I have been following Binance coin quite closely for the last week or so and today finally decided to open a position. BNB has been showing an uptrend since the middle of March forming a nice converging triangle as well so things are not looking too bad for BNB in the TA department.
In addition to that, on the 15th of April Binance, the biggest crypto exchange by volume have burned another 2.2m of coins worth around $30m. A total of around 114m of coins are currently in circulation which means this quarter they have burned around 2% of the current supply which should keep the inflationary pressures in check. This combination of factors along with an overall trend reversal in crypto markets led me to jumping in on BNB.
More on this here: https://ethereumworldnews.com/binance-completes-binance-bnb-coin-burn-worth-30-million/
I am excited to have picked this up close to the bottom yellow line and am eager to see what is going to come out of this trade. Worst case scenario my trades are going to be 50% cheaper!
I'll post an update towards the end of the month along with a snapshot of my current cryptfolio.
Thanks for reading!
