Binance BNB hits All-TIME HIGH and Tron’s Justin Sun Applauds!!
As seen on CoinMarketCap, we’ve got a very red market, with the Bulls struggling to maintain their momentum, overall. The world’s flagship cryptocurrency, Bitcoin (BTC) has decreased by 1.18 percent. Ether (ETH) still maintains its “second in command” status, and it’s currently losing by 2.54 percent. Ripple’s XRP maintains the number three position, and it has decreased by 2.53 percent.
Now, if I scroll down to the top 20, we’re also having a minor bear market across the board. TRON has decreased by 5.11 percent, while Ontology fell by 8.15 percent.
Now onto the news! According to a report by Bitcoinist, Brazil, the world’s ninth largest economy has been hit by a massive inflation rate of 4.5 percent, forcing numerous residents to latch onto the Bitcoin (BTC) bandwagon. Reportedly, since Brazil’s president Jair Messias Bolsonaro started his tenure in January 2019, the country’s inflation rate has surged significantly.
“The latest result of the IPCA was the highest for the month of March since 2015. The IPCA, which measures the country’s official inflation, rose by 0.43 percent in February, and 0.09 percent in March of last year,” declared local news source, The Rios Times.
Coincidentally, a few days before the Brazilian authorities announced the worrying inflation upsurge, Cointrader Monitor, a solution that monitors bitcoin price movements in Brazil, revealed via a tweet that local crypto exchanges had traded over 100K BTC on April 10, 2019.
Interestingly, it appears the trend will not end anytime soon, as data from Coinlib, a platform dedicated to providing highly accurate crypto-related information, has shown that more than $315 million in Brazilian Real have been converted into bitcoin over the past 48 hours.
Now, what does this mean for bitcoin and the cryptospace? At a time when the crypto markets are trying to come of the prolonged winter, increasing trading volumes will hasten up the entire process and potentially usher in the next bull era.
It’s also worth noting that Brazil is not the only country that is leveraging the excellent properties of cryptos to overcome the hard times. In Venezuela, digital assets such as the Petro, bitcoin and Dash reign supreme, while Argentines and Mexicans have also turned their focus to the borderless blockchain-based currency in a bid to beat inflation and U.S sanctions.
“Argentina’s inflation rate rose to almost 55 percent in March, with consumer prices rising 4.7 percent in the month, exceeding all of the forecasts in a Bloomberg survey of analysts,” wrote Bloomberg.
Now, onto the second news item for today! Per a report by The Daily HODL Serena Williams, one of the greatest tennis players of all time has revealed that her venture capital firm, Serena Ventures has been operating since 2014, pouring funds into a vast array of promising startups, including Coinbase, a leading U.S.-based cryptocurrency exchange. William, the 23-time grand slam titleholder who also has four Olympic gold medals, took to her Instagram page to reveal the exciting news to her 10.9 million followers.
In her words: ”In 2014, (yes I know I can keep a secret) I launched Serena Ventures with the mission of giving opportunities to founders across an array of industries. Serena Ventures invests in companies that embrace diverse leadership, individual empowerment, creativity, and opportunity.” Now, what does this mean for the cryptosphere? Though nascent and seemingly unregulated, several high net worth individuals firmly believe in the potentials of bitcoin and other digital assets and at this rate, it is safe to say that virtual currencies are here to stay!
Now, onto the third news item for today! These are exciting times indeed for the Changpeng Zhao-led Binance cryptocurrency exchange, and holders of its BNB Coin, as the altcoin’s recent all-time-high (ATH) milestone has got all crypto enthusiasts talking.
Justin Sun, the founder of TRON (TRX) has applauded the Binance team via Twitter, saying: “Huge congrats to @binance & @cz_binance on breaking the ATH! No matter bull or bear, eventually, our value depends on what we build.”
Since its launch in 2017, the dedication and hard work of the Binance team has propelled the crypto unicorn to the top.
With numerous robust projects under its umbrella, including Binance Labs, Binance Launchpad, Binance Chain and others, the Binance ecosystem has a lot to offer to the world, and it won’t be surprising to see the platform’s native BNB Coin hitting the moon shortly.
So what are your thoughts on this situation?
Are you confident that Bitcoin has all it takes to help Brazil, Argentina, and other nations beat the rising inflation rate?
Will Serena Ventures success story attract more institutional investors to cryptos? And What are your thoughts about the latest $23 ATH of BNB Coin? Can the price of BNB hit $100 this year?
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.