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Cryptocurrency exchange Binance’s internal BNB tokens have reached a valuation of 40 billion US dollars, making them third among digital assets behind Bitcoin and Ethereum’s Ether

Bitcoin (BTC) rose to a new all-time high on Friday, stopping just under 53At the current level of Bitcoin deliveries outstanding, a move above 53$ 665 will bring the market cap of the largest cryptocurrency to $ 1 trillion, which is seen as a milestone in Bitcoin’s maturation as a global asset

There continued to be signs that Bitcoin is gaining increasing mainstream adoption – or at least mainstream attention from the likes of giant bank JPMorgan Chase, U.S. Treasury Secretary Janet Yellen, Microsoft founder Bill Gates, and bond investing legend Jeff Gundlach (see Bitcoin Watch below)

But Bitcoin may not even have been the biggest story in digital asset markets this week, the Binance Coin (BNB), the internal in-house token of the eponymous cryptocurrency exchange, hit a market cap of $ 40 billion this month and is in third place among all digital assets behind Bitcoin and Ethereum’s Ether (ETH)

In traditional markets, European stocks and U roseS. Stock futures indicated a higher open Gold slipped 02% to 1$ 772 per ounce

PAY YOUR SWISS TAXES IN BTC: The Swiss canton of Zug – known as the “Crypto Valley” thanks to the many digital asset companies that have been brought into jurisdiction due to its friendly blockchain and crypto regulation – currently accepts cryptocurrency tax payments there is an upper limit of 100000 Swiss Francs (111300 US dollars) “As the home of the Crypto Valley, it is important to us to continue to promote and simplify the use of crypto currencies in everyday life,” said Zug’s finance director Heinz Tannler when the tax initiative was announced

BIDDERS UP: Christie’s, the 255-year-old art, antiques, and apparently Meterorite auction house, is now accepting cryptocurrency as payment, reported Bloomberg. says more about the auction house’s attempt to tap into a new audience than about a shift in the traditional art market””

Bitcoin continues to outperform gold as more budget spending is required to boost the U Economy back to full strength

The world’s largest cryptocurrency has a new record price of 52Hitting $ 95449 on Friday, CoinDesk’s Omkar Godbole reported after hitting the $ 50 mark two days earlierMeanwhile, gold fell to $ 1 early Friday$ 760, its lowest level since July

The potential use of Bitcoin as a hedge against inflation and possibly better than gold has become a key narrative on both Wall Street and Washington

In an interview with CNBC on Thursday, US. Treasury Secretary Janet Yellen said the proposed $ 1 9 trillion stimulus package could help the US Full employment back in a year, a sign that President Joe Biden’s administration is fearlessly pushing for a big bill. She added that the risk of under-stimulating is greater than the cost of doing something big >

Jeffrey Gundlach, CEO of $ 130 billion worth of DoubleLine Capital and one of the world’s most renowned bond investors, tweeted Thursday that he was a “long-term dollar bear” and that Bitcoin was “perhaps the stimulus asset” and that it is “Doesn’t look like gold” Gundlach had previously said that he doesn’t believe in Bitcoin

Analysts at JPMorgan wrote in an 86-page report that “Bitcoin’s competition with gold as an” alternative “currency continues,” although they cited it as an “economic side effect” as “the rise of digital finance is the real post-Covid-19 story ”

Bill Gates, Microsoft founder-turned-philanthropist, said he was neutral, maybe because he didn’t immediately panned it like another successful U.S. Businessmen did it to later miss out on big market profits (Looks at you, Warren Buffett)

“In the past few weeks, fundamental arguments have been put forward for choosing silver, bitcoin and treasuries over gold,” wrote Edward Moya, Senior Market Analyst at foreign exchange broker OANDA. “Bitcoin has benefited from relentless retail demand and expectations to that institutional interest continues to grow ”

As Cryptocurrency Exchange Coinbase’s valuation soars to $ 77 billion based on private equity trading, rival Binance sees soaring demand for its exchange brands in the digital asset markets

The prices for the BNB tokens have increased fivefold this month, which corresponds to a market value of around 40 billion US dollars. According to Messari, this valuation makes Binance the third largest digital asset after Bitcoin and Ethereum’s Ether

The token serves as Binance’s internal currency: it can be used to buy cryptocurrencies on the exchange and to pay fees. The BNB’s price jump could therefore reflect speculation that Binance, already one of the world’s largest cryptocurrency exchanges in terms of trading volume, is in The future of the fast growing digital asset markets will be dominant

According to CoinDesk’s Sebastian Sinclair, the price spike could be linked to increased interest in a decentralized financial application called PancakeSwap, which will help users find revenue opportunities in crypto markets. PancakeSwap runs on Binance’s own blockchain, the Binance Smart Chain

The daily volume of PancakeSwap has grown from $ 37 million at the beginning of the year to over $ 1 billion, reported Will Foxley of CoinDesk

The BNB token is required to process transactions in the Binance Smart Chain, similar to the way Ether is used in the Ethereum blockchain

For what it’s worth, the BNB token itself is on the Ethereum blockchain according to the common ERC-20 standard for digital tokens

This explains why, according to CoinGecko, a crypto marketplace, a tokenized or “synthetic” version of the BNB token called Wrapped (WBNB) appears to be the primary token that traded on PancakeSwap in the Binance Smart Chain ecosystem will be tracking site:

DEFI AT USD 400 BILLION? Bloq founder Matthew Roszak told CoinDesk TV that the growing arena of decentralized finance, or DeFi, where total collateral is now $ 40 billion, “could add another zero in a year from today.” / P>

TULIPMANIA 20? “While bubbles of the past explode only to collapse later and never return to their former glory, Bitcoin is known for its ‘two-step-forward-one-step-back’ movements,” said Joakim Book, a research fellow at the American Institute for Economic Research, writes in opinion for CoinDesk Opinion

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Binance Coin

World News – AU – Bitcoin hits ‘torrent’ as a low Binance coin valued at $ 40 billion USD receives – CoinDesk

Source: https://www.coindesk.com/first-mover-bitcoin-meets-torrent-as-lowly-binance-coin-gets-40b-valuation