What is Binance Smart Chain? Since it came on the scene in 2017, Binance has gone from a crypto exchange with an ERC-20 asset to an ecosystem of components housed under the Binance brand name. Binance has produced products and solutions to serve a number of purposes, such as crypto loans and peer-to-peer (P2P) crypto trading.  Included under Binance’s brand umbrella are two separate but parallel blockchains available for building: Binance Chain (BC) and Binance Smart Chain (BSC).  Where do the two networks stack up in terms of Binance Chain versus Binance Smart Chain? In short, Binance Smart Chain launched after Binance Chain as a blockchain hosting greater functionality for developers building solutions. For example, BSC is smart contract compatible, while BC is not.  BSC and BC run parallel to each other. Binance Coin (BNB), Binance’s crypto asset, is used as payment for fees on both blockchains (in addition to playing other roles in Binance’s ecosystem). Moving between BC and BSC requires a bridge called Binance Bridge.  The Binance Bridge intends to make multiple blockchains more interoperable. It allows anyone to exchange their crypto assets into (and back from) Binance Chain and Binance Smart Chain wrapped tokens.  Wrapped tokens allow users to use coins and other blockchains on another chain, like Binance Smart Chain. Binance Bridge, for example, can facilitate the cross-chain conversion of Ethereum ERC-20 to Binance BEP-20, for example, if you move Tether (USDT) from Ethereum to Binance Smart Chain. These wrapped assets are backed by actual money and tokens on public addresses. A world of blockchains The modern crypto world began with Bitcoin’s (BTC) launch in 2009. From this single blockchain came many other blockchains aiming to improve Bitcoin’s model or provide additional capabilities such as multiblockchain interoperability.  The current crypto world now offers many different independent blockchains on which entities can construct digital assets or decentralized applications (DApps). Decentralized applications are essentially digital platforms that provide a service or solution, with the caveat that they run via a backend built on a blockchain rather than on a centralized system.  The Ethereum blockchain, for instance, came on the scene in 2015 and has grown into a dominant blockchain in terms of projects building on its infrastructure. In pursuit of perpetual expansion, however, the crypto industry has continually pushed the limits of blockchain technology to look for improvements or alternate options, potentially in part due to limitations seen in Ethereum’s scaling.  ETH vs BSC Enter BSC — one Ethereum alternative that was structured for speed and low-cost transactions while also touting smart contract capabilities.  BSC network’s history Binance’s asset, BNB, initially existed as an ERC-20 token — a token built on the Ethereum blockchain. Binance launched its own blockchain in 2019 called Binance Chain and transitioned its BNB asset over to that blockchain.  However, Binance built BC in a way that would cater to trading, which placed limitations on BC in terms of capabilities. In addition, Binance launched its decentralized exchange (DEX), Binance DEX, on Binance Chain in 2019. Filling the gaps in BC’s limitations, Binance took BSC live in 2020, complete with smart contracts and Ethereum Virtual Machine (EVM) compatibility. BC and BSC are separate blockchains, yet they are interoperable with each other. Binance Smart Chain blockchain consensus basics Binance Chain operates via delegated proof-of-stake (DPoS), whereas the Binance Smart Chain blockchain runs based on proof-of-staked authority (PoSA) — a consensus algorithm derived from elements of proof-of-stake (PoS) and proof-of-authority models.  The BSC blockchain is powered by 21 community validators that construct and check blocks on the chain, and these validators are compensated in BNB coins for their services. Meanwhile, they must be re-elected daily by staking governance in order to remain in the validator set. Validators staking the largest amounts of BNB make up the list of 21 validators, with that list updated every 24 hours. Staking BNB on BSC results in rewards based on fees paid for transactions on the BSC blockchain.  Is Binance Smart Chain better than Ethereum? Given BSC’s 21 validator system, the BSC blockchain appears somewhat centralized, although it boasts notable scalability with block times around three seconds per block, while also requiring lesser fees than the high gas costs incurred on the Ethereum blockchain during parts of 2021.  However, the Ethereum blockchain is under construction en route to Ethereum 2.0, so an Ethereum/BSC comparison may be subject to change.  Token talk Binance’s BNB coin works on both BC and BSC as the method of fee payment for activity on these blockchains. What tokens are on Binance Smart Chain? Entities can build tokens on both BC and BSC. BEP-2 tokens are built on Binance Chain, for example, while BEP-20 tokens are built on Binance Smart Chain. This is similar to how ERC-20 tokens are one type of asset that is constructible on the Ethereum blockchain.  A Binance Smart Chain wallet holds assets compatible with BSC. While there is a native Binance wallet application for generating a compatible seed phrase, users are also able to use other EVM-compatible wallets such as MetaMask to perform transactions on the network. Since MetaMask is an Ethereum software wallet, it makes sense to ask how to add Binance Smart Chain to MetaMask.  The Ethereum Virtual Machine is basically the Ethereum blockchain’s main foundation. When a blockchain is EVM compatible, it means that it can interact with and understand the Ethereum system.  Since BSC is EVM compatible, one wallet seed phrase controlled by a holder may result in BEP-20 tokens and ERC-20 tokens having the same wallet address, even though the assets are still on their own respective blockchains. Binance has a Binance Smart Chain wallet extension for browser-based wallet usage. Called Binance Wallet, the wallet also works with Ethereum and Binance Chain. The Binance Smart Chain Faucet lets users experiment with BSC in a testnet setting, paying outplay versions of different digital assets.  Wondering how to use Binance Smart Chain? Well, a person might use BSC via trading BEP-20 tokens on a BSC-based DEX. A

