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Cryptocurrency » Binance burns 1.68 million BNB tokens

Binance Cuts BNB Supply by 1.68 Million During Q18 Burn

Major cryptocurrency exchange Binance recently burned over 1.68 million of its BNB tokens worth around $800 million. The trading platform completed its 18th power-up and completed the first quarterly BNB Auto-Burn.

  • Binance recently delisted 1.68 million BNB tokens during its quarterly burn.
  • Unlike previous quarters, the exchange introduced a new circulation token burning system.
  • Binance Coin cryptocurrency price may be heading for a bullish reversal as a key technical indicator posted a bearish signal.

Binance introduces automatic BNB burning

Since Binance and its exchange token launched in 2017, the company has committed to burning 100 million BNB, or half of the total supply in circulation.

Previous quarterly burns were based on token usage and revenue generated on the exchange. During the latest quarterly burn, Binance removed 1.34 million BNB from circulation. Other burns ranged from 808,000 BNB to 3.6 million BNB burns.

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Following community feedback, BNB Auto-Burn was introduced to allow for a more objective process independent of the centralized ecosystem.

The burning system calculates the number of tokens to be taken out of circulation based on the BNB price, which reflects the demand and number of blocks produced during the quarter.

Coin burning processes are typically used to reduce the supply of circulating tokens in order to increase the demand for circulating coins while keeping prices reasonably high.

Binance Coin Price Prepares to Recover

The price of cryptocurrency Binance Coin (BNB) has formed an ascending parallel channel on the daily chart, which suggests an overall bullish outlook.

The Momentum Reversal Indicator (MRI) recently showed a low signal as the BNB cryptocurrency price hit the lower bound of the model’s technical pattern, suggesting that the Binance Coin price is preparing for a rebound.

The first line of resistance for the BNB cryptocurrency may appear at the 21-day simple moving average (SMA) at $487, then the 50-day moving average SMA at $530, coinciding with the 61.8 Fibonacci retracement level. % and 100-day moving average SMA.

Binance Coin (BNB/USDT) Daily Chart

An increase in buy orders can send the bulls targeting the mid-boundary of the dominant chart pattern at $588 USD, which crosses the 78.6% Fibonacci retracement level.

However, an increase in selling pressure could cause Binance Coin price to slide towards the 200-day moving average SMA at $450 USD, which is close to the 38.2% Fibonacci retracement level.

By Sarah Tran, FXStreet

Sarah has closely followed the growth of blockchain technology and its adoption since 2016. She worked at a cryptocurrency exchange and cryptocurrency custodian, and prior to writing for FXStreet, she was a content writer and strategist at Blockchain News.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move involves risk, you should do your own research when making a decision.

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Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or solicitation to buy or sell foreign exchange contracts or CFDs. Although the information contained in this document has been obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, and assumes no responsibility for any direct, indirect, or consequential damages that may result from anyone’s reliance on such information. information.

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