The crypto Binance Coin (BNB) resists the bear market
The crypto Binance Coin (BNB) resists the bear market

The crypto Binance Coin (BNB) resists the bear market

By Andrea Porcelli - 12 Jan 2023

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Binance and its CEO Changpeng Zhao plan to increase its workforce by about 30% as its competitors prepare to cut staff: chart analyses of the BNB crypto highlight a potential bullish trend in the short term. 

The optimism of Binance and its crypto Binance Coin (BNB)

An increase in headcount of up to 30% by 2023, is what Changpeng Zhao was promising at the Crypto Finance Conference in St. Moritz, Switzerland. No small achievement considering the situation of competitors, it is enough to think of Coinbase, which recently laid off about 950 employees. Letting go almost 2,000 employees as of June of 2022. 

Coinbase’s CEO said the staff-cutting move is linked to an efficiency strategy. By seeking to reduce expenses, Coinbase is more likely to fully realize the benefits of competitor implosions and regulatory clarity. 

Binance’s strategy seems to be heading elsewhere. The expansion of the world’s largest exchange platform into Sweden has given the need for new work forces. The news of Sweden’s regulatory approval makes it the seventh European Union nation to be approved. 

The news will allow Swedish citizens to access Binance’s crypto and Web3 services. Deposits, withdrawals, purchases and trading are the services offered by Binance for Sweden. 

Binance and Changpeng Zhao aim for big plans in 2023:

“We will continue to build and hopefully we will ramp up again before the next bull market.”

In 2022 alone, Binance hired more than 5,000 employees and wants to continue the hiring trend, to be equipped with the right workforce when the market turns upward. 

Projections for Binance Coin (BNB) promise a bullish period.

The target is $308/309; once this price is reached, the charts will need to be looked at again. At this juncture, in order for BNB to give fulfillment to the current rebound attempt, it must go and break resistance at $310. 

Binance and dominance over other exchanges

Via a report by CryproCompare, mainly devoted to trading volume on centralized exchanges in the last quarter of 2022, it was possible to see how much Binance dominates the sector. According to CryptoCompare’s report, trading volume on centralized exchanges declined significantly during 2022, also aided by the collapse of FTX. 

Trading activity in December dropped significantly after an incredibly volatile November. Trading volumes fell 48.4% to $544 billion, the lowest figure recorded since December 2019. 

What was surprising, however, was the data that put Binance in a position of absolute dominance over other exchanges. In fact, the world’s best-known exchange platform, headed by Changpeng Zhao, closed 2022 very well. The closing trading volume is 66.7% over the others. At the beginning of 2022, it held about 48.7%. 

There was no better way to end the year for Changpeng Zhao, who in a recent interview dropped some statements about the new year. 

For the CEO of Binance, the new year will be the year of recovery, not only for cryptocurrencies, but also for forex and the world economy. Binance, is ready for the recovery and is also preparing by hiring new staff and expanding to other countries. 

Binance and the comparison to FTX: it is too big to collapse

During the bullish cryptocurrency period, companies rarely paid negative attention to booming companies. After the demise of FTX and its founder in the grip of the law, things have changed and the investing public pays more attention to every negative detail. 

During the end of the year, Binance was strangely compared to FTX, its importance in the industry, and some factors that turned out to be odd. For example, with investors taking a lot of money out of the exchange, BNB’s token suffering greatly in December. 

Binance’s huge importance to the cryptocurrency industry combined with its complex and unregulated setup and lack of transparency is, in particular, raising red flags. 

But Binance is not amused by these accusations, and has become the benchmark for exchanges given its importance. It is enough to think that its exchange processes billions of dollars of transactions a day, more than most of its rivals combined. 

The allegations that Binance is facing a crisis like FTX seem to be over, and the company and its CEO Changpeng are preparing for 2023 with big goals. 

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