  Citing compliance with local jurisdictions, crypto exchange Coinbase announced to soon collect additional information from users based in Canada, Singapore and Japan.  Effective from April 1, Coinbase users from Canada, Singapore and Japan will be required to provide additional information while sending cryptocurrencies to a different (non-Coinbase) platform.  However, while Singaporean and Japanese investors will be required to share additional information about the recipient for every single off-platform transaction, Canadians sending less than $801 (1,000 CAD) will be exempted from this requirement. As shown in the above screenshot, Canadian users will need to share the full name and residential address of the recipient.  Moreover, Canadian users — that suffice the above two conditions — will lawfully require to provide the recipient’s (self) information even while transferring funds between their own crypto wallets. On the other hand, both Japanese and Singaporean regulations will require Coinbase to collect information about the recipients from local investors for every single off-platform transaction with no minimum threshold. Singapore users will not require to provide the recipient’s residential address but will require only the recipient’s name and country of residence. The lack of any required information will bar the user from sending cryptocurrencies out of the Coinbase platform for the jurisdictions in question. Coinbase users that no longer reside in these jurisdictions will need to update their country of registration in order to gain exemption from the soon-to-be-implemented rule. For many jurisdictions, the road to mainstream crypto adoption is paved by stringent regulations under the pretext of investor protection. Starting April 2022, the Thailand Securities and Exchange Commission (SEC) announced a ban on crypto payments throughout the country. Complementing this law, the SEC also proposed a new rule, which if implemented, will require Thai-based crypto businesses — brokers, exchanges and dealers — to disclose service quality and IT usage information. As Cointelegraph reported, a joint study between the Thai SEC and Bank of Thailand (BOT) concluded that: “[Crypto payments] may affect the stability of the financial system and overall economic system including risks to people and businesses.”

  Cowen, a major American independent investment bank, has officially launched a dedicated cryptocurrency and digital asset division. Called Cowen Digital, Cowen’s new business is designed to offer full-service trade execution and custody for cryptocurrencies like Bitcoin (BTC) and other digital assets for institutional investors, the firm announced on Wednesday. In order to launch the new crypto division, Cowen has collaborated with PolySign’s cold storage-focused subsidiary, Standard Custody and Trust Company. The bank is also a client of Digital Prime Technologies, a brokerage solution-focused firm providing business and compliance services, the announcement notes. Cowen initially announced plans to move into the crypto custody business in May 2021, entering a partnership with Standard Custody and Trust Company at the time. The company also invested $25 million in Standard’s parent company PolySign, which was co-founded by Ripple chief technology officer David Schwartz. According to the announcement, Cowen has been working on building the infrastructure and systems necessary to launch Cowen Digital over the past 15 months. Managing about $16 billion in assets as of late 2021, Cowen is a major investment bank in the United States. The company is committed to outperforming its clients by “staying at the forefront of innovation,” Cowen CEO Jeffrey M. Solomon said, adding: “Through Cowen Digital, our clients now have access to the crypto and digital asset markets with our institutional quality and fully integrated end-to-end execution and custody capabilities.” Future functionalities for Cowen Digital will also include derivatives and futures, financing solutions as well as institutional tools for managing decentrlized finance and nonfungible tokens, the announcement notes. The news comes shortly after the American investment bank Goldman Sachs executed its first-ever over-the-counter crypto options trade in partnership with digital asset investment firm Galaxy Digital. Previously, JPMorgan Chase launched a virtual lounge in the Decentraland metaverse in February.

