Binance CEO Worth $96 Billion, Now Wealthiest Crypto Billionaire: Bloomberg

Updated:

Bloomberg has named Binance CEO Changpeng Zhao the wealthiest crypto billionaire, placing his net worth at a staggering $96 billion. Zhao, CZ, now worths more than Indian business tycoon Mukesh Ambani, who, according to the Bloomberg Billionaire Index, has a net worth of $92.9 billion.

The recent valuation now puts CZ close to juggernauts like Warren Buffet and Mark Zuckerberg. That said, many have argued that CZ’s net worth could be more than Bloomberg proposes considering that little is known about his crypto holdings.

The Binance CEO, who worked as a McDonald’s attendant as a teenager, has avoided making the correct size of his fortune known and has said he would give away his entire wealth.

Meanwhile, The Wall Street Journal recently claimed that Binance could get a valuation of up to $300 billion should it go public. The behemoth exchange recorded annual revenue of $20 billion in 2021, eclipsing expectations of its US-based rival Coinbase.

However, Binance has questioned the accuracy of Bloomberg’s ratings, noting that crypto is too volatile to make concrete estimates. Also, the exchange battled a slew of regulatory inquests last year.

Moving on, FTX CEO Sam Bankman-Fried and Coinbase CEO Brian Armstrong come in second and third position based on wealthiest crypto billionaires, with $15.4 billion and $8.93 billion, respectively.

Key Binance Coin Levels to Watch —January 10

Binance Coin (BNB) resumed its downward spiral on Monday, as it became apparent that bears are now in control of the market bias. BNB now trades along my multi-month-long descending trendline towards the $410 – $400 support area.

BNBUSD – Daily Chart on BinanceUS. Source: TradingView

That said, I expect to see a bearish continuation over the coming days along the trendline as we continue to witness a breakdown of the bull cycle.

Meanwhile, my resistance levels are 436, $450, and $460, and my support levels are $410, $380, and $350.

Total Market Capitalization: $1.91 trillion

Binance Coin Market Capitalization: $70.8 billion

Binance Coin Dominance: 3.7 %

Market Rank: #4

 

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BINANCE (BNBUSD) Price: Will There Be a Further Price Declination Below $503?

Updated:

BNBUSD Price Analysis – December 31

The price may decrease further to $430 and $364 support levels provided the support level at $503 does not hold. In case the just mentioned level holds, BNB price may increase towards the resistance levels at $540, $599, and $678

BNB/USD Market

Key levels:

Supply levels: $540, $599, $678

Demand levels: $503, $430, $364

BNBUSD Long-term Trend: Bearish

On the daily chart, BNBUSD is bearish. The crypto remains under the control of sellers. After the big fall experienced by the Binance Coin with the formation of double top chart pattern, the price has been declining. The support level of $503 was tested and pulled back to retest the resistance level of $599. The bears oppose price increase and it is currently retesting the support level of $503.

BNBUSD Daily chart, December 31

The crypto is decreasing as more bearish candles are emerging below $540 level. The price is trading below 9 period Moving Averages and the 21 Moving average at a distance to indicate bearish movement. The price may decrease further to $430 and $364 support levels provided the support level at $503 does not hold. In case the just mentioned level holds, BNB price may increase towards the resistance levels at $540, $599, and $678.

BNBUSD medium-term Trend: Bearish

On the 4-hour chart, BNBUSD is bearish. Last week the bulls were trying to push the price towards the resistance level of $599. On December 27, bears interrupts the price increase and it changes its direction toward south. The bearish momentum is decreasing the price to the support level of $503. The price is trying to break down the support level of $503.

BNBUSD 4-hours, December31

The price has crossed the two EMAs downside and the price is trading below 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is below 40 level and the signal line pointing upside which indicates that the price may reverse at the support level of $503.

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Binance Coin (BNBUSD) Price Breaks Out at $540 Level, Testing Support Level at $503

Updated:

BNBUSD Price Analysis – December 17

The price may reduce to $430 and $364 support levels provided the support level at $503 does not hold. In case the just mentioned level holds, BNB price may increase towards the resistance levels at $540, $599, and $678.

BNB/USD Market

Key levels:

Supply levels: $540, $599, $678

Demand levels: $503, $430, $364

BNBUSD Long-term Trend: Bearish

The BNB market follows the last report prediction; a double top chart pattern formed in the daily chart, traders should be expecting a big fall. Initially, there was a fake breakout at the resistance level of $678 on 01 December; a long-legged Doji daily candle was formed. The sellers flux the market and there was a big fall with the formation of the strong and massive bearish candle. The price drops to the previous low $503 support level.

BNBUSD Daily chart, December 17

The crypto seems to be pulling back as the bullish candle is forming at the support level of $503. The price is trading below the Moving Averages 9 and 21 at a distance to indicate strong bearish momentum. The price may reduce to $430 and $364 support levels provided the support level at $503 does not hold. In case the just mentioned level holds, BNB price may increase towards the resistance levels at $540, $599, and $678.

