Category Archives: Binance

How Huobi Surpassed All Crypto Exchanges in Profit: $483M

Popular cryptocurrency exchange Huobi has reportedly succeeded in surpassing Binance and OKEx in terms of profits in 2018. The exchange has made a total of $483 million in commissions. 

Huobi Profits $483M in 2018

According to a report from Korean media Sporbiz, the Singapore-based cryptocurrency exchange Huobi has managed to earn as much as $483M in commissions during 2018. Given the prolonged bear market throughout the entire year, that’s quite impressive.

Huobi is currently the 7th largest cryptocurrency exchange according to CoinMarketCap. Despite this, it has managed to surpass both the first (Binance), and the second (OKEx), in terms of profits.

Binance has reportedly made about $462 million in 2018, while OKEx is down the road with about $290 million.

How Did Huobi Do That?

It goes without saying that the cryptocurrency market has seen better years than 2018. Last year it lost more than $700 billion of its market cap, as Bitcoin dropped to $3,600 from its ATH value of over $20,000 in January 2018.

Still, in these seemingly critical market conditions, Huobi made almost half a billion dollars in profit.

The exchange definitely had some good hits throughout the year. Most notably towards the end when in December it launched Huobi DM. That’s the cryptocurrency derivatives trading arm of Huobi.

To say that it has been a success would be an understatement. In less than two months, the platform managed to get more than $20 billion in trading volumes, according to a recent press release.

Commenting on that, Livio Weng, CEO at Huobi Global noted:

We’re pleased with the strong response. This reinforces our belief that Huobi DM truly caters to our user’s needs. We’ve been getting positive feedback from our clients on our lack of clawbacks as well as Huobi DM’s capacity to help sophisticated traders manage the risk of spot market fluctuations. I believe this explains our platform’s explosive growth, even in the midst of the ongoing bear market.

What do you think of Huobi surpassing Binance and OKEx in profits? Don’t hesitate to let us know in the comments below!

 

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Source: Bitcoin News

Binance CEO Thinks the Cryptocurrency Market is Undervalued

The CEO of the world’s largest cryptocurrency exchange by means of traded volume – Binance, holds that the current state of the market is undervalued. 

Cryptocurrency Bear Market a Stretch

Speaking at the Binance Blockchain Week in Singapore, the CEO of Binance, Changpeng Zhao, shared his thoughts on the current state of the industry.

According to him, the market is currently undervalued because its pricing doesn’t seem to factor in the ongoing development and interest attested to it.

There are more people in the industry, there are more people working in the industry, there are more people attending conferences, there are more conferences going on. The builders are building, we are seeing a lot more development in the space, so I actually think that we’re probably overshooting on the lower side, but again I could be wrong, this is mass technology. – He said.

It’s worth noting that a recent Diar report revealed that cryptocurrency exchanges marked a record year in 2018, despite the plunging prices.

2017’s Bull Run Also Overshot

It’s worth noting, however, that Zhao also seems to believe that 2017’s unprecedented bull run was also a bit of a stretch.

I believe… at the end of 2017, there was definitely an overshoot on the price side… There was a lot of guys rushing in, very simple projects with very simple whitepapers. […] Then of course as everybody rushed in…once that massive rush-in finishes the price declines. – Zhao noted.

2017 saw most of the cryptocurrency skyrocket, as the entire market reached a capitalization upwards of $800 billion. Bitcoin (BTC) was trading upwards of $20,000.

2018, however, hasn’t been so favorable. The market lost almost $700 billion of its capitalization while its forerunner is currently trading at around $3,500.

What do you think about Zhao’s position on the current state of the market? Do you think it will pick up in 2019 or will we fall even further? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock

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Source: Bitcoin News

Binance’s Launchpad to Announce One Project Each Month

Binance’s token sale platform called Lauchpad will be announcing one project every month in 2019. BitTorrent and Fetch.AI are to pilot the initiative. 