  Bitcoin (BTC) saw a fresh impulse move overnight into March 22 as bulls briefly reclaimed $43,000. RSI hints at underlying strength The action contrasted with the lack of volatility since the weekend and neatly fitted with the more bullish predictions surrounding near-term trajectory. For popular trader Crypto Ed, who had previously given $43,000 as a low-timeframe target, all was going as planned. Fellow analyst Matthew Hyland, meanwhile, eyed a potential breakout scenario for Bitcoin‘s relative strength index (RSI) on the daily chart — a phenomenon that has often preceded price strength. “BTC is a few hundred bucks away from the first higher high we’ve seen in a long time. Will it happen?” crypto market analyst Kevin Svenson added. Bitcoin had already sealed an impressive weekly close on March 20, its highest since early February, and now, macro cues were adding to the positive momentum once again. Trading was brisk for Asian markets on the day, the Hong Kong Hang Seng index up 3.15% at the time of writing. In Europe, however, there was little sign of a knock-on impact, while United States futures were likewise trending down prior to the Wall Street open. The push higher, nonetheless, did manage to squeeze out some short positions across cryptocurrency, as evidenced by data from on-chain monitoring resource Coinglass. Total 24-hour liquidations stood at $168 million at the time of writing. Ethereum returns to $3,000 in altcoin copycat rally On altcoins, the picture likewise turned more rosy overnight. The top ten cryptocurrencies by market cap were led by Cardano (ADA), which was 5.8% up in 24 hours to cap weekly gains nearing 20%. Other major tokens fared almost as well, including Polkadot (DOT) and Ripple (XRP). Ether (ETH), the largest altcoin, tapped $3,000 in step with Bitcoin‘s rally before consolidating immediately under that psychologically significant level.

  Bitcoin (BTC) opened the Wall Street trading session with a spike to over $41,500 on March 21 as last week’s late gains endured. McGlone: Fed is saying “Don’t buy the dip” Amid a buoyant stock market, the largest cryptocurrency showed mixed signs on the lowest timeframes as traders waited to see how long the current trajectory could sustain. For popular trader Crypto Ed, the area around $41,500 was essential as a potential pivot point — a bounce and continuation could occur, providing an opportunity for longs, but a rout would mean a trip below $40,000 support. In his latest YouTube update, he identified $37,000 as a potential bearish target. Analyzing the four-hour chart, meanwhile, trader Pierre called the $40,800–$41,200 zone a “must hold.” “LTF pivot today imo (break it, teleport to 42.0-42.5k),” he concluded in the latest entry in a dedicated Twitter thread about spot price action. Addressing the wider macro picture, meanwhile, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, had some concerning news for those hoping that the stock market revival would last much longer. “So, we have the most extended stock market in 20 years relatively… most expensive stock market in terms of GDP in the history of mankind, most expensive stock market versus real estate and versus global equities ever… and part of that is that’s been driving inflation and the Fed has to push back that inflation,” he told the Wolf of All Streets Podcast Monday. “So, to me, that’s the key puzzle point this year; that if it doesn’t get filled in — i.e., the stock market dropping about one third — then that’s going to be an issue.” As such, bets were in place already for a significant equities correction, with Bitcoin’s positive correlation making losses for hodlers a major liability. Continuing, McGlone pointed to hints by United States Federal Reserve Chair Jerome Powell that more aggressive interest rate hikes to tame inflation could come at further meetings of the Federal Open Market Committee. “That was my warning — people that don’t get it yet — ‘Don’t buy the dip’ — that’s for the people that haven’t learned their lessons,” he said. On Bitcoin specifically, he gave a target of $100,000 years out, but that the market “might easily see $30,000 first.” Germany lays bare inflation dangers More macro news that was difficult to swallow came from Europe prior to the Wall Street opening bell. Related: ‘No more 4-year cycles’ — 5 things to know in Bitcoin this week Despite a recovery in European equities versus the month of war between Russia and Ukraine, inflation figures showed the extent of the headache unfolding for policymakers. On the radar of market commentator Holger Zschaepitz Monday was Germany’s producer price index (PPI). “German PPI jumps 25.9% YoY in Feb. This was the highest increase ever since the start of the stats in 1949. PPI ex-energy rose 12.4% YoY,” he warned. Like BTC, classic safe-haven gold, meanwhile, was also biding its time looking for direction, making up ground lost in its downhill candle on Friday and trading at around $1,934 at the time of writing. On altcoins, flat performance dictated the mood, with none of the top 10 cryptocurrencies by market capitalization advancing by more than 5% on the day.

