Binance CEO Confused by BNB Price Decline Despite ‘Very Productive’ Q3

Published at: Oct. 17, 2019

Changpeng Zhao, CEO and founder of major cryptocurrency exchange Binance, said that the reasons why Binance Coin (BNB) dropped over 50% from its all-time high in June do not make much sense. 

“Markets often confuse people”

Zhao explained that new services such as margin trading, an increased number of fiat onramps, peer-to-peer (P2P) trading, and futures trading have made the last quarter “very productive” with many significant projects coming to fruition. 

Resultantly, the CEO isn’t sure why BNB price has slumped over the past few months, mentioning the drop in Bitcoin price among other possible reasons. Zhao noted:

“There are many possible reasons for it, although none of them make much sense to me. Yes, there was a drop in the price of bitcoin, our industry’s index. There was some FUD on various things (per usual). Regardless of all that, I think (in my biased view) our results out-shine them all. Yet, the price of BNB did decline. Markets often confuse people, even me sometimes.”

Binance burns $37 million in BNB

Binance has also carried out a quarterly burn of 2,061,888 BNB, worth roughly $37 million, according to a post published on Oct. 17. There are now 185,474,825 BNB remaining. The exchange says it will continue with regular burns until there are 100,000,000 BNB left.

Binance Coin burn data | Source: Binance.com

Interestingly, the company’s profits can be calculated from the amount of burned funds, given that Binance burns 20% of its profits. 

From this data, it can be derived that Binance earned roughly $185 million in Q3 2019 — its second-best quarter ever.

Binance US lists Zcash and Algorand

Binance’s U.S. platform announced on Oct. 16 it will list more tokens and Bitcoin (BTC) trading pairs, all while the work on its mobile trading app continues. The first new cryptocurrencies to be listed, also announced yesterday, are privacy-focused Zcash (ZEC) and the native coin of proof-of-stake blockchain Algorand ALGO. 

As Cointelegraph reported, a BNB exchange-traded product was launched on the Swiss stock exchange earlier this week.

Tags
United States
Altcoin
Cryptocurrency Exchange
Cryptocurrencies
Binance
Binance Coin
Changpeng Zhao
Zcash
Related Posts
Binance Coin becomes the third-largest crypto following parabolic rally
Binance Coin (BNB), a cryptocurrency issued by the world’s largest crypto exchange Binance, has hit a major historical milestone, becoming the third-largest coin by market capitalization for the first time in history. At the time of writing, BNB’s market cap stands at $38 billion, outstripping the biggest stablecoin Tether (USDT) by about $5 billion, according to data from crypto tracking source CoinGecko. Binance Coin is trading at $257, up 47% over the past 24 hours and skyrocketing 107% over the past seven days at publishing time. Alongside propelled growth in market capitalization, BNB also saw a major spike in daily …
Altcoin / Feb. 19, 2021
Binance KYC Breach — Did It Happen, and If So, Who’s to Blame?
On Aug. 7, Binance, the world’s largest cryptocurrency exchange (by daily trade volume), fell victim to a hacking scandal that saw the miscreant allegedly gain possession of a huge chunk of the firm’s Know Your Customer (KYC) data (10,000+ personal photos). The hacker is reportedly demanding a total of 300 Bitcoins (worth around $3.5 million) from the exchange, or else he or she will release all of the data. Also, it bears mentioning that upon commencing his activities, the hacker set up a couple of dedicated Telegram groups (which have since been shut down) that allegedly featured a lot of …
Altcoin / Aug. 10, 2019
Binance tops up SAFU fund at $1 billion amid price fluctuations
As the liquidity crisis and acquisition of cryptocurrency exchange FTX continues, Binance CEO Changpeng “CZ” Zhao assured his community of insurance of sufficient funds backing the network. In a tweet on Nov. 9, CZ said that the exchange has once again topped its Secure Asset Fund for Users (SAFU) at $1 billion equivalent in light of “recent price fluctuations.” To adjust to recent price fluctuations, #Binance has topped up the #SAFU insurance fund to $1 billion USD equivalent again. BUSD AND BNB address about 700m: https://t.co/OMoB6HeR6r BTC address 300m: https://t.co/6kOJ1MZhMM Transparency. 1/2 — CZ Binance (@cz_binance) November 9, 2022 The …
Blockchain / Nov. 9, 2022
3 reasons why Binance Coin (BNB) hit a new all-time high at $148
On Feb. 10 Binance Coin (BNB) hit a new all-time high at $148 after the native exchange token rallied 121% since the start of the week. Data from Cointelegraph Markets and TradingView shows that BNB rose from $35.37 on Jan. 11 to $148, a 256% increase in less than a month. Three reasons for the explosive growth in the price of BNB include the recent surge in trading volume to a new record high, the expansion of DeFi related protocols to the Binance Smart Chain, and a steadily expanding ecosystem which is supported by new partnerships and integrations. Surging volume …
Markets / Feb. 10, 2021
Binance exchange daily BTC withdrawals top $500M as CZ says 'FUD helps us grow'
Bitcoin (BTC) withdrawals from largest crypto exchange Binance have passed $500 million in the past 24 hours as its CEO calls out “FUD.” Data from on-chain monitoring resource Coinglass shows Binance’s BTC balance decreased by over 30,000 BTC into Dec. 13. CZ: FUD is "thoroughly annoying" The latest hotspot for fallout from the FTX debacle, Binance has joined exchanges seeing an exodus of user funds. According to Coinglass, users withdrew 30,300 BTC ($515 million) in the 24 hours to the time of writing, this accounting for the majority of the week’s 40,150 BTC total. The abnormal behavior comes as Binance …
Bitcoin / Dec. 13, 2022