Binance Coin Stumbles as Binance.US Expects to Close Funding Round
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The US division of behemoth cryptocurrency exchange Binance, Binance.US, is rumored to close its funding round in “about a month or two,” according to CEO Changpeng Zhao earlier today.
CZ noted on the last day of the Bloomberg New Economy Forum that Binance.US plans to raise “a couple hundred million dollars.” The CEO and founder also said that his company’s activities developed a “playbook” for initial public offerings (IPOs) in the US.
Zhao noted that from an IPO perspective, having fewer rounds of financing is the way to go. In August, Binance.US announced that it planned to raise at least $100 million in a funding round.
While it remains unclear if the parent company would go public, CZ has not ruled out that possibility yet, noting that: “But Binance.com is a much larger entity and we also need to look at regulations at different parts of the world to see where to IPO.”
Meanwhile, Changpeng Zhao clarified that he has no involvement in the everyday operations of Binance.US and that the only connection between the US and the parent company is that he chairs the US firm’s board and the parent company provides the product and technology for the US entity.
Key Binance Coin Levels to Watch — November 19
Binance Coin (BNB) has regained some upward momentum, following a debilitating bearish market over the past week. The third-largest cryptocurrency unexpectedly fell to the $520 low amid intense bearish pressure.
However, the trading sentiment saw a sharp reverse around the $520 support, confirming a broader upward trajectory for BNB. That said, it is likely that the recent bearish row might have ended as my technical indicators overwhelmingly support this thesis. Regardless, BNB could suffer minor dips along the way but would remain above my ascending trendline.
Meanwhile, my resistance levels are $580, $600, and $620, and my support levels are $560, $540, and $520.
Total Market Capitalization: $2.57 trillion
Binance Coin Market Capitalization: $95.9 billion
Binance Coin Dominance: 3.7%
Market Rank: #3
