BNB Shoots Up To $20 As CZ Announces Launch Of DeFi IEO

BNB Shoots up to $20 just as the CEO of the Binance exchange Changpeng Zhao hinted that the platform will be launching a DeFi-related IEO so let’s find out more in our latest Binance coin news.

Bitcoin still maintains the position above $9500 level while some of the altcoins mark impressive gains and the Rumors that the exchange will launch a DeFi-based IEO is why BNB shoots up to a new price level. At the same time, the US Stock market indexes dropped in value slightly while gold broke above the level of $1,900 per ounce. During the day yesterday, there was a decrease of $4 billion for the entire cryptocurrency market cap but today it seems that the situation reversed. Bitcoin’s $9500 support line held its ground despite the few attempts to break lower. The bulls however were able to get in charge and push BTC towards $9650 on a few occasions on Bitstamp right before the price retraced to a current level of $9600.

Alright guys, you know who to blame… Joking 😆#DeFiEO soon, soon. https://t.co/saDf1Gk9xw

— CZ Binance (@cz_binance) July 24, 2020

Ethereum continued its great performance and increased by 4.5% reaching $284. Litecoin and Cardano also increased their value by 5.7% and 6% respectively. The biggest gainer over the past 24 hours is surely Binance Coin as the altcoin surged by more than 7% to nearly $20. The latest price increase could come from the rumors started by the CEO of Binance Changpeng Zhao as he hinted that his company will be launching an IEO for a project that is related to the latest DeFi trend.

After the news about Swipe partnering with Travala.com, SXP also surged by more than 35% while weeks ago the altcoin was outside the top 100 coins by market cap and now managed to reach the 66^th price point according to CoinMarketCap. Ampleforth is also among the biggest gainers today with a 21% right after the popular derivatives exchange FTX solved the issue that it had with AMPL contracts on its platform.

Aave increased by 15% while Verge increased by 8%. On the contrary, Quant lost 9.29% of its value while the Band Protocol is down by 6.7%. The precious metal market went on a bullish ride lately as gold continued to increase and break the $1900 per ounce level.  While gold’s price movement attracted a lot of investors on the market, silver outperformed it. Silver reached a seven-year high over the previous week as the falling US dollar and the low-interest rates pushed the investors to look into other safe-haven assets. Silver is up by 18% this week alone and started trading at $23.24 per ounce.