50 SMA (yellow) turned into resistance and stopped the climb. Now BNB/USD is waiting for the market sentiment to take a turn.
Binance Exchange Expanding Into Mainstream Media
Binance did the 18th burn and the first-ever automated burn last month, removing 1.684 million BNB coins, worth about $850 million from circulation, in an effort to destroy 50% of the circulating supply of about 100 million BNB. This might have been a factor in the bullish reversal towards the end of that month. Binance launched a $1 billion program to speed up the development of the Binance Smart Chain ecosystem, while acquiring the crypto Visa card provider, Swipe.
Now, Binance plans on investing in the digital publisher, Forbes, to assist it in completing a planned merger with a special purpose acquisition company (SPAC) in Q1 of this year. The world’s largest crypto exchange is investing $200 million in Forbes. This is half of the $400 million it obtained from institutional investors, and this entitles it to two out of nine board members. So, Binance is progressing into the mainstream media now, which will have a major impact on its reputation, so this is likely be a positive thing for the BNB coin in the future.
Binance Coin BNB Live Chart
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