Although Binance is a popular crypto exchange, the recent regulatory approval in New Zealand will help Binance to get more clients on their exchange. It is now registered as a financial service provider in New Zealand. As a result, the BNB price will rise soon. Moreover, this news is significant from a long-term perspective. If other countries follow the NZ, many retail investors will join the market, which will be favorable for the crypto industry.
Is it significant for the short term? We do not think this regulatory movement will influence the price significantly because the crypto industry has been observing an outflow because it is preparing for the next FED rate hike. The number one crypto BTC might come down to $10K, and ETH might break the support of $1000. Thus, BNB’s price will also be in a downtrend in the short term.
Uses of BNB Coin
The BNB coin can be used in the following instances:-
- It can be traded for other cryptocurrencies.
- BNB is used to pay exchange fees on the platform.
- It can be a form of payment for crypto credit cards.
- Merchants can offer it as a payment for customers like BTC.
- BNB can be used in booking hotels and flights on selected websites.
- It can also be used as collateral for loans.
If you are interested in investing in BNB, you must check out our BNB coin price prediction. Investing in native coin BNB is a great opportunity to invest early because if the business grows, the BNB price will be higher in the long term.
When this post was written, BNB was trading around $285.6. In June-August, it was in the uptrend forming higher highs and higher lows, but now BNB price is consolidating within a range of $300 and $263. The price of BNB is in the crucial stage, and candlesticks are forming in the upper half of the Bollinger Band, so if it breaks the resistance, it will face the next resistance at around $330.
However, on the downside, candlesticks can break the support and form lower lows in the short term. However, we have to analyze the long-term view before making any investment-related decisions.
On the weekly chart, BNB has been forming lower highs and lower lows which suggest bearishness, but the recent weekly green candle is forming in the upper range. Overall if you want to invest in BNB coin, then it is an ideal time to invest for the long term.