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Binance Weekly Report: Saving Crypto

2020-08-21

In this weekly report (August 15 to 21, 2020): We introduce new savings products such as Dual Savings and DeFi Savings. We also shared how we helped take down a syndicate laundering $42 million.

Crypto Market Overview

Bitcoin seesaws at around $12,000, while ETH and BNB also reach multi-month peaks

This week, Bitcoin (BTC) reached as high as $12,330 for a new record this year, before going as low as $11,735 and settling around $11,700 as of the end of Friday, August 21 (UTC +8), according to CoinMarketCap data. 

After reaching a two-year high of $441 last week, Ethereum (ETH) seesawed between $398 and $440, before closing the week slightly above $400. Meanwhile, BNB reached a new six-month high of $23.80, before going as low as $22 and settling at $22.60 by the end of Friday. 

Things are looking better in the big picture, as the total market capitalization of the cryptocurrency industry hit a two-year high this week, rising to as much as $387 billion for the first time since May 2018.

For more crypto-related news and updates, head over to the Binance News service. We now move to updates from the Binance ecosystem and beyond.

Binance Exchange Updates

Introducing Binance Dual Savings. Through this new solution from Binance Pool, earn the highest possible earnings out of your crypto, no matter where the market goes. Now available in BTC and BUSD. More details here. Subscribe now.

NEW LISTINGS: More DeFi

- Terra (LUNA). LUNA/BTC, LUNA/BNB, and LUNA/BUSD launched on August 19, while LUNA/USDT launched on August 21.

- Polkadot (DOT). DOT/BTC, DOT/BNB, DOT/BUSD, and DOT/USDT were launched on August 18. We also support DOT’s redenomination plan.

- Numeraire (NMR). NMR/BTC, NMR/BNB, and NMR/BUSD launched on August 17, while NMR/USDT launched on August 19.

- Ocean Protocol (OCEAN). OCEAN/BTC, OCEAN/BNB, and OCEAN/BUSD launched on August 17, while OCEAN/USDT launched on August 19.

Isolated Margin trading for four more tokens: GXS, CHZ, IRIS, and SOL. A zero-interest promotion for borrowing these tokens runs until August 25.

Binance Staking launches DeFi Staking. Now available in DAI (to be used to participate in COMP staking) and BNB (to be used for Kava’s collateralized debt position, or CDP, modules).

Binance Staking adds NEM (XEM) locked savings.

New stablecoin savings products: Available in BUSD, USDT, and USDC. These 14-day products were launched on August 19.

Binance supports smart contract swaps for Adex (ADX) and Ocean Protocol (OCEAN).

From the Binance Team

How Binance Helped Take Down a Cybercriminal Group Laundering $42M. Doing our part to contribute to a safer global cryptocurrency ecosystem, we helped take down a group of criminals behind a $42 million USD ransomware and money laundering operation. Know more about the Bulletproof Exchanger Project in this article.

Are Stablecoins the Safe Haven of Crypto? Learn more about the advantages of stablecoins and discover our BUSD and BGBP stablecoins. 

4 Pitfalls of Trading Leveraged Tokens and How to Avoid Them. In this article, we will analyze four mistakes that you should avoid when trading leveraged tokens to protect capital and avoid excess risk.

Trader Series Part 1: Bitcoin Correlations. In the first part of the Binance Blog Trader Series featuring Markos Katsanos, we explore the relationship between Bitcoin and other cryptocurrencies and traditional assets.

Binance Futures and Options Updates

$20,000 in Bitcoin to be Won in Binance Futures 1st Anniversary Video Competition! Join us in celebrating the first anniversary of Binance Futures and participate in our video competition. Pump your creativity to the maximum and create an engaging video highlighting Binance Futures to win. 

NEW Coin-Margined Perpetual Contracts:

- BNB/USD (August 21, 1-50x leverage)

- LINK/USD (August 19, 1-75x leverage)

- ETH/USD (August 18, 1-75x leverage)

We now have four coin-margined futures contracts, following last week’s launch of BTC/USD with 1-125x leverage.

NEW USDT-margined Perpetual Contract: DOT/USDT, with 1-50x leverage. This contract will launch on August 22.

BNB, Fiat, and Stablecoin Updates

P2P Stories: Why Russian and Ukrainian Traders Choose Binance. We interview five merchants from Russia and Ukraine about their P2P experiences.

Binance P2P: Buy Bitcoin in Kenya via M-Pesa. Starting today, you can buy Bitcoin in Kenya through Binance P2P and pay using M-Pesa, a leading payments service provider in the country. 

Disabling AdvCash bank card payment method. Effective August 19, AdvCash users are encouraged to use the AdvCash wallet instead. 

Binance Ecosystem Updates

Stake Wars: The competition increases in intensity as the difference between winning positions gets smaller and smaller. 

Binance Chain, Travala.com join forces. This is part of the ongoing effort by Binance Labs to support some of the most impactful startups in the DeFi space.

Binance.US lists three more tokens: DAI, Maker, and Helium.

Binance Charity launches campaign to aid Beirut. We are donating $20,000 to help the victims of the recent explosion in Lebanon’s capital. Donate now!

Binance Academy’s newest articles. 

- Beginner's Guide to VPNs. They are fast becoming an integral tool when it comes to Internet access.

- How Does the Economy Work? We dive into the concepts that power the economy.

- Yield Farming in DeFi. Yield farming is the latest DeFi trend that allows users to earn rewards with crypto holdings.

- Tokenized Bitcoin on Ethereum. We discuss a way to use bitcoin on other blockchains.

Binance Research publishes the newest reports on DeFi projects: Curve (CRV), Aragon (ANT), Serum (SRM), JUST (JST), and yearn.finance (YFI).

Promos and Community

ONGOING: 100,000 GXS Trading Competition. Complete tasks and trade GXS to get a share of the prize pool. Promo runs until August 26.

COMPLETED PROMOS: 

COMMUNITY EVENTS

Travala AMA on Binance English (August 19Complete a simple survey about your experience using Binance and get a chance to win 5 BNB (August 21)

That’s a wrap for the past week. Follow us on Twitter, Instagram, Facebook, and YouTube, and join our official Binance Telegram group to talk more with our community.