Highlights
- HashKey Global has received approval to list BNB, indicating a shift in Hong Kong’s regulatory stance.
- PancakeSwap leads DEX trading with $2.073 Billion in volume, enhancing BNB’s stability.
- BNB is currently trading at $656, maintaining strength above key support levels.
Recent developments in Hong Kong’s crypto landscape are making waves, particularly with HashKey Global’s approval to list Binance Coin (BNB).
This Binance news, coupled with significant trading volumes on PancakeSwap, highlights the growing demand for BNB.
As the altcoin maintains its strength above key support levels, the market is closely watching its potential for future growth.
Keep reading to know more to this Binance news.
HashKey Global of HongKong has Listed BNB
Hong Kong’s regulatory environment is known for its strict stance on token listings, but recent developments suggest that stance has evolved.
HashKey Global, a licensed exchange in the region, has received approval to list Binance Coin. This listing not only certifies BNB in the region but also means that Hong Kong is moving towards a more open regulatory framework.
In an official announcement from HashKey Global on X regarding the new spot listing, the exchange revealed that it will not charge trading fees for BNB transactions.
Also, to further incentivize interest in BNB, HashKey Global has also introduced a prize pool available on a first-come, first-served basis for new users who deposit or trade in BNB. This initiative aims to attract more participants and promote the use of BNB within the platform.
Binance Smart Chain-based DEX Saw Significant Volume
Moreover, apart from this Binance news, its trading volume is soaring. As per an X post, the trading volumes on DEX platforms have shown significant variation, with PancakeSwap (CAKE), is positioned second just below Uniswap.
Over the last 24 hours, this DEX built on the Binance Smart Chain, recorded an impressive trading volume of $2.073 Billion, far surpassing the combined volumes of its competitors — Raydium at $909.98 Million, Meteora at $763.03 Million, and PumpDotFun at $160.06 Million, respectively.
Moreover, the high liquidity and trading activity on PancakeSwap could enhance the stability and usability of BNB crypto, as it is commonly used for transaction fees and trading on the platform.
Similarly, the demand for BNB is closely tied to the activity on PancakeSwap, where traders and investors utilize BNB for swaps and liquidity provision.
Overall, this substantial volume on PancakeSwap indicates strong ongoing support and demand for BNB.
In contrast, the lower trading volumes observed on platforms like Raydium, Meteora, and PumpDotFun reflect varying levels of trader engagement and market preferences.
Binance Coin Price Continues to Show Strength
Analyst Coinvo highlighted how Binance Coin price is demonstrating resilience by holding above the critical $650 support level, along with a dynamic upward trendline. This suggests a bullish outlook for the altcoin.
This support is reinforced by an ascending trendline that has provided a solid foundation for BNB price increases since mid-2024. This is enhancing buyer confidence and overall market sentiment.
Currently trading at $656, BNB price is clinging to a pivotal trend that has historically signaled strong market interest and growth potential.
Over the past year, BNB price has experienced significant volatility, rising from lower support levels around $325 to peaks near $800. The $660 mark also serves as a psychological barrier for traders.
If the BNB price can maintain its position above this level, it may spark a new wave of bullish momentum, potentially driving the cryptocurrency toward higher resistance levels around $760, as noted in late 2024.
Conversely, if it fails to hold this support, there is a risk of a decline to subsequent support levels at $565, and possibly even down to $465, reflecting previous consolidation patterns.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
