Binance completed 6th coin burn, CZ shares his insight about market situation

16 Jan, 2019 | Updated: 16 Jan, 2019
by Fifi Arisandi
Exchange
Binance completed 6th coin burn, CZ shares his insight about market situation

Binance just completed 1,623,818 BNB token burn, which is valued around $9.4 million. 

Binance just announced the completion of their 6th iteration of coin burning, mentioning the wipe out of a total amount of 1,623,818 BNB.

Despite having a pretty similar amount of BNB with the 5th iteration, the value of the most recent burn that corresponds to the last quarter of 2018 period shows a significantly higher amount in USD.

According to the announcement, the value of the latest burn is around $9.4 million, while the previous was $17 million, a difference that’s said to have caused by the “significant changes in the cryptocurrency landscape.”

Along with the coin burning information, the CEO, Changpeng Zhao (CZ) also shares his insight, how he sees the market situation and how Binance deals with it.

“I am not much worried about this market-driven movement. Markets always overreact. Around this time last year, the market overreacted too much on the positive side. I am hoping that this year, the market overreacted too much on the negative side, but you never know,” he said.

Moreover, he added, “I do know that, in the long run, the BUIDLers win. People who consistently work hard to create value, day in and day out, during both bull markets and bear markets, will eventually win. That’s our focus, it’s long term.”

CZ stated that his company has been pretty stable during both market “overreactions” by saying that Binance neither over hiring nor laying off staffs, yet still manage to “steadily growing in headcount”.

Lastly, he also shared his excitement towards Binance’s soon-to-be-launched projects, such as Binance Chain and Binance DEX, which he believes will boost the utility of BNB.

Read more: A promising Q1 ahead... What's next for Binance and BNB?

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