BNB surges past $34 as Binance teases margin trading

BNB surges past $34 as Binance teases margin trading

The Binance Coin (BNB) hit a new all-time high above $34 as Binance has seemingly confirmed that it will be launching margin trading in the future.

The digital coin experienced significant difficulties during a large portion of yesterday’s session. Having opened at $31.36, the coin tumbled to as low as $30.45 in the morning, mirroring a larger downtrend observed across the digital currency market. However, the situation changed in the afternoon, as the coin was able to gain some momentum and recovered from its earlier losses. BNB rose to as high as $32.20, before finishing the day at $31.52.

Following a quiet start to today’s trading, the token experienced a sudden surge that sent its price to never before seen levels. BNB rose to $33.99 during the early afternoon session, shattering its previous all-time high record of $32.43, which had been reached on Tuesday. The coin has since extended its rally even further and is currently hovering slightly above the $34 mark.

BNB’s latest advance comes after Binance, one of the largest digital currency exchanges in the world, posted a tweet suggesting that margin trading is coming to the platform. Posted earlier today, the tweet includes an image of a new interface for the platform revealing a new ‘margin’ tab. This seemingly confirms the recent rumours that Binance is preparing to offer margin trading to its users.

Being Binance’s proprietary crypto token, BNB is viewed by many as a way to tap into the crypto exchange’s success. Major developments around the company, such as the launch of its own blockchain and decentralised crypto trading platform has been major drivers of growth for the token this year.

In today’s trading, the Binance Coin price stood at $34.15, as of 15:08 BST. The digital coin has gained 9.6% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $4.8 billion.

Featured image: ymcgraphic / Shutterstock.com

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