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BNB price turns bearish as Binance futures trading faces a temporary outage

  • The trading platform halted contract transfer today due to a brief downtime.
  • Binance has fully restored the trading services.
  • BNB price momentum has weakened after the halt.

The leading crypto exchange, Binance, encountered an anticipated disruption in its futures trading offerings early today.

Users failed to execute futures contracts between 14:18 and 14:36 UTC+8 after a temporary service halt.

Binance confirmed the issue on X, stating that all futures trading was unavailable as the team worked on restoration.

While everything has resumed to normal, Binance’s sudden halt reminded us of the risks linked to centralized exchanges, with even brief outages causing ripple throughout the market.

The community criticized the outage. Some accused Binance of market manipulation while lesser-known decentralized exchanges advertised themselves in the comment section.

One X user commented:

Another day, another CEX outage. This is why decentralized futures markets like MuesliSwap on Cardano hit different. No single point of failure, no downtime, just market action 24/7.

Binance’s native token took a hit amidst the development, plunging from daily highs of $876 to $856 within minutes.

The swift restoration

Within an hour, Binance announced that it had resolved the issue, and all futures trading was active.

The quick action likely cooled fears and concerns about the CEX’s reliability.

Still, the event dented community sentiments.

Most users questioned how Binance would compensate those who suffered losses due to the service disruption.

The downtime showcased how even a 20-minute outage can distinguish between profitable and losing traders in the fast-paced crypto markets.

What does it mean for traders?

Indeed, Binance’s temporary trading suspension affected futures traders.

Many encountered unexpected losses and missed opportunities as they failed to exit or enter positions.

That likely underscores the benefits of risk management to minimize losses.

Some individuals diversify across multiple platforms to reduce exposure to potential outages in a single platform.

Meanwhile, others set automatic stop orders.

However, Biannce’s downtime might encourage market players to revise their fund allocation strategies, especially when using CEXs.

In his recent crypto forecasts, BitMEX co-founder highlighted how DEX Hyperliquid could flip Binance due to its decentralized features.

BNB price feels the heat

Binance Coin has performed well lately, even leading the altcoin market in hitting all-time highs.

The altcoin exhibited a bullish chart early today, but prices plunged after the outage news.

BNB dropped from $876 to $856 at press time as sellers halted the upside momentum.

While the digital asset remains strong after a nearly 60% surge in the past year, its growth depends solely on the exchange’s user activity.

Binance is the leading cryptocurrency trading platform by volume.

However, incidents like suspending futures trading might dent community confidence, possibly leading to significant exits.

That could limit BNB’s growth in the coming sessions.

On the other hand, the team’s swift action to restore services could cement Binance’s status as a top exchange if such outages never happen again.

The post BNB price turns bearish as Binance futures trading faces a temporary outage appeared first on CoinJournal.

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BTC price prediction: Bitcoin slips below $110k as market selloff continues

Key takeaways

  • BTC is down nearly 3% in the last 24 hours and has dropped below $110k.
  • The sell-off continues despite analysts being optimistic about BTC’s performance in the medium term.

BTC dips below $110k as altcoins bleed

The cryptocurrency market has been volatile since the start of the week and now seems to end it on a bearish note. Bitcoin, the leading cryptocurrency by market cap, has lost 2.8% of its value in the last 24 hours and is now trading below $110k.

The bearish performance comes despite positive forecasts around BTC’s medium and long-term views. Asset management firm Bitwise projects Bitcoin price to trade near $1.3 million by 2035, citing institutional demand, scarce supply, and macroeconomic pressures.

In its report, Bitwise added that in a bullish case, Bitcoin could reach $2.97 million (39.4% CAGR), while a bearish scenario could see BTC stuck around $88,005 (2% CAGR).

Banking giant JPMorgan also stated that Bitcoin is undervalued relative to gold. The bank argued that the digital asset is increasingly attractive for institutional portfolios, and this could push its price higher in the medium to long term. 

BTC could retest $108k to find support

The BTC/USD 4-hour chart is bearish and efficient as Bitcoin has been underperforming over the past few days. The coin could dip further over the next few hours as it seeks to find its strong support.

