Binance Launches Bitcoin-Pegged Token BTCB May Accelerate Bullish Market’s Coming?
Cryptocurrency exchange giant – Binance announced in its official blog post on June 17 that it will issue BTCB, a bitcoin-pegged token, which is 100% backed by bitcoins held in a reserve address, and on its native blockchain. According to Changpeng Zhao, the chief of Binance posted in Tweet saying there will be a 9001 BTC transaction originating from the exchange’s wallet. BTCBs will be available for trading via BTCB/BTC trading pair on Binance’s main platform, and will also be available on its counterpart Binance DEX.
What Benefits Can BTCB Bring?
Based on the official blog post, “The main benefit of offering crypto-pegged tokens is that, obviously, this makes available to Binance DEX traders the many coins that have their own blockchains and aren’t native on Binance Chain,” and “With the increase in the selection of tokens available on Binance DEX, there should be an increase in trading volume and liquidity, This would further increase the utility value of Binance DEX.”
Binance team admitted that if compared with atomic swaps, the chosen approach is characterized by a much higher level of centralization, but it will be more easy to use for the majority of traders. Furthermore, this can also provide a higher degree of transparency compared to fiat tethering as is the case of USDT, for example, because anyone can publicly audit the reserves at any time they want.
Will BTCB Boost BTC to $10,000?
Binance listed BTCB and open trading for BTCB/BTC trading pair at 2019/06/18 8:00 AM (UTC). 1 BTCB = 1 BTC and the issued amount is 9,001 BTCB at this time. For many loyal users who highly trusted in Binance may buy in BTC firstly so as to trade BTCB against BTC. It may be somewhat boom BTC price.
How to Maximize Profits if BTC Surges to $10,000?
After a minor downside correction at the beginning of June, bitcoin price found support near $9,000 level against US Dollar. Bitcoin prices have climbed more than 200% over the last several months, rising sharply amid strong sentiment and bullish momentum, though it failed to gain strength above bitcoin prices. However, many analysts predict that it will keep climbing toward the $10,000 level. If you only hold 1 BTC, how can you maximize your profits?
Margin trading might be the only way to amplify your profits. Margin trading enables you to open a position with leverage to increase your buying power and profits. With 100x leverage, you can open 100 BTC positions to long or short BTC price which only uses 1 BTC as margin. If you bet on the correction market direction, you may make 100% profits on 1% price fluctuation.
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