  On Monday, Sven Henrich, the founder and the lead market strategist for northmantrader.com discussed bitcoin “rallying in the face of this crisis.” The technical analyst and market commentator highlighted four reasons why he believes bitcoin’s value surged — “Fundamental, Sentiment, Technical, [and] Safety trade.” Northmantrader’s Founder Sven Henrich Describes Why He Thinks ‘Bitcoin Is Rallying in the Face of Crisis’ The price of bitcoin (BTC) surged on Monday to a high of $44,256 per unit at 5:35 p.m. (EST). BTC’s price hasn’t been this high in USD value in roughly 39 days, since January 20, 2022. Bitcoin’s price rise sparked a number of conversations on social media and forums during the course of the day. After the price of the leading crypto jumped, gold bug and economist Peter Schiff shared his two cents about the market action on Monday. “Gold and bitcoin are both up today,” Schiff tweeted. “But this move in no way implies a correlation. They’re rising for different reasons. Gold is up as a safe-haven and inflation hedge. Bitcoin is up for the reason ARKK is up. Speculators in risk assets have been conditioned to buy the dips.” Meanwhile, northmantrader.com’s founder and the lead market strategist, Sven Henrich, had an entirely different perspective about bitcoin’s rally on Monday. In a Twitter thread, Henrich described why he thought bitcoin was “rallying in the face of this crisis.” Henrich touched upon four main reasons in the Twitter thread with the first being “Fundamental.” “Fundamental: Adoption [and] acceptance continues to expand, i.e Ebay but also institutional. This path will continue in my view. There is no sign of regression, but continued expansion,” Henrich noted. “Sentiment: The Ukraine crisis highlights how bitcoin can act as a support mechanism to raise funds when traditional avenues are cut off. Blockchain [and] decentralized money to become more relevant.” The market strategist continued: Technical: Bitcoin made a higher low versus equities in February showing a positive divergence [and] defense of a key trend. Start of correlation decoupling process? Safety Trade: Sanctioned money may seek bitcoin as a safe haven (unconfirmed). This also invites risk as it gives excuse to accelerate regulation (long term positive/short term risk). Henrich Says ‘Bitcoin Is Here to Stay’ — Some Claim ‘Bitcoin’s Success Could Be Its Demise’ Henrich further added that the bottom line is that bitcoin “is here to stay” and the fiat monetary system further bolsters the fact. “The rationale for [bitcoin’s] existence finding more validation as the existing fiat world requires ever more intervention to stay afloat,” Henrich stressed in his Twitter thread. One person replied to Henrich’s thread and asked: “If people stop putting money into bitcoin does it stay afloat? It’s almost like it requires constant injections of money.” Another individual responded to the question and said: You just described our fiat monetary system. However, some people responding to Henrich’s tweets were inclined to believe that “BTC’s success will be its demise” and the “double-edged sword is starting to bite.” The individual left a link to an article that discussed Christine Lagarde, president of the European Central Bank (ECB), calling on global lawmakers to approve regulations in order to stop Russia from evading financial sanctions.

  The Federal Reserve has raised interest rates for the first time since 2018 in a bid to begin curbing inflationary pressures it blames on supply and demand imbalances and rising energy prices. The U.S. central bank hiked its target range for the federal funds rate by 0.25 basis points and anticipates further, ongoing increases in future meetings, according to a Wednesday statement by its Federal Open Markets Committee (FOMC). The committee met over the past two days to discuss strategies the Fed could take to bring inflation back within its 2% target range as the metric has stayed far above that goal for over a year, soaring past 40-years-high levels. In addition to raising interest rates, the Fed will also begin shrinking its balance sheet as it plans to announce specific measures for reducing its asset holdings in the next meeting, Fed Chair Jerome Powell said in a press conference following the release of the FOMC statement. Powell explained that the committee is confident that the U.S. economy will withstand less accommodative monetary policies as it is currently “very strong.” However, the chairman highlighted how the current Russian-Ukrainian war can lead to even greater inflationary prices over the short-term. “We expect inflation to return to 2%…but it is likely to take longer than previously expected,” Powell said. “No one knows with any certainty where the economy will be one year or more from now.” Powell explained that in his view, it isn’t likely that the U.S. enters a financial depression as FOMC participants continue to foresee growth and low unemployment rates. Bitcoin spiked above $40,000 as the Federal Reserve announced it would hike interest rates and shrink its balance sheet. The peer-to-peer currency had been consolidating below that level for nearly a month with momentary spikes in the daily chart. It is unclear whether the level will hold. In addition to Bitcoin, the Nasdaq and the S&P 500 indices have also turned green to score gains above 2% at press time. While assets perceived as riskier in the minds of investors, including growth stocks and bitcoin, tend to bleed as monetary policies tighten up, the FOMC statement came in line with expectations, shedding fears that a more hawkish set of policies could have been announced instead.

