• BinaryX (BNX) token surged by more than 32% in the last 24 hours.
• The surge was attributed to a recent token split event that increased the overall quantity of BNX.
• The market cap of all digital currencies dropped slightly, with Bitcoin down 0.3% at $23,888 and Ether down 0.2% at $1,645.
Bullish Performance of BinaryX
BinaryX (BNX) has seen its market value surge by more than 32% in the last 24 hours. Currently trading at $1.68, per data from CoinMarketCap, BNX broke its $1.40 resistance level on Feb. 24 and surged by more than 30.7% in just under an hour to hit a high of $1.83 before correcting slightly to end the day at $1.49.
Token Split Behind Bullishness
Analysts have credited BNX’s bullishness to its Feb 23 token split event which increased the overall quantity of BNX from 21 million tokens to 2.1 billion tokens with a circulating supply of 289 million tokens and a market cap just north of $482 million making it the 88th-ranked cryptocurrency in the market according to CoinMarketCap data. Centralized exchanges like Binance have stopped supporting trade for the old BNX due to price fluctuations but still permit trading of the new cryptocurrency formed after fractionalization process was done on a 1:100 ratio where each old BNX was traded for 100 new BNX tokens .
Crypto Market Cap Slips Slightly
The total crypto market cap stood at $1 trillion when this article was written, dropping 3 percent from previous day figures as Bitcoin dropped 0.3 percent at $23888 while Ether dropped 0.2 percent at 1645 dollars according CoinMarketCap data .
Binary X Team Confident On Token Split
The Binary X team expressed confidence that their token split event will strengthen their GameFi platform’s business model and broaden their token appeal to new users .
In conclusion , Binary X has seen significant bullishness in recent days due largely to their successful token split event that saw an increase in overall quantity of binary x tokens along with other technical factors such as breaking through resistance levels . Despite slight dips across the crypto industry , it seems that Binary X is aiming higher as they look to widen their user base and develop further products on GameFi platform .
• Reports emerged that Binance Global intends to end partnerships with US-based firms and delist tokens linked to US-based projects.
• Binance’s CEO, Changpeng Zhao (CZ), has refuted the claims terming them as false.
• It is speculated that Commodity Futures Trading Commission, Internal Revenue Service, Securities and Exchange Commission, Justice Department, and the Internal Revenue Service are targeting Binance.
Reports of US Delisting
Reports emerged that Binance Global intends to end partnerships with U.S.-based firms such as banks and terminate listing tokens linked to U.S.-based projects as regulators cast the net deeper.
CZ Denies Bloomberg Report
Binance’s CEO has refuted the claims in a quick rejoinder to the news from Bloomberg terming them as „false“.
Increased Regulatory Pressure
If the claims by the undisclosed individual are true, Binance Holdings will follow the scripts of other companies that are escaping stiff market regulations since the fall of FTX. In December, Nexo Inc declared intentions of removing its products from the U.S. market following orders of resistance and desist from many states. The aggressiveness of the U.S. authorities will continue to claim more causality as the intensity increases.
Binance Holders Contemplate Repealing Relationships
The shake-up in Binance Holders contemplate repealing relationships with major financial partners in the U.S. to cool down pressure from deep inspection from authorities. An insider noted that Commodity Futures Trading Commission, Internal Revenue Service, Securities and Exchange Commission, Justice Department, and the Internal Revenue Service are on Binance’s radar; „The company is looking for possible ways of ending ties with US-based firms, especially banking and service entities…Delisting of tokens such as USD Coin is on table,“ acknowledged an unnamed source close to Binance Holdings .
Unauthorized Services To US Customers
Binance Holdings has no authority to serve U
• China has launched a state-supported blockchain research center in Beijing to promote the integration of technology into daily life.
• The institution will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC).
• Despite ongoing crackdown on cryptocurrencies, the Chinese government is prioritizing the development of a central bank digital currency and levying taxes on digital asset transactions.
National Blockchain Technology Innovation Center Launched in Beijing
China has launched a state-supported blockchain research center in Beijing with the goal of promoting the integration of technology into daily life through focused research and development efforts. According to a report from a local news outlet, the Chinese government has approved the launch of the National Blockchain Technology Innovation Center in Beijing to conduct blockchain research and development. The center plans to develop a research network with local universities, think tanks, and blockchain companies in order to explore and develop core blockchain technologies. The research findings will be utilized to further digitalize China and grow its blockchain industry. The new institution will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC), an entity popular for developing the Chang’an Chain or ChainMaker blockchain. For the uninitiated, Chang’an Chain is China’s first domestically developed open-source blockchain platform. The platform is already supported by an ecosystem of 50 business corporations, many of which are owned by the state. However, further details regarding the institute’s opening date, budget, or staffing were not revealed.
Chinese Government Prioritizing Digitalization Through Blockchain Technology
Blockchain technology was first mentioned in China’s five-year policy plan in 2021 and was identified as playing a key role in the country’s digital economy. In addition to blockchain research, the Chinese government is also prioritizing
•Binance CEO Changpeng Zhao stated that no Binance users or assets were affected by the Orion Protocol (ORN) $3 million hack.
•The hacker launched a reentrancy attack on Orion and withdrew funds from a smart contract severally.
•PeckShield identified the hack, developed a full report, and sent it to Orion Protocol before making a public announcement.
Binance Confirms No User Losses From Orion Protocol Hack
Binance CEO Changpeng Zhao recently confirmed that no Binance user or asset was affected by the February 2nd, 2023 Orion Protocol (ORN) hack which resulted in losses of approximately $3M. Re-login protection was lacking which enabled the hacker to launch a reentrancy attack on Orion and withdraw funds from a smart contract multiple times.
Cybersecurity Firm Identifies Hack
PeckShield, a cybersecurity firm, identified the hack and developed a full report from their observation before sending it to Orion Protocol and making a public announcement on Twitter. The company paused the protocol at the time of announcement as they had positively identified the root cause of the incident and were fixing the bug.
Sympathy For Those Who Incurred Losses
Surge DeFi sympathized with those who incurred losses in this incident while reiterating its commitment to promoting decentralized finance (DeFi) to avoid such incidents in future. DeFi is aimed at increasing safety for crypto investors by investing in less centralized protocols as opposed to traditional exchanges like Binance where user funds are susceptible to hacking attacks.
Reaction By CZ On PeckShield Tweet
CZ reacted positively to an earlier news release by PeckShield regarding this incident wherein he assured all Binance users that none of their assets were affected by this hack and that Binance Security team monitors all hacker addresses.
All Binance users can rest assured that their assets are safe from any potential hacks as CZ has confirmed that no user incurred any losses due to this incident. He also said that Binance’s security team is monitoring hackers‘ addresses diligently so as not to let similar occurrences happen again in future.