Binance – the most dominant digital currency trading platform in the world – has been making the headlines more often recently. The digital currency trading platform recently delisted Bitcoin SV. The decision of delisting Bitcoin SV has got many people talking. After the desilting, Bitcoin SV price has plunged deeply. The price of Bitcoin SV even started its downward movement following the speculations of the delisting.
The decision of Binance, being the most dominant exchange in the world, usually have an enormous impact in the crypto space. Whenever the exchange lists or delists a digital currency, the value of that coin is usually affected. Even the announcement of a potential listing of a coin on Binance sends the value of that coin to the moon.
Binance Coin (BNB) Price Today – BNB / USD
Binance Wants to Use Its Influence to Lure Ethereum Users to its Blockchain
According to a recent report by The Block, the next focus of Binance is Ethereum – the second largest digital currency in the world by market cap. Binance now seems to possess the power to make or break a digital currency project, as seen in the recent bitcoin SV delisting. Binance Chain – the blockchain service of Binance – was launched late last year. The exchange also launched its own digital currency – Binance Coin (BNB). Since its launch, the digital currency has grown in value significantly.
At the time of writing, Binance Coin (BNB) is the seventh largest digital currency in the world by market cap. The digital currency grew so fast because of the influence of its parent firm. The digital currency now boasts of a market cap of $2.96 billion. Binance has a great level of influence over digital currency projects. According to the report, it appears that the exchange wants to take advantage of its influence and sway blockchain teams to leave the blockchain of Ethereum for Binance Chain.
According to the report, the development teams of some tokens have already been approached. The following statement was also made, but it is yet to be verified:
“Well, let’s just say that projects who move some percent of their chain off of Ethereum to Binance Chain will get favorable treatment – those that stand the chance of being delisted if their volumes are less than $1M per day.”
Binance doesn’t have ultimate control over digital currencies with smaller market caps. Even some larger digital currencies are out of the control of the exchange.
Will Binance Delist Ethereum (ETH)?
Will Ethereum recover? Ethereum price recently saw a sharp price recovery. While other digital currencies such as XRP, Bitcoin, Bitcoin Cash, and Tezos (XTZ) are posting gains earlier today, the price of Ethereum (ETH) is also on the rise. Does Ethereum stand a chance of recovering in the short-term? What is Ethereum price forecast 2019? Ethereum price seems to be recovering. But the reverse will be the case if Binance attempts to delist the coin.
However, the delisting of Ethereum by Binance is out of the question for now. But with the level of dominance Binance is now showing in the crypto space, many digital currencies now seem to be at its mercy.
Ethereum (ETH) Price Today – ETH / USD
At the time of writing, ETH USD live price is $171 after an increase of about four percent over the past day. The current market cap of the digital currency is $18.17 billion. The trading volume of Ethereum over the past twenty-four hours is $6.88 billion.