BNB Consolidates as Binance Integrates Apple Pay and GPay to Buy Crypto

Users may now buy cryptocurrency using Apple Pay and Google Pay, according to a recent Binance Build update. According to the disclosure, consumers can utilize these popular payment systems to acquire the cryptocurrencies offered by the exchange.

The move is a significant step toward increasing the service's accessibility as well as the popular adoption of bitcoin investment. Furthermore, the update was uploaded with responses already confirming that they had utilized the functionality and that it functioned properly.

The two payment systems are among the most widely used in the community, thus the exchange's action may increase the use of cryptocurrencies. Crypto Users that confirm that the functionality works and has been successfully tested are all over Twitter.

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In recent years, there has been a noteworthy increase in the significance of payment applications in the financial industry. Consumers are using these types of applications more than ever before, and their integration into the bitcoin realm has been consistent.

Binance (BNB) is now experiencing a significant cryptocurrency outflow. Traders are shifting their cash off the exchange to self-custody amid the fear, uncertainty, and doubt (FUD) surrounding the exchange's collapse.

Binance CEO Changpeng Zhao addressed these concerns and informed traders that the FUD was caused by external reasons. The exchange is introducing new features to attract cryptocurrency traders to its trading platform.

Popular mobile wallets have the opportunity for a large market share of users. Apple Pay now has 43.9 million users, whereas Google Pay has 25 million. These two are among the best digital wallets available. The addition of mobile wallets to the site, therefore, brings crypto to a wider audience. The current cost is 2% of every transaction. The feature's availability is determined by the user's location.

Binance might possibly acquire many industry users in order to address the trading firm's enormous outflows.

Related Read: BNB Unique Users Surges Past to Ethereum, Might Surge the Price

BNB Price Analysis

At the time of writing, the price of BNB is $243.63 USD, with a 24-hour trading volume of $341,817,628 USD. In the last 24 hours, BNB has been down 0.97%. BNB is currently ranked #5 on CoinMarketCap, with a market cap of $38,971,701,693 USD. It has a maximum quantity of 200,000,000 BNB coins and a circulating circulation of 159,964,954 BNB coins.

Source: CoinMarketCap

Also Read: A Brief History of Binance Coin (BNB)

Meanwhile, BNB is $61.2000000 (127.20%) higher than its 52-week low of $184.540000000 and -$294.88000000 (43.61%) lower than its 52-week high of $540.620000000. The current price of BNB in relation to the coin's long-term average and 52-week high and low yields an excellent long-term technical score of 71.

On the 24-hour candlestick chart for Binance Coin price analysis, the price of the cryptocurrency has been creating a sideways trend around the $246 line since hitting a low of $222 on December 17. Since then, BNB has been unable to surpass the $250 support level, and during the next 24 hours, it may drop below this level. 10% less trading volume indicates a positive market trend that might push the BNB below the present support level and shatter it.

However, the price on the daily chart has fallen below the important 50-day exponential moving average (EMA) at $253 as well as the 9 and 21-day moving averages. The moving average convergence divergence (MACD) curve exhibits a bearish divergence below the signal line, and the relative strength index (RSI) for the past 24 hours is at 38.37, suggesting an oversold reading.

Source: TradingView

In the larger picture, BNB has dropped dramatically from its monthly trading level of approximately $280, and the exchange currency has been trading around the $250 breakdown level.

In response to a recent Binance exchange announcement, BNB currency plummeted drastically. Binance coin is now trading at $245.05, seeking to break over the previous support level of $250.0. The bears successfully broke through a critical support level that the bulls had been guarding.

However, the MACD indicator is approaching zero, suggesting that the bulls still have a chance. The RSI (Relative Strength Index) is moving sideways and is extremely close to 50.

Source: TradingView

Since June 2022, the number of daily active network addresses has been decreasing. The drop indicates that investors are losing interest in the coin. The number of daily active users has been reduced from 8366 to 1382.

In addition, development activity has been little in the asset's development space. A low development activity ratio indicates that the protocol is not being used in new applications and that developers are not doing anything to optimize the network.

Source: Santiment

BNB FAQs

What is BNB for?

BNB Coin is a cryptocurrency that is primarily used on the Binance exchange to pay transaction and trading fees.

What is BNB's all-time high?

The all-time high for BNB is $296.90. The circulating supply of BNB is 159.97 million BNB, with a maximum supply of 200 million BNB.

How old is the BNB coin?

Binance Coin debuted in July 2017 on the Ethereum blockchain as the token ERC-20 before becoming the native currency of Binance's blockchain, the Binance Chain.

Is BNB a coin or token?

The BNB Chain ecosystem is powered by the cryptocurrency token BNB. As one of the world's most popular utility tokens, BNB can not only be traded like any other cryptocurrency but it can also be used in a variety of applications and use cases.

Does BNB run on Ethereum?

BNB was an ERC-20 token produced on the Ethereum network during its ICO and early days. Binance launched its crypto trading platform just days after its mid-2017 ICO concluded.

Disclaimer: The article is merely the opinion of the writer and is not intended to be taken as investment advice.