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Binance gains regulatory approval in New Zealand: Will BNB soar higher soon?

BNB is up by less than 1% in the last 24 hours but could…

The post Binance gains regulatory approval in New Zealand: Will BNB soar higher soon? appeared first on CoinJournal.

BNB is up by less than 1% in the last 24 hours but could it rally higher after Binance gained regulatory approval in New Zealand?

BNB, the native token of the Binance crypto exchange, is up by less than 1% in the last 24 hours, outperforming the broader crypto market in the process.

The total crypto market cap remains above $900 billion despite losing more than 1% of its value so far today.

Bitcoin, the world’s number one cryptocurrency, risks dropping below the $19k support level as it is down by more than 1% in the last 24 hours. Ether has lost its $1,300 support level after declining by more than 2% in the past few hours. 

Binance, the world’s leading cryptocurrency exchange, announced a few days ago that it had gained regulatory approval in New Zealand. 

The crypto exchange has successfully registered as a Financial Service Provider with the New Zealand Ministry of Business, Innovation and Employment, and has officially launched Binance New Zealand.

However, the announcement hasn’t served as a strong catalyst for BNB to rally, but the coin could still soar higher over the coming hours and days.

Key levels to watch

The BNB/USD 4-hour chart is bullish as BNB has been outperforming the broader crypto market over the past few hours. 

BNB/USD Chart By TradingView

The MACD line crossed into the positive zone on September 28th and has remained there, indicating the bullish trend for BNB. 

The 14-day relative strength index of 55 shows that BNB could enter the overbought region if the bulls should take control of the market.

At press time, BNB is trading at $284.8 per coin. If the bullish momentum increases, BNB could surge past the $306.9 resistance level before the end of the day. However, the $324 support level should cap further upward movement in the near term. 

The broader market is bearish, and this could see BNB suffer losses over the next few hours. If that happens, BNB could slip below the $272 support level before the end of the day. 

Where to buy now 

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy BNB with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy BNB with Binance today

The post Binance gains regulatory approval in New Zealand: Will BNB soar higher soon? appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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FTX hacker may be a former employee, says Sam Bankman-Fried

Ex-FTX CEO Sam Bankman-Fried said the exchange’s hacker might be a former employee. The crypto exchange lost $650 million in a hack a few hours after it filed for bankruptcy. FTX was prioritising Bahamian withdrawals, SBF added. FTX lost $650 million in a hack after filing for bankruptcy Troubled cryptocurrency exchange FTX revealed that it […]

The post FTX hacker may be a former employee, says Sam Bankman-Fried appeared first on CoinJournal.

  • Ex-FTX CEO Sam Bankman-Fried said the exchange’s hacker might be a former employee.

  • The crypto exchange lost $650 million in a hack a few hours after it filed for bankruptcy.

  • FTX was prioritising Bahamian withdrawals, SBF added.

FTX lost $650 million in a hack after filing for bankruptcy

Troubled cryptocurrency exchange FTX revealed that it lost $650 million in a hack a few hours after filing for bankruptcy

During an exclusive interview with Tiffany Fong a few hours ago, former CEO Sam Bankman-Fried revealed that the hacker might be a former employee. He stated that;

“I’ve narrowed it down to like eight people. I don’t know which one it was. It was either a former FTX employee or someone who installed malware on a former employee’s computer.”

Prior to losing access to FTX’s systems, SBF said he was working hard to determine who moved the hundreds of millions of dollars from FTX’s accounts without company approval. He said;

“I don’t know exactly who because they shut off access to the systems when I was halfway through exploring it.”

FTX had asked the judge handling the bankruptcy case to allow it to hire BitGo to safeguard its assets during the bankruptcy proceedings. This is to ensure that the company’s assets are protected against hacks. 

FTX’s collapse was driven by the sell-off of FTT tokens

He added that the collapse of FTX was driven by a massive sell-off of its FTT token, which was primarily driven by fear. SBF added that FTX was processing withdrawals for its users in the Bahamas since it is the country the crypto exchange was incorporated. He said;

“It was critical to the exchange being able to have a future. You do not want to be in a country with a lot of angry people in it. The pathway forward for FTX involved Bahamians not being pissed at it,”

However, SBF admitted that processing withdrawals for users in the Bahamas and not other places was not a nice move on the part of the cryptocurrency exchange. The former FTX CEO denied allegations that he built a back door into FTX’s system that allowed him to move $10 billion to sister company Alameda Research. He concluded;

“I don’t even know how to code. I literally never opened the codebase for any of FTX.”

The post FTX hacker may be a former employee, says Sam Bankman-Fried appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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