in last tweetChangpeng “CZ” Zhao, CEO of Binance, drew attention to the dynamic nature of Bitcoin’s price and its increasing currency. The tweet was timely, in line with Bitcoin’s climb above $31,450, marking its highest value since June 2022.
The rally was primarily attributed to the US Securities and Exchange Commission’s approval of the 2x Volatility Stocks Bitcoin Strategy ETF, referred to as BITX, which made it the first Bitcoin futures ETF in the US.
Moreover, the positive sentiment expressed by BlackRock has contributed to the overall strength of the cryptocurrency market.
Controversies surrounding Binance and its CEO
Bitcoin has seen a gradual expansion in its practicality as more and more merchants and service providers have embraced it as a viable payment option. The Bitcoin world has seen a boom in the availability of futures and options contracts, lending platforms, and decentralized finance (DeFi) applications.
Amidst these positive developments, a series of allegations have emerged regarding Binance and its CEO, regarding the alleged use of the “liquidation waterfall” strategy in Bitcoin spot selling. Zhao refuted these claims.
Binance Integration of the Bitcoin Lightning Network
Binance recently announced significant progress in integrating the Bitcoin Lightning Network, with the goal of boosting deposit and withdrawal speeds.
Binance is currently working on integrating the network, and some technicalities are still pending completion. They recently shared their progress on Twitter, acknowledging that committed users have discovered their new Lightning nodes.
This underscores Binance’s active participation in leveraging the Lightning Network to facilitate faster and more scalable Bitcoin transactions, ultimately improving user experience. The community is eagerly awaiting updates on Binance’s full integration with the Lightning Network.
In a tweet, Zhao affirmed the exchange’s commitment to continuous growth, expressing their dedication to continuous development. He said, “Slowly, but we keep building…”
The integration of the Bitcoin Lightning Network aims to bring several benefits to users, including lower transaction costs and faster settlement times. These improvements contribute to improved overall efficiency and comfort.
The dramatic rise in Bitcoin’s value and utility led to an important achievement. The number of active Bitcoin addresses, excluding those with zero balances, has reached an all-time high of 44 million.
A closer look at recent trends and future implications
After seeing a surge to over $31,000 after Fidelity’s request for a Spot ETF, Bitcoin has now settled at $30,424, accompanied by a 24-hour trading volume of $23,666 billion.
While Bitcoin’s volatility continues to gain attention, another important event looms on the horizon – Bitcoin’s upcoming halving drop.
Expected to occur between April and May 2024, this fourth halving will reduce block rewards from 6.25 BTC to 3.125 BTC at block height 840,000.
Featured image from Twitter, chart from TradingView.com