Crypto Market Overview
Bitcoin reaches new high for 2020. ETH, BNB also reach multi-month peaks
Bitcoin began the month at around $11,300 and continued its rise from last week to an annual high of $11,991, according to CoinMarketCap data, before fluctuating the rest of the week within the $11,000 to $12,000 range. As of Friday, August 7 (UTC +8), Bitcoin was worth $11,656.
The outlook for Ethereum was similarly bullish. ETC surpassed $400 for the first time in two years, before reaching a peak of $408 on August 2, an 18% increase since the start of the week. ETH closed the week at $387. Meanwhile, BNB hit a five-month high of $23.56 on August 5, up from $20.66 to start the week, before settling at $22.65 by week’s close.
The total market capitalization of the cryptocurrency industry ranged from $332 billion to $363 billion this week.
Head over to the Binance News service for more crypto-related news and updates. We now move to updates from the Binance ecosystem and beyond.
Binance Exchange Updates
1. New Binance Launchpad Token Sale: The Sandbox. The token sale for The Sandbox, a community-driven blockchain gaming platform and Launchpad’s third project for 2020, will begin on August 13.
2. NEW LISTINGS:
- Travala (AVA). AVA/BNB, AVA/BTC and AVA/BUSD launched on August 5.
- Balancer (BAL). BAL/BNB, BAL/BTC, and BAL/BUSD launched on August 6.
- BNBUP, BNBDOWN Binance Leveraged Tokens. BNBUP/USDT and BNBDOWN/USDT launched on August 6.
- XTZUP and XTZDOWN Binance Leveraged Tokens. XTZUP/USDT and XTZDOWN/USDT launched on August 7.
3. Isolated Margin trading enabled for six more tokens: IOTX, CELR, CHR, DOCK, MKR and VTHO. A zero-interest promotion for borrowing these tokens runs until August 11.
4. Binance Staking adds locked staking for LTO. Seven and 30-day locked staking products were released for LTO.
5. New Binance Savings products:
- USDC Flexible Savings Product worth 200,000,000 USDC
- ERD Fixed Savings Products with seven- and 14-day terms.
Binance Futures and Options Updates
6. NEW OPTIONS CONTRACT: BNB. Trading opened on August 4 on the latest version of the Binance app.
7. NEW QUARTERLY CONTRACT: ETHUSD Quarterly 1225. Trading opened on August 5, with up to 75x leverage.
8. Introducing COIN- and USDT-Margined Categories. USDT-margined futures are similar to traditional standard futures, while COIN-margined futures are margined and settled with the asset instead (i.e. Bitcoin or altcoin). The new categorization puts cryptocurrencies on more equal footing with fiat.
9. Also introducing: Binance Futures permanent leaderboard. See the top 100 leaderboards for ROI and PNL across both USDT-Ⓜ and COIN-Ⓜ Futures contracts. Also, use social features such as following/unfollowing other traders, and more.
10. Report: Cryptocurrencies Surge, Following Ethereum’s Lead. Futures contracts on Binance generated positive returns. The top 10 performers of July gained no less than 45%, according to the latest Binance Futures trading report.
11. Adjustments for recent price fluctuations. Binance is adjusting the K-line chart for the BTCUSD 0925 Quarterly Futures contract and also covering verified losses incurred on the ETHDOWN token, to address the adverse effects of recent fluctuations.
12. Trollbox launches. Now you can chat with fellow Binance Futures traders in real time. Find the trollbox on the bottom-right corner of your Futures trading page to start a chat.
13. New milestone: $1 billion in open interest.
BNB, Fiat, and Stablecoin Updates
14. BUSD joins NY regulator’s greenlist. Banks in New York can now use BUSD for custody and listing without prior approval from the state’s Department of Financial Services.
15. Two more local currencies on Binance P2P. Binance has added support for the Chilean Peso (CLP) and Uruguayan Peso (UYU)
16. More stablecoin trading pairs on Binance. USDT/BKRW, BUSD/BKRW, IOTA/BUSD, and MANA/USDT trading pairs opened on August 6, while XRP/AUD, BNB/AUD, AUD/USDT pairs launched on August 7. BKRW/USDT and BKRW/BUSD pairs were removed on August 7.
17. How Does Binance P2P’s Escrow Service Work? Binance P2P’s escrow service safeguards every transaction, giving traders peace of mind.
