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Binance NFT Marketplace launches “Rh!noX by BinaryX” NFT Collection

Binance NFT Marketplace has announced via a tweet the launch of “Rh!noX by BinaryX” NFT Collection on its Marketplace. The newly launched Collection will be available as a feature in the subscription mechanism.

BinaryX powers CyberArena and CyberDragon, a famous Play-to-Earn game on Binance Smart Chain (BSC). Players can create equipment and characters which are all NFTs. Players can also earn daily rewards and revenues as they have fun.

“Rh!noX by BinaryX” NFT Collection features

“Rh!noX by BinaryX” contains some exclusive NFT avatars with numerous accessories like different backdrops and facial traits. A single NFT costs 7 BNX. 

In addition, “Rh!noX by BinaryX” NFTs provide holders with different privileges and rights on platforms according to their credit ratings.

The future of Binance Smart Chain

In the future, BSC developments will be using NFT items as soulbound certifications and status symbols. NFT avatars can be used to identify key GamFi, DeFi, or Web3 participants and architects.

During the active period of “Rh!noX by BinaryX” NFT Collection, the Binance NFT marketplace will allocate 100 BNX tokens to all top 20 users.

Every account can only purchase 1 “Rh!noX by BinaryX” NFT during the token first sale. After the allocation, the users can sell their NFT on the secondary market. However, the users have to complete the KYC before they start trading their NFTs on Binance’s secondary market.

Users are also awarded BNX token voucher which they can redeem by logging into the account and selecting ‘’Reward Center’’ in the ‘’Account’’. The voucher has a 30-day expiry date for the allocation.

Binance has all the rights to disqualify users who portray malicious activities or those who register numerous accounts to trick the system.

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TRX: Tron price has rebounded but USDD is a major risk

Tron has had a spectacular month in May even as other cryptocurrencies have pulled back and others crashed. The TRX token is trading at $0.081, which is about 30% above the lowest level this month. As a result, its total market cap has risen to about $7.6 billion, making it the 13th biggest coin in the world.

Tron’s successes in May

Tron has seen its ecosystem grow rapidly in May. A good way to look at this is to view the performance of its DeFi ecosystem. According to DeFi Llama, Tron’s total value locked has jumped to more than $5.6 billion. 

This growth has made it the third-biggest player in the industry after Ethereum and BNB. The most successful projects in its ecosystem are JustLend, JustStables, and SunSwap. As such, investors now believe that the ecosystem will continue growing in the future.

The other reason why the Tron price has done well this month has been its newly launched stablecoin known as USDD. According to CoinGecko, the USDD token moved from zero to over $576 million. This makes it the 89th biggest coin in the world.

Still, USDD poses the biggest risk to Tron’s ecosystem. Like TerraUSD, USDD is an algorithmic stablecoin that looks like a UST clone. It is not backed by any real assets like the US dollar. Instead, its stability is based on algorithmic rebalancing.

As a result, USDD faces the same risks that UST and Neutrino faced before. In other words, since there are no assets backing the stablecoin, if it crashes, holders will lose all their tokens. 

Tron price prediction

Turning to the four-hour chart, we see that the TRX price has been in a strong bullish trend lately. This rebound has been supported by the 25-day and 50-day moving averages. It has also retested the important support level at $0.0800, which was the highest level on March 31st. 

A closer look shows that the coin is forming a cup and handle pattern, which is usually a sign of a bullish continuation. Therefore, there is a likelihood that the coin will keep rising as bulls target the key resistance level at $0.09, which is the upper side of the cup.

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Highlights May 27: Investors show preference for Bitcoin at expense of altcoins

The crypto market as a whole is bearish with most top 100 coins in the red at the time of writing. Bitcoin fell slightly, altcoins did worse even though stocks rose. 

Top cryptos

Bitcoin was recently trading at around $29,000, generally unchanged over the previous 24 hours. Ether lost around 8% over the same period and was trading below $1,800. 

Most top 10 altcoins were in the red. Solana is the biggest loser, down by around 10%. Investors show preference for Bitcoin, considered the least risky of all digital assets, amid ongoing worries about an economic downturn and high inflation. 

Relative to other coins, Bitcoin saw a spike in its market cap. XRP and Tron are the only top 20 coins in the green, up by around 2% resp. 1%. 

Top movers

Outside the top 20, the tendency was bearish, with most coins losing 3-8% of their value. Notable standouts include Elrond with a loss of 15%, THORChain with 14%, Loopring 10%, Gala 9%, and Waves 12%. 

The biggest loser, however, is STEPN, down 22%. STEPN is in freefall for three reasons: it was banned in China, a massive NFT selloff is resulting in lower prices, and the crypto market is weak overall. 

UST’s descent continues. It’s currently trading for 4 cents and has lost 52% of its value today.  

On the other end, Decred added 2% and Ethereum Classic gained 3%, continuing its upward trajectory seen in the last few days. Tron’s stablecoin USDD is rapidly rising in the market cap ranking.  

Trending

The biggest winner today is Topchain, which aims to become the world’s leading gaming brand, transforming the industry to create a global decentralized gaming ecosystem. Its token TOPC has added 225% to its value today.  

The post Highlights May 27: Investors show preference for Bitcoin at expense of altcoins appeared first on CoinJournal.

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Bitcoin could dip below the $28k resistance level soon

The cryptocurrency market could end the week in losses as the bearish trend continues.

The cryptocurrency market has been in a bearish trend over the past few days. Since the start of the week, the market has shed more than $100 billion.

The latest bearish performance saw the market lose more than 5% in the last 24 hours, and the total market cap now stands above $1.1 trillion. The bulls would be forced to ensure that the total cryptocurrency market cap stays above $1 trillion in the coming days.

Bitcoin remains the number one cryptocurrency globally in terms of market cap. BTC has lost more than 2% of its value in the last 24 hours and currently trades above $28k per coin.

Over the past seven days, Bitcoin has lost nearly 4% of its value. The leading cryptocurrency reached an all-time high of $69k in November 2021. However, it has lost more than 50% of its value since then.

If the bearish trend continues, Bitcoin could drop into the $27k zone over the weekend.

Key levels to watch

The BTC/USD 4-hour chart is bearish as Bitcoin has been underperforming since the start of the week. The technical indicators show that the leading cryptocurrency is currently struggling.

The MACD line is below the neutral zone and currently reads -32, indicating a bearish sentiment in the market. The 14-day relative strength index of 41 shows that Bitcoin could soon enter the oversold region if the current market momentum is maintained.

At press time, BTC is trading at $28,987. If the bearish trend continues, Bitcoin could slip below the first major resistance level at $28,109 before the end of the day. If there is a massive sell-off, BTC could be forced to defend the second major resistance at $27,649 over the next few days.

However, if the bulls regain control, Bitcoin could attempt to regain its position of around $30k over the next few hours or days. 

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