Macroeconomic
Federal Reserve Chairman Powell made hawkish remarks, stating that Bitcoin will not be considered a national currency reserve, which is bearish for Bitcoin (virtual currency is not legal tender).
Microeconomic
Binance Coin, market value has reached its peak, with a total of 144 million coins, and a circulating supply of 144 million coins, now fully unlocked.
Binance is a global cryptocurrency exchange, and the following is an interpretation of Binance:
Basic Information
- Establishment Time and Location: Founded in July 2017 in Shanghai, later moved servers and headquarters to Japan and other places due to China's control over cryptocurrency trading.
- Founder: Zhao Changpeng, co-founder He Yi.
Business Scope
- Trading Services: Offers trading services for over 100 types of cryptocurrencies, including mainstream cryptocurrencies like Bitcoin, Ethereum, and Litecoin, with trading products such as options, spot, and coin-margined contracts.
- Wallet Services: Supports various cryptocurrency wallets, including hardware and software wallets, allowing users to perform storage, transfer, and other operations.
- Financial Services: Involves asset management, lending, and other fields, providing users with diverse financial services.
Technology and Security
- Technical Strength: Utilizes an advanced matching engine capable of processing approximately 1.4 million orders per second, ensuring a fast and stable trading process. Its self-developed public chain, Binance Chain, and Binance Smart Chain (BSC) provide users with a more efficient and secure decentralized trading environment.
- Security Measures: Built multiple protective barriers, including cold and hot wallet separation, two-factor authentication, SSL encryption, etc., to ensure the security of user assets.
Influence
- User Base: A large global user base, announcing over 5 million registered users globally in January 2018, and over 120 million users by the end of 2022.
- Industry Position: One of the largest cryptocurrency exchanges in the world, holding significant influence and authority in the cryptocurrency trading sector.
Controversies and Risks
- Regulatory Issues: Binance faces regulatory pressure and investigations from multiple countries and regions globally, including the United States, United Kingdom, Netherlands, France, Nigeria, and others.
- Legal Risks: On November 21, 2023, Zhao Changpeng admitted to money laundering charges and resigned as CEO, with Binance agreeing to pay $4.3 billion to U.S. authorities to resolve criminal charges.
- Market Risks: The cryptocurrency market itself is highly volatile and uncertain, and Binance, as a cryptocurrency exchange, also faces market risks in its operations.
Technical Analysis
Bitcoin, the technical aspect has formed a perfect trend, nearing the end of the trend.
Technical Analysis
Binance Coin, the technical aspect is approaching Bitcoin, slightly weaker.