18. How Crypto Drives Money Transfers in Latin America Amid COVID-19. A number of people sending funds to Latin American countries have recently looked to alternative solutions such as cryptocurrency P2P services.
From the Binance Team
19. Bringing Crypto Mainstream Through the Travel Industry. Binance-backed Travala.com has executed a flurry of partnerships within the online travel agent (OTA) industry in recent months, cementing its leadership within the blockchain-based travel industry.
20. The History, Present, and Future of Bitcoin’s Price. Let’s take a closer look at the history of Bitcoin’s price, and what recent trends might tell us about its future.
21. Now Streaming Act II: Put Crypto On Your Watchlist. Learn more about blockchain and crypto from The Simpsons. Yes, you read that right. We have more crypto-related TV show suggestions coming your way.
22. CZ on TechCrunch. When asked about Coinbase’s expected IPO, Binance CEO Changpeng Zhao (CZ) said that while it would be very good for the industry, Binance will not follow suit and will stay private. “I believe in maximizing user value,” he said.
23. CZ on Entrepreneur. The publication wrote about how integral the practice of listening to users is to CZ’s and Binance’s success.
24. Binance.US CEO on the Pomp Podcast. Binance.US CEO Catherine Coley joins Anthony Pompliano and financial journalist Camila Russo to discuss DeFi, Ethereum, and more crypto topics.
Binance Ecosystem Updates
25. Swipe launches network staking, DeFi on Binance Smart Chain. Users will be able to bond SXP to the Swipe Network smart contract as collateral in order to ensure the guarantee of conversions for Swipe’s products and services.
26. Travala.com, Agoda enter a strategic partnership. More than 600,000 Agoda hotels worldwide are now available via Travala.com, bringing the total number of properties available on Travala.com to over 2,200,000.
27. Ankr adds Binance Smart Chain to its protocol market. You can now run your own Binance Smart Chain validator using Ankr.
28. Binance Chain forum completes maintenance.
29. Binance.US adds QTUM on recurring buy feature. Set up recurring weekly, bi-weekly, or monthly buys using this feature.
30. Binance Academy’s newest articles:
- What Is a Bear Market? We discuss how traders can prepare for bear market conditions.
- A Beginner's Guide to Swing Trading Cryptocurrency. We help you decide whether swing trading is the right choice for you.
- What Is a Short Squeeze? Do you know that you can profit off even a short squeeze in a long position?
31. Binance Research’s newest reports: crypto reports on The Sandbox (SAND) and Balancer (BAL), plus an infographic on how much of Ethereum’s gas fees are caused by MLMs.
Promos and Community
32. ONGOING: $250,000 SWP Trading Competition. A total of 100,000 SXP and 50,000 USDT will be given away for new users and top traders. Promo runs until August 12.
33. ONGOING: Complete Your Logo Collection Promo. Users that successfully collect all six activity logos via trading, sharing with friends, and more will have a chance of winning up to 100 BNB each. Promo runs until August 12.
34. ONGOING: COIN-Ⓜ Quarterly Futures promo. A total of 100,000 USD in ADA tokens are up for grabs through rewards for new COIN-Ⓜ users and an ADAUSD PNL competition. Promo runs until August 14.
35. ONGOING: Use BUSD for 10% Discount on Twitch. Save 10% on your Twitch subscription when you pay with BUSD.
36. ONGOING: Call for Binance Pool Videos. Make an educational video about Binance Pool and get a chance to win bonus BNB in the process. You have until August 31 to send in your entries.
37. ONGOING: $20 Travel Booking Discount Voucher. Complete one Buy Crypto transaction on Binance to get a voucher from Travala.com. Promo runs until August 12.
38. ONGOING: Independence Day Cashback Voucher Promo for India. Binance is giving away BUSD cashback vouchers for Indian traders. Promo runs until August 12.
39. ONGOING: 8.8 Cash Voucher Promo for Southeast Asia. Buy crypto on Binance P2P to earn free cash vouchers. Promo runs until August 18.
40. COMPLETED PROMOS:
41. My Crypto Life campaign. Share your crypto success stories through this form and get a chance to win exclusive Binance t-shirts and hats.
42. COMPLETED AND ONGOING COMMUNITY EVENTS:
- Binance Filipino AMA with Blockstack ( August 6).
43. New Language on Binance Website: Filipino.
That’s a wrap for the past week. Follow us on Twitter, Instagram, Facebook, and YouTube, and join our official Binance Telegram group to talk more with our community.
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