The Binance Coin [BNB] chain recorded 19.5 million transactions on its network over what seemed like a torrid week. According to the updated posted by the chain on 8 October, BNB ended the week with an average of 2.78 million transactions. Furthermore, the daily active users were 774,000, with cumulative weekly users of 3 million. An […]
on the chain on 6 October had sent shivers down the spine of the BNB community. While the swift action by the Binance team to halt transactions on the chain seemed to minimize the damage, a few sections of the chain did not respond positively for the rest of the week.An aspect strongly affected by the hack was the BNB NFT ecosystem. For months, it was unusual to see the BNB chain lagging on the ranks. Unfortunately, that seemed to be the case lately.
. Interestingly, it seemed that the dwindling interest was only among spot traders. For futures traders, it seemed like a time to profit from the market.for BNB had increased across most exchanges in the last 24 hours. For the funding rate, the previous decline seemed to be getting back to increases based on data available at the derivative information platform.
Interestingly, the broader derivatives market had more to show. Coinglass revealed that there had been $1.06 million inin the last 24 hours. However, it seemed that long-position traders had been nearing most of the brunt. As of 8 October, longs were liquidated about $23.96 million, while shorts accounted for $3.06 million.
This indicated that BNB had decreased more than it had tried revival during the period. With BNB decreasing in price at press time, it was likely that more shorts would take profits off the market except a case where the overall crypto market recovers.Subscribe to get it daily in your inbox.
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