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Crypto Exchange Giant Binance Launches Zero-Fee Bitcoin (BTC) Trading

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·3 min read
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Key Insights:

  • Leading crypto exchange Binance launches zero-fee bitcoin (BTC) trading to celebrate its fifth anniversary.

  • The crypto winter is taking its toll on crypto exchanges. Binance has turned the screw by removing fees at a time when exchanges are struggling to stay afloat.

  • Technical indicators are bearish, with BNB sitting below the 50-day.

The crypto winter has shown no signs of thawing. Recently, the crypto market has endured news of defaults, bankruptcies, and crypto exchanges freezing withdrawals to tackle an ever-growing liquidity crisis.

To add to the crypto market stress is the crypto rumor mill that has targeted exchanges.

This week, Crypto.com came under fire, with CEO Kris Marszalek calming market fears of a possible collapse.

Some exchanges have stepped forward to support struggling platforms and the broader crypto market. Both Binance and FTX have been actively exploring opportunities.

Kris Marszalek talked of the current environment, saying,

“The industry will be better off after subscale companies with broken business models are out. There will be some short-term pain, and we’ve seen some of it play out already, but the whole space will emerge stronger because of this much-needed cleanup.”

Last month, Binance CEO CZ said the company is looking at between 50 to 100 deals.

Today, Binance was back in the crypto news.

Binance Turns up the Heat as the Crypto Winter Freezes Over the Market

Today, Binance announced the launch of zero-fee bitcoin (BTC) trading, saying,

“To celebrate Binance’s fifth anniversary, Binance will introduce zero-fee trading for BTC spot trading pairs at 2022-07-07 14:00 (UTC).”

13 BTC pairings will qualify for zero-fee BTC trading, including BTC/AUD, BTC/BIDR, BTC/BRL, BTC/BUSD, BTC/EUR, BTC/GBP, BTC/RUB, BTC/TRY, BTC/TUSD, BTC/UAH, BTC/USDC, BTCUSDP, AND BTC/USDT.

With the validity period extending from 2022-07-08 14:00 (UTC) until further notice, the announcement went on to say,

“All users will enjoy zero maker and taker fees for all 13 spot trading pairs. The 13 BTC spot trading pairs will be excluded from BNB fee discounts, fee rebates, or any other form of fee adjustments or fee promotions.”

The Binance exchange native coin Binance Coin (BNB) responded favorably to the new, with a current day high of $238.92 before easing back.

Binance Coin (BNB) Price Action

At the time of writing, BNB was up 2.99% to $237.46.

A mixed start to the day saw BNB fall to an early low of $228.79 before striking a high of $238.92.

BNB broke through the First Major Resistance Level at $237.

BNBUSD 060722 Daily Chart
BNBUSD 060722 Daily Chart

Technical Indicators

BNB will need to avoid a fall through the First Major Resistance Level at $237 and the $230 pivot to retarget the Second Major Resistance Level at $244.

BNB would need broader crypto market support to breakout from the morning high of $238.92.

A fall through the First Major Resistance Level and the pivot would bring the First Major Support Level at $223 into play.

Barring an extended sell-off, BNB should avoid sub-$220 and the Second Major Support Level at $216. The Third Major Support Level sits at $203.

BNBUSD 060722 Hourly Chart
BNBUSD 060722 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (above), it is a bullish signal.

BNB sat above the 100-day EMA, currently at $229. Today, the 50-day EMA closed in on the 100-day EMA. The 100-day EMA narrowed to the 200-day EMA; BNB price positive.

A bullish cross of the 50-day EMA through the 100-day EMA would support a run at R2 and the 200-day EMA, currently at $245.

However, external factors will influence today, including the FOMC meeting minutes that are due later today.

BNBUSD 060722 4-Hourly Chart
BNBUSD 060722 4-Hourly Chart

This article was originally posted on FX Empire

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