Cryptos Show Resilience: BNB Gains As Binance Japan Launches
CRYPTO — During trading on Wednesday morning in Asia, cryptocurrencies such as Bitcoin, Ether, and the vast majority of the top 10 non-stablecoin tokens all increased in value, with Bitcoin regaining its footing above the US$29,000 support line. After its issuer, Binance, reopened in Japan on Tuesday, BNB quickly rose to the top of the list of winners.
Litecoin has also seen strong gains ahead of the halving event that will take place on Wednesday. This will be the cryptocurrency’s first halving event since August of this year. U.S. equity futures fell as a result of a lack of consistency in company performance and the United States’ loss of its triple-A credit rating.
According to data provided by CoinMarketCap, the price of one bitcoin increased by 0.78% in the past 24 hours to US$29,440.29 as of 7:40 a.m. in Hong Kong. After sliding below the US$29,000 support line and reaching a low of US$28,657.02 overnight, the largest cryptocurrency in the world was able to recover and rebound. According to Buy Bitcoin Worldwide’s index, despite this fluctuation, the average 30-day volatility of the Bitcoin price is currently at 0.74%, which represents the lowest level since October of 2016.
Even with the recent hack of Curve Labs, which caused disruption in the world of decentralized finance, the relative price stability of Bitcoin can be attributed to a “lack of earth shattering news” in the mold of the collapses of FTX or Terra Luna, according to Wade Guenther, partner at the asset management firm Wilshire Phoenix, which is based in the United States.
The price of bitcoin has also been able to withstand significant volatility despite the fact that the United States Federal Reserve decided at its most recent meeting on July 26 to raise interest rates to a range of 5.25% to 5.50%, which is the highest level since January 2001.
“Despite increases in interest rates by the Federal Reserve in the United States, bitcoin has shown remarkable resilience,” said Wade. “This is likely due to the fact that bitcoin is controlled by the rules built into the blockchain protocol, and not by the policy of any nation’s central bank.”
Ether increased in value by 0.63%, reaching US$1,867.92, and it has gained 0.57% over the past week. The majority of the top 10 cryptocurrencies that are not stablecoins also increased in value. The BNB coin, which is used on the Binance exchange, led the charge for those who made money, as its price increased by 2.36% to US$247.07, resulting in a weekly gain of 3.90%.
On Tuesday, the largest cryptocurrency exchange in the world, Binance, opened the doors to its Japan subsidiary, which is called Binance Japan K.K. BNB was introduced to the Japanese market for the very first time through the establishment of the Japan exchange, where it now joins a total of 33 other tokens that are made available to platform users.