BNBUSD medium-term Trend: Bearish

On the 4-hour chart, BNBUSD was ranging within the resistance level at $599 and support level at $540 before a fake breakout at the $599 level. The breakout was interrupted by the sellers and this brought about the sharp and sudden reversal of the price. The price reduces to last month low and it is currently at the support level at $503.

BNBUSD 4-hour chart, December 17

The Relative Strength Index period 14 is at the 50 level and the signal line pointing upside which indicates that the price may reverse at the support level of $503 and the bulls may take over the market.

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Binance Repositions to Curry Favor from UK Regulatory Authorities After Ban

Updated:

Binance CEO Changpeng Zhao (CZ) has shown that the world’s largest cryptocurrency exchange is actively trying to rebuild its UK division, following a clampdown on its operations by the Financial Conduct Authority (FCA) in June 2021.

Like Binance.US, Binance’s London division Binance Markets Limited aimed at becoming a separate entity to serve the UK market. Unfortunately, the FCA stood in the way of this ambition, following the clampdown. Nonetheless, UK customers have found a way to access services through the Binance.com domain, despite the prevailing ban on the exchange due to the regulatory crackdown.

CZ recently noted that the company’s relations with the FCA had improved significantly since then and that they were currently in dialogue. The CEO revealed that the company had hired several compliance officers (including former FCA employees) to help it curry favor in the eyes of the FCA and secure licensing.

One of the fundamental issues the UK watchdog had with the company was the level of opacity around its domicile and corporate structure. Now, Binance has begun erecting offices around the world—including one in the UK—and is setting up legal entities. The crypto exchange believes that it should be up and running in the UK within the next six months to a year, focusing on anti-money laundering and anti-terrorism financing compliance. The company also hopes to offer futures and derivatives trading in the UK.

Key Binance Coin Levels to Watch — December 6

After maintaining a steady ascent along the ten-week-long ascending trendline, Binance Coin (BNB) suffered its first sustained break below this line on December 4 amid a marketwide crash. That said, BNB appears to have regained stability at the $540 support as the bearish momentum resumed on Monday.

BNBUSD – 4-Hour Chart on BinanceUS. Source: TradingView

Along with most of the crypto market, the third-largest cryptocurrency could suffer a bearish continuation to its flash crash low at $495 over the coming days. However, this bias will get invalidated once the price resurfaces above the trendline again, a 10% bullish move.

Meanwhile, my resistance levels are $560, $580, and $600, and my support levels are $540, $520, and $500.

Total Market Capitalization: $2.22 trillion

Binance Coin Market Capitalization: $92.4 billion

Binance Coin Dominance: 4.15%

Market Rank: #3

 

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Binance Briefly Disables and Resumes Withdrawal Amid Sharp Bullish BNB Recovery

Updated:

Earlier today, behemoth crypto exchange Binance (BNB) disabled cryptocurrency withdrawals on its platform, citing a massive backlog as the reason for the withdrawal suspension.

The exchange later announced that it had reinstated its withdrawal feature, only to suspend it again before finally turning it on. Binance announced via Twitter around noon (GMT) that:

“We have temporarily disabled all crypto withdrawals on Binance.com due to a large backlog.

Rest assured, our team is working on it with top priority. Thank you for your patience and apologies for any inconvenience caused.”

A while later, the giant exchange tweeted that crypto withdrawals had resumed but pulled the plug again in the ensuing minutes. At around 2 pm (GMT), the crypto exchange reannounced the resumption of withdrawals and apologized to users for the inconvenience.

Binance has made the news for several wrong reasons over the past few months, with today’s incident only adding to it.

In June, the crypto exchange halted withdrawals in sterling for UK customers following warnings from the Financial Conduct Authority on using the services of Binance Markets Limited, a Binance subsidiary.

Meanwhile, the platform was among the 59 exchanges to leave South Korea after the government introduced stricter rules for the crypto industry in September.

The cryptocurrency exchange also came under pressure for having ineffective customer background checks, which allegedly allowed bad actors to launder money through the platform. However, the top crypto exchange has reassured that its know-your-customer (KYC) checks effectively tackle financial crimes or graft.

Key Binance Coin Levels to Watch — November 1

Amid a quiet trading session on Monday, BNB recorded a 5% intraday rally and touched its highest point since May 17 at $543. This jump comes amid a three-day consolidation between the $540 and $510 level last weekend.

BNBUSD – 4-Hour Chart

That said, the third-largest cryptocurrency currently trades within an ascending channel, indicating that more upsides are likely in the near term. A retest and break above the $540 level (following the recent mild correction to $535) could consolidate the bullish bias and push the price towards $580 in the coming days.

On the other hand, we could see a fall back onto the $540 – $510 consolidation range if bulls fail to retake the $540 line.

Meanwhile, my resistance levels are $540, $560, and $580, and my support levels are $520, $500, and $488.

Total Market Capitalization: $2.62 trillion

Binance Coin Market Capitalization: $89.4 billion

Binance Coin Dominance: 3.42%

Market Rank: #3

 

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