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Binance Coin (BNB), the native token of crypto giant Binance, is on the verge of reaching new all-time highs. Lets dive into the main drivers propelling its massive adoption and growth potential.

The success of BNB is based on its increasingly diversified and growing utility within the Binance ecosystem. Initially created to offer discounts on trading fees, the token has expanded its scope of application.

BNB holders not only benefit from reduced fees but also attractive yields through staking, which can reach up to 6% per annum. This feature encourages users to HODL their tokens, thereby strengthening the supply and demand dynamics.

But BNBs utility doesnt stop there. It also serves as a governance token and gas on the Binance Smart Chain (BSC), an increasingly popular blockchain for the development of dApps. With billions of dollars in value locked in BSC protocols, BNB confirms its status as a pivotal asset.

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Beyond its flourishing utility, BNB benefits from another significant advantage: its deflationary economic model. Indeed, every quarter, Binance burns a portion of its BNB profits, which permanently reduces the circulating supply.

This practice, which has accelerated recently, exerts upward pressure on the tokens price. Simply put, a rarer supply against a growing demand can only propel prices upward. Thus, investors appreciate this approach that preserves the value of their holdings over the long term.

Moreover, its impossible to ignore the exceptional reputation that the Binance brand enjoys in the crypto universe. As the undisputed leader in terms of trading volumes, Binance inspires confidence and loyalty in its vast community.

Many see Binance as a key player in the democratization of cryptocurrencies and are eager to participate in its success by holding BNB. Thus, this emotional dimension, coupled with the solid fundamentals of the token, greatly contributes to stimulating speculative demand around BNB.

Driven by increasing utility, a deflationary tokenomics, and the strength of the Binance brand, BNB has all the assets to continue its ascent towards new heights. Its status as an essential token within an ever-expanding ecosystem makes it an asset of choice for investors looking to expose themselves to the future of decentralized finance.

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Passionn par le Bitcoin, j'aime explorer les mandres de la blockchain et des cryptos et je partage mes dcouvertes avec la communaut. Mon rve est de vivre dans un monde o la vie prive et la libert financire sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Binance Coin is soaring to its all-time high! - Cointribune EN

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A federal high court in Abuja has ordered the worlds largest cryptocurrency exchange Binance to provide Nigerias Economic and Financial Crimes Commision (EFCC) with information on all the Nigerians who are using its trading platform.

The African nation has been stepping up pressure on crypto exchanges as it tries to halt speculation on its currency, the naira.

Among other things, Nigeria banned several crypto trading websites last month and has blamed the rapid devaluation of the naira on speculators who, the government says, have been using crypto trading platforms to establish an unofficial price for the Nigerian currency.

The court order comes as Nigeria continues to detain without charge two of the exchanges employees, American Tigran Gambaryan, a former IRS agent who specialized in cryptocurrency tracking, and Nadeem Anjarwalla, a UK citizen who is the companys Kenya-based regional manager for Africa.

People familiar with the situation told Recorded Future News, the two men are being held in a government compound where they are only allowed to use their phones to contact lawyers and family. They have been held there, under guard, since February 26.

The two men have a court hearing set for Wednesday and, according to a Reuters report, the commission has filed a petition to extend the executives detention.

The EFCC and Binance did not immediately respond to requests for comment.

The court said it has granted the EFCCs demand for Binance to turn over user information as part of what it says is a larger investigation into alleged money laundering and terrorism financing on the Binance platform. Commission investigators say they have intelligence that suggests that there is money laundering and terrorism financing on the platform, but have not revealed any details on the evidence they allegedly have.

Nigerias central bank governor, Olayemi Cardoso, told reporters at a press conference last month that the central bank was concerned that crypto exchanges were adding to speculation and allowing illicit funds to flow through their platforms.

In the case of Binance, in the last one year alone, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify, he told the reporters last month according to a report in the Financial Times.

Since the detention of its executives, Binance has halted all its services in Nigeria and blocked peer-to-peer transactions and trading on the naira against bitcoin and the tether digital coins on its exchange.

Recorded Future

Intelligence Cloud.

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Dina Temple-Raston

is the Host and Managing Editor of the Click Here podcast as well as a senior correspondent at Recorded Future News. She previously served on NPRs Investigations team focusing on breaking news stories and national security, technology, and social justice and hosted and created the award-winning Audible Podcast What Were You Thinking.

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Nigerian court orders Binance to release user data, as company execs continue to be held without charge - The Record from Recorded Future News

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Kenya and US crypto groups unite in demand for release of detained Binance execs in Nigeria  CryptoSlate

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Kenya and US crypto groups unite in demand for release of detained Binance execs in Nigeria - CryptoSlate

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With Bitcoins (BTC) next halving event just around the corner, many analysts anticipate another market rally just before or following the event. Binance Coin (BNB) has witnessed a significant pump over the last few weeks, rallying nearly 21% in the 14-day charts, 56.6% over the previous month, and almost 74% since March 2023.

Also Read: Binance Executives Still in Nigeria Custody After Court Appearance

BTCs halving will reduce the assets supply and thereby may lead to an increase in prices. Being the market leader, BTC could trigger a market-wide rally for other altcoins, such as Binances BNB.

According to CoinCodex, BNB could rise to $738.31 on Apr. 10, 2024. Reaching $738.31 from current levels would translate to a growth of about 29.3%. However, the platform predicts BNB may witness a correction soon after hitting the $738.31 mark, falling to $683.6 by Apr. 20, 2024.

Also Read: Binance Tasks Prime Brokers with Identifying U.S. Nationals

Changelly, on the other hand, does not anticipate Binances BNB to breach the $700 in April. The platform predicts a maximum price of $699.85 in April, a rise of about 22.6% from current levels. Furthermore, according to Changelly, the $699.85 price level will be the highest for BNB in 2024. The platform expects the asset to head down for the rest of the year.

Telegaon, however, predicts BNB to hit a maximum price of $839.42 in 2024. Reaching $839.42 from current levels would translate to a growth of about 47.11%. However, the platform does not clarify which month of 2024 BNB may attain this level.

There is also a possibility that Binance Coin (BNB) may continue to surge even after hitting a high in April, contrary to Changellys prediction. If inflation in the US cools down, we may see a surge in the crypto market.

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Binance Coin (BNB) Price After Bitcoin Halving - Watcher Guru

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Fezoos Bold Entry into Crypto Trading Captivates Binance Coin and Ripple Enthusiasts, Promising Up ...  CoinGape

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Fezoos Bold Entry into Crypto Trading Captivates Binance Coin and Ripple Enthusiasts, Promising Up ... - CoinGape

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