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BNB Price Analysis: Can the activation of Binance Cards increase the value of the token?

By: Invezz

Binance BNB/USD is one of the largest cryptocurrency exchanges in terms of daily trading volume, which was founded in 2017.

The Binance Coin (BNB) is the cryptocurrency token issued by the exchange and is used as a utility on the exchange, which allows users to pay for transactions and trading fees at a lower rate.

The Binance Card works like a regular debit card. However, it allows you to spend your cryptocurrencies. It is a VISA card that is accepted by over 60 million merchants on a global scale.

Access to the Binance card on user’s funding wallets as a catalyst for growth

On October 22, we discussed how BSC developers proposed additional measures to raise the value of BNB.

On November 3, Binance announced on Twitter that the Binance Card can now be connected to the users’ funding wallets.

Additionally, the exchange seems to be moving to peer-to-peer and other wallets to its funding wallet.

What this means is that users can now finally connect their Binance card to their funding wallets, which enables them to get access to zero fees on their payments. Keep in mind that third-party fees might still be applicable.

This is an excellent benefit for those who have already gotten a hold of their Binance card. Through the activation of the card, users can also hold crypto in their Binance funding Wallet, which in turn allows them to exchange it any time they make a payment.

Binance will also give 8% cashback to all eligible users that use the Binance Visa Card. Furthermore, all of the funds on the Binance Card are protected by the highest security standards at Binance.

Should you invest in Binance Coin (BNB)?

On November 3, Binance Coin (BNB) had a value of $551.

To get a better perspective as to what kind of value point this is for the token, we will be comparing it to it’s all-time high value as well as its performance in October.

BNB had its all-time high on May 10 when it reached $686.31. This means that the token was $135.31 higher in value or by 24% at its all-time high.

In terms of October’s performance, its lowest point was on October 12, when the token fell to a value of $395.57.

Its highest point was on October 30, when the token increased in value to $536.57.

Here we can see that the token increased in value by $141 or by 35% throughout October.

From October 30 to November 3, the token increased by $14.43 or by 2%.

With the availability now to connect the Binance Card to a funding wallet, we could potentially see an increase in the usage of the Binance Exchange, which will make the BNB token more valuable.

This gives us an indication that the token can potentially reach a value of $580 by the end of November, making it a solid investment opportunity at its current price point.

The post BNB Price Analysis: Can the activation of Binance Cards increase the value of the token? appeared first on Invezz.

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