Binance 2.0 Graphic Released On Twitter; BNB Coin Price Surges Following The Announcement
Binance, the largest crypto exchange by trading volumes recently tweeted a graphic which just read “2.0” from the official Twitter handle.
The tweet, consisting of a picture with the numbers “2.0” emblazoned across a black background have to lead many to speculate that the world’s largest exchange could be about to launch an updated version of the app and tradeview with margin trading.
— Binance (@binance) May 21, 2019
Binance has been hinting at the launch
In March 2019, the Binance API was updated to include two variables; “isSpotTradingAllowed” and “isMarginTradingAllowed”. These variables seemed to point at the fact that Binance was in the midst of enabling margin trading abilities.
Earlier this month, changes that were made to the Binance API seemed to unwittingly hint that margin trading was imminent. A beady-eyed Reddit user observed that the isMarginTradingAllowed flag (that have previously been disabled) was now live for nine pairs. The pairs were: BTC/USDT, BNB/BTC, BNB/USDT, EHT/BTC, ETH/USDT, TRX/BTC, TRX/USDT, XPR, BTC, and XRP/USDT.
Margin trading refers to a type of trading where the user is able to borrow money to participate in trading. Referred to as ‘leverage’ these borrowed funds are then used to increase the amount of money that is being traded, thus increasing the return if the trade is successful.
The fact that Binance appears to be almost ready to make a big announcement, resulted in BNB rising more than 9% over the last 24 hours, and over $2 since the tweet was posted. The fundamental reasons behind the rally are not readily available at this stage; however, some community members noticed a strange tweet that contained a picture with a sign “2.0”.
Interestingly, the native token of Binance is mooning despite the recent massive hack attack that cost the exchange over $40 million.