‘Distinguished Token Sale’ Platform

Binance’s Launchpad is a platform which attempts to legitimize token sales while supposedly providing the featured project’s team with additional advisory, insights, and experience.

According to an official blog post from January 3rd, Binance will begin announcing one new token launch every single month in the upcoming year.

The first two projects which are ‘coming soon’ to the platform are BitTorrent and Fetch.AI.

The file-sharing pioneer BitTorrent was sold to TRON’s Justin Sun earlier in June. The company will be issuing a new BTT token which is designated to improve file sharing amongst its 100 million monthly active users spread across 138 different countries.

The other project which will be initially featured on Launchpad is Fetch.AI  – an AI-driven decentralized blockchain network, attempting to enable digital entities to transact without the need of human intervention.

Questionable Timing 

Binance’s intentions are to provide additional support to the listed projects while putting them through a rigorous review process to guarantee validity.

According to the blog post, some of the factors that the world’s leading cryptocurrency exchange by means of market capitalization, include a screening of team members, large-scale adoption readiness, project maturity, and so forth.

It can’t go unnoticed, however, that funding of ICO projects has been on the low progressively throughout the entire 2018.

Live Bitcoin News reported recently that the prolonged bear market of 2018 has taken its toll on ICO projects, who’ve turned to day trading in order to stay afloat. In addition, prices of cryptocurrency ICO projects has fallen by 95% on average throughout the year.

What do you think of Binance’s intentions to begin listing projects on its Launchpad platform? Don’t hesitate to let us know in the comments below! 

 

The post Binance’s Launchpad to Announce One Project Each Month appeared first on Live Bitcoin News.

Source: Bitcoin News

Binance CEO: The Future of Crypto Will Be Prosperous

Crypto has had a very rough time in 2018. After reaching all-time highs between December of last year and February, several major currencies like bitcoin, Ethereum, Ripple’s XRP and Litecoin have all experienced significant, ongoing drops that have brought them down to only a fraction of where they were roughly 10 to 12 months ago.

And yet despite all this, not everyone appears to be worried. Changpeng Zhao – the CEO of Binance, one of the largest and most popular overseas digital exchanges – has commented in a recent interview that he sees the future of crypto as one of great prosperity and growth. He has confidence in bitcoin and its altcoins cousins, and knows that once prices settle, things will likely return as they were.

Crypto Is Just Getting Started

Zhao states:

“2018 has been a tough year in terms of pricing for the community, and we see a lot of projects not making it this year, so it’s a correction year, but the technology will stay, and we want to kick off 2019 with a bang, so I think the people in the industry are still very confident about the future. So, there’s no worries about that.”

Aside from the consistent price drops, the industry has also been marred with bad actors and thefts galore. 2018 started out with the largest cryptocurrency hack on record – Coincheck – which resulted in over $500 million in crypto funds disappearing overnight. Based in Japan, Coincheck was the second major exchange in the country to fall victim to a theft of that magnitude, the first being Mt. Gox in 2014.

It has been reported that over $500 million in investor funds were lost to phony or fraudulent initial coin offerings (ICOS) in 2018. The negative hype surrounding crypto’s volatility also struck a nasty chord with internet and social media companies like Facebook, Google and Twitter, all of which eventually sought to ban both crypto and ICO-based advertisements.

Prices Don’t Reflect What’s Happening

Zhao states that bitcoin and crypto prices will always be regular subjects of speculation, though he also stated that while he’s unsure if the bear market is over, he’s certain that in the long run, cryptocurrencies will be sustained by real applications and full-fledged blockchain developers, which he says gives the space its life and energy.

Binance is now planning to launch its own decentralized exchange in the coming months to give its customers more freedom in their trades. Zhao also states that his company is fully open to future legislation granted it is clear and doesn’t stifle innovation or creativity.

Will 2019 be a great year for cryptocurrency? Post your comments below.

Image courtesy of Shuttershock

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Source: Bitcoin News