The Relative Strength Index (RSI) on the 4H chart reads 47, which is below its neutral level of 50, indicating bearish momentum. The MACD lines are also within the negative territory, suggesting that sellers are currently in control.

BTC/USD 4H Chart

If Bitcoin closes below its daily EMA level of $110,883, then it could dip further and retest its recent low of $108,513. An extended bearish run will see BTC dip toward its next key support at $103,991, the 200-day EMA.

However, if the market bounces back and closes above the $110k EMA, it could extend its recovery toward its next daily resistance at $116,000.

The post BTC price prediction: Bitcoin slips below $110k as market selloff continues appeared first on CoinJournal.

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Crypto ETF market expands with 92 filings awaiting SEC decision

  • Solana has eight ETF applications pending.
  • XRP follows with seven ETF applications.
  • Grayscale seeks to convert five trusts into ETFs.

The US Securities and Exchange Commission (SEC) now faces one of its heaviest backlogs in the digital asset space, with at least 92 cryptocurrency exchange-traded product applications awaiting review.

According to an expert, Solana (SOL) and XRP (XRP) lead the wave of filings, each with multiple applications under consideration.

The trend highlights growing institutional demand for altcoin exposure through regulated investment vehicles, even as the SEC continues to weigh its stance on crypto products.

The pace of new filings has accelerated in recent months, suggesting the market is preparing for a broader expansion of crypto ETFs.

Solana and XRP lead with 15 ETF applications

Solana and XRP have emerged as the frontrunners among altcoins in ETF interest.

Analyst James Seyffart reported that Solana currently has eight ETF applications pending, while XRP has seven.

Both tokens rank among the most actively pursued crypto assets after Bitcoin (BTC) and Ether (ETH).

Analyst Eric Balchunas noted on April 21 that 72 crypto-related ETFs were already awaiting SEC review at that time.

With the figure now at 92, a further 20 applications have been added in just four months, pointing to rising momentum across the industry.

The filings include proposals offering exposure not only to Solana and XRP but also to other altcoins, alongside three ETFs linked to Bitcoin and Ether.

Grayscale and 21Shares push for Ether staking ETFs

Two of the largest players in the digital asset space, Grayscale and 21Shares, are also part of the current SEC queue. Both are seeking approval for Ether staking ETFs.

Earlier this month, the SEC clarified that some liquid staking activities fall outside its regulatory scope, a development that may impact how such filings are assessed.

Grayscale is also pursuing a major conversion of five of its existing trusts into ETFs.

These include three publicly traded funds and two private trusts, covering exposure to Litecoin, Solana, Dogecoin, XRP, and Avalanche.

Such conversions would expand ETF access across a broader set of cryptocurrencies if approved.

Market analysts expect ETF approval to drive altcoin rally

The potential impact of SEC decisions on altcoin markets remains a key focus for traders.

Analysts at Bitfinex observed on Monday that a broader rally among altcoins is unlikely until more crypto ETFs gain approval.

This view underscores the role regulatory clarity could play in shaping institutional and retail participation in the sector.

Meanwhile, market commentators such as NovaDius Wealth Management president Nate Geraci have pointed to the sheer volume of filings as evidence of what they call “crypto ETF floodgates about to open soon”.

BlackRock dominates with $71.40 billion ETF inflows

While new applications continue to pile up, global asset manager BlackRock has already secured a commanding lead in the crypto ETF category.

Its iShares Bitcoin Trust ETF (IBIT) has attracted net inflows of $58.28 billion since launch.

Its iShares Ethereum Trust ETF (ETHA) has accumulated $13.12 billion in inflows, according to data from Farside Investors.

BlackRock’s IBIT fund now holds more than 3% of Bitcoin’s total circulating supply. A Wednesday report also indicated that ETHA may soon surpass Coinbase as the largest single holder of Ether.

Notably, IBIT now generates more annual fee revenue for BlackRock than its flagship S&P fund, iShares Core S&P 500 ETF (IVV).

This is due to the fee structure, with IBIT carrying an expense ratio of 0.25%, compared to just 0.03% for IVV.

The post Crypto ETF market expands with 92 filings awaiting SEC decision appeared first on CoinJournal.