Business Crypto

Binance Brings in New Feature as BNB Suffers Huge Losses

Binance Brings in New Feature as BNB Suffers Huge Losses
Binance Brings in New Feature as BNB Suffers Huge Losses

One of the largest cryptocurrency exchanges of the world, Binance brings in a new feature. The exchange has shifted its interest in Trading Bots to facilitate automated trading practices rather than the traditional one.

Binance has said that the new feature will be made available to the masses in June 2023. As per Binance, the name of Rebalancing Bot account will be changed to Trading Bots. The good part about this new feature is that new spots and future grids can be created in it. Users can also use their existing BNB balance to earn trading fee savings.

Investors Seem Bearish

As soon as Binance announced this news, the user activity  on the BNB chain has recorded a sharp rise. The platform saw a rise of 5 week high in the last 24 hours. However, the user engagement on the platform has increased, but there is still a liquidity problem in the BNB chain. In the last 24 hours the Total Value Locked (TVL) fell sharply by 3% in the BNB platform.

While, the implementation of the automated trading system may seem to be useful to the investors but many investors may back off from it and prefer traditional trading as it gives them the flexibility to take their own decisions. Surprisingly, investors are bearish on BNB after receiving the news. Only the large accounts which were dormant for a longer period of time have shown an uptrend. 

Allegations have been made linking CZ to China

According to a false ChatGPT information,the CEO of Binance, Changpeng Zhao (CZ) was said to have strong ties with the Chinese Communist Party. He was even accused of being a spy of the Chinese government. However, the officials in Binance took a strong stand on this issue and said all those above allegations are all based on useless facts and false information.