BNB reaches all time high against Bitcoin at 0.014184 before returning to $0.013948. For quite some time, the coin BNB has been gaining ground against Bitcoin. However, the rate of ascension has accelerated since the beginning of August. The coin has been surging continuously for the first ten days of this month, with only two days of red candles. This month’s total increase in the value of BNB/BTC is 12.57%.
Mastercard and Binance to Offer Argentine Crypto Card
The highest increase was 5.63% on August 4th, the day Binance announced a partnership with Mastercard to launch a crypto card in Argentina. Binance stated in a press release that the company wants to make it simple for retail customers to use cryptocurrencies quickly.
Binance users in Argentina will be able to apply for a cryptocurrency card. This card is intended to assist customers in making purchases in stores. It is expected that the card will support several stablecoins. Binance, however, has not yet revealed the names of the coins.
The company will soon release a complete list of available altcoins. The crypto card will also allow users to withdraw funds for free from any Mastercard-enabled ATM in Argentina. In addition, the Binance team anticipates widespread global adoption of the Binance card.
BNB Reaches All Time High amid Weakness in Bitcoin
Bitcoin, the world’s largest cryptocurrency, has been under intense pressure for some time. Back-to-back hacker attacks on the DeFi sector, particularly on cross-chain blockchains, have sparked market skepticism. As a result, investors have begun to lose faith in the entire crypto ecosystem, resulting in a negative or consolidated movement in the BTC.
Furthermore, the Federal Reserve’s upcoming US inflation data is keeping a lid on BTC prices. The report is expected to reveal how well the Fed’s anti-inflationary measures have worked. The under-pressured BTC value has also played a significant role in pushing BNB and BTC prices higher.
Latest US CPI Figures Underpins Bitcoin
At the time of writing, the US Bureau of Labor Statistics has released the consumer price index. Falling gas prices provided some relief from the agony of high inflation last month, albeit the rise in overall prices dropped only slightly from the four-decade peak set in June.
According to the government, consumer prices increased 8.5% year on year in July, down from a 9.1% year-on-year increase in June. Investors are eagerly awaiting the results of the July CPI report, which is why crypto has been under pressure recently.
Given the negative correlation between the US dollar and Bitcoin, weaker CPI data has triggered a recovery in Bitcoin; as a result, it may weigh on the BNB/BTC pair today.
#BinanceBlockchainWeek
Binance has announced the second edition of its Blockchain Week 2022. The next event is set for September 14-16, 2022, in Paris. Tickets are strictly limited to 4,000 this time.
This Blockchain Week will primarily focus on Web3. Binance has organized this Web3-focused Blockchain Week due to the high demand for cryptocurrency and Web3 events in real life. Hence, the developments on #BinanceBlockchainWeek may have contributed to the BNB/BTC pair rise.
BNB/BTC Breaks Above Ascending Triangle Pattern
The BNB/BTC pair has formed an ascending triangle pattern on the weekly timeframe, which has a higher tendency to break out on the bullish side. That is exactly how the BNB/BTC pair reacted, disrupting the $0.0122 triple top resistance level.
In addition, the BNB coin has formed a bullish engulfing candlestick, indicating a stronger uptrend. Similarly, the MACD (moving average convergence and divergence) and the RSI (relative strength index) is trending upward.
Simultaneously, the 50-day EMA (exponential moving average) is supporting an uptrend, keeping the pair at the $0.0102 level. On the higher side, BBNB/BTC has a good chance of continuing the bullish trend and reaching an initial target of $0.0152 and $0.0183. So let’s keep an eye on $0.0122 to buy Binance Coin. Good luck!
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This article was written for Business 2 Community by Arslan Butt.
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