NNF| Red Light, Green Light: The Crypto Market continues sideways moves!
What a thrilling week that was!
The Crypto Market remained volatile and ended the week on a negative note.
This week on NNF (Navigate with Nord Finance), Let’s dive into markets, news, and take a BNB coin deep dive.
NNF of the week:
1 Min Market:
Red Light, Green Light!
The market continues up and down move this week.
The crypto market ended slightly lower since the global cues remain negative, and traditional markets showed a significant downturn.
A week like this reminds us of the volatile nature of the crypto market. If you are investing slowly, small, and steadily for the long term, you would have navigated through the week without much worry.
Catch the Coin
We’re covering the BNB in this week’s Catch the Coin bytes. BNB is the backbone of Binance and one of the top 5 cryptocurrencies by Mcap. If you looking to invest in BNB then you must know its origin and use cases to understand its true potential and future outlook.
BNB:
$BNB is a cryptocurrency (token) that was launched by a major cryptocurrency exchange, Binance in 2017. It is currently the 5th largest cryptocurrency by market cap. $BNB was initially issued as an ERC-20 token (on the Ethereum platform), but it was converted to Binance native tokens soon after the launch of Binance Smart Chain (BSC).
Using the $BNB token, Binance users can avail of discounted trading fees, purchase goods and services across a vibrant merchant chain, and more.
Supply:
Initial total supply — 200,000,000 BNB
Current total supply — 161,337,261 BNB
Reason:
BNB makes use of two coin-burning mechanisms. The first mechanism involves burning a portion of the tokens used for transaction fees on the BNB Chain, while the second involves quarterly BNB burning events. The final total supply shall be reduced to 100,000,000 BNB.
Market Cap: >44 Billion USD
Use Cases:
- Avail discounts on trading fees on products and services in the BSC ecosystem,
- Book hotels and flight tickets via Binance’s merchant partners,
- Pay at 60+ million merchant outlets using Binance Visa Card powered by $BNB.
- Secure loans against $BNB holdings on ETHLend, Nexo, etc,
- Donate to create an impact on Binance Charity Foundation.
Future Outlook:
Binance has evolved from being just a cryptocurrency exchange. It is now a blockchain ecosystem with its own DEX, a suite of financial products, an educational academy, and more. Not to forget, it is also the largest cryptocurrency exchange. Hence, the future of Binance and the $BNB token looks bright.
KYCN (Know Your Crypto News)
The Crypto market remained weak, but the adoption of cryptocurrencies and Web3 continues the momentum. We’ve shortlisted the most interesting and important news that can impact the market in the future. We’ve given simple takeaways that are important for your investment decisions.
Portugal proposes 28% tax on annual crypto trading profits next year
- This will discourage people in Portugal to trade crypto.
- This is negative for Portugal crypto enthusiasts but can help people to save capital and invest more than trading.
Formula One files ‘F1’ trademarks covering crypto, NFTs, and Metaverse
- This shows that F1 is planning to utilize Web3 digital assets to interact with F1 fans.
- New Sports fans will likely enter the Web3 world soon.
Google Partners With Coinbase to Accept Crypto Payments for Cloud Services
- The move will inspire other Tech companies to accept crypto payments in the future.
- This is a long-term positive for the crypto market.
BNY Mellon: The world’s largest custodian bank is ready to start Crypto Custody Service!
- The move will invite more institutions to dabble in cryptos.
- More adoption from institutions will make crypto less volatile in the future.
BTC holders in El Salvador can now use Tap-to-pay Bolt cards to pay with BTC
- El Salvador BTC users can easily pay their bills with BTC like a normal credit card.
- The easier the use of BTC in day-to-day life, the better will be the adoption of BTC.
BTS Scoop of the week:
Our NNF (Navigate with Nord Finance) newsletter subscribers have received behind the scene updates of our upcoming Crypto Investment Platform.
Next Week, we’ll release a new BTS scoop to subscribers. So, Don’t forget to subscribe.