  The United Kingdom’s Financial Conduct Authority (FCA) is seeking senior executives with cryptocurrency-related expertise as the regulator is preparing to launch a new crypto department to regulate the industry. According to FCA’s job postings on LinkedIn, the authority is now hunting for a head of the digital assets department and a director of the payments and digital assets department. Both job postings target the crypto savvy. Published on Monday on LinkedIn, FCA’s head of digital asset job posting targets a candidate who will be accountable for leading the authority’s approach to regulatory operations within the crypto industry across the United Kingdom. The new position is also expected to help the FCA have a “single narrative on crypto,” the posting notes. The new role is part of FCA’s plan to establish a dedicated department for crypto, the announcement notes, stating that the new position will be crucial for the regulator’s crypto supervision efforts: “We are looking for a head of department to build and lead a new crypto department that will lead and coordinate the FCA’s regulatory activity in this emerging market. This is a critical leadership role within a proposed new directorate dealing with emerging business models […]” The FCA will be accepting applications for this position until April 3, 2022, according to the posting. In another job announcement posted last week, the FCA is also looking for a payments and digital assets department director. The scope of the role initially includes responsibility for policy and supervision related to payments, e-money and crypto assets, as well as other emerging business models across the financial services industry. The position requires experience and knowledge of the relevant regulatory environment including issues associated with cryptocurrencies and payment firms. The FCA’s efforts to set up a new dedicated crypto regulation unit come amid the regulator growing increasingly concerned about the supervision of the cryptocurrency industry recently. Last week, the FCA issued an order to shut down operators of Bitcoin (BTC) ATMs in the country as part of its efforts to curb money laundering. The authority also reiterated last Friday that all United Kingdom-based financial services firms including crypto businesses are expected to ensure compliance with sanctions against Russia. The regulator has been actively regulating the industry before as well though. Earlier in March, the FCA officially announced that it opened more than 300 cases on unregistered crypto firms over a period of six months, launching 50 active investigations against unregistered crypto businesses. The FCA reportedly received 6,372 alerts about suspected crypto frauds in 2021, up from 3,143 the year before.

  Bitcoin has shown itself to be wanting yet again, at the first signs of geopolitical problems. Furthermore, there is some noise coming out of Canada that Bitcoin wallets have been seized by the Canadian government. If that is in fact the case, it for the most part wipes out the entire argument of “being out of the system.” While I think it is a little early to call the end of crypto in general, the reality is that Bitcoin is an ever evolving narrative that seems to shift with the breeze. Advertisement Test out this trade suggestion with a top-rated BTC/USD broker Get Started All of that being said, it looks like we are heading towards the $40,000 level. That is an area that is significant support and if we break down below there it opens up the possibility of a move towards the $36,000 level where we had bounced from previously. Anything below that opens up the possibility of a move to the $30,000 level, and possibly even kicking off “crypto winter”, when markets do nothing for quite some time and languish at lower levels. In that scenario, Bitcoin could find itself down at $20,000 rather quickly. The last time this happened, Bitcoin found itself near $3300. I do not necessarily think that is what is going to happen, but it certainly should be noted that the 50 day EMA has been a bit like a “brick wall” for the market. This is not a good look for Bitcoin, because it was supposed to be safety from all of the nonsense. It clearly behaves like any other financial asset that is on the risk curve. Bitcoin gets dumped rather quickly in times of concern or tightening financial conditions, because most of the big money uses it as a speculative asset, and nothing more than that. This is a great lesson in “this time it is different” being a farce. What you really need to see for Bitcoin to start rallying again is some type of risk appetite reentering the market. We clearly do not have that right now, and with all of the nonsense going on at the Ukrainian border, I do not know that we are going to get it anytime soon. Again, I am not necessarily calling for a meltdown, but I am pointing out that the downtrend is still intact as things stand right now.

  Bitcoin (BTC) has been relatively calm during the weekend, indicating that traders are playing it safe and not waging large bets before the upcoming Federal Open Market Committee meeting on March 15 and March 16. The quantum of the rate hike could act as the next trigger for the crypto markets. The current neutral setup of Bitcoin has kept the analysts guessing. Analytics resource material indicators warned that Bitcoin could plunge. However, they advised investors to be ready to buy the dip as they believe that the “bounce can change your life.” A Price Waterhouse Coopers‘ Sports Outlook 2022 report for North America highlighted three use cases for nonfungible tokens, or NFTs, which could shape the future of sports. The consultancy believes that NFTs and digital assets are among the ten major trends in the sports industry. Could the crypto markets start a directional move in the near term? Let’s study the charts of the top-five cryptocurrencies that may participate in a rally if the bullish sentiment picks up.