Binance burns 16m worth of BNB tokens; transitions from the ERC20 version of BNB to the BEP2

The Binance team declared on Sunday that it had burned more than 16 million BNB (ERC-20) tokens. The crypto exchange also revealed that it is migrating the ERC20 version of BNB to the native (BEP2) version.

Timeline of Bnb, Erc20

Binance Coin price analysis suggests an upwards movement to the $340.00 mark The closest support level lies at $300 BNB faces resistance at the $315.00 mark The Binance Coin price analysis shows that the BNB price action has broken above the $310 mark as the bullish activity increased.

The cryptocurrency market is riding on the wave of renewed bullish optimism that started at the turn of the year, but some cryptocurrencies have been recording continuous positive returns ever since their initial coin offering (ICO), including some less-than-expected assets.

Pudgy Penguins announced that it is using Layer-0 to allow cross-chain transactions on adding Polygon (MATIC), BNB Smart Chain, and Arbitrum (ARBI) to improve access for people beyond the Ethereum (ETH) blockchain.

On 24 January, Bloomberg published an article detailing how Binance held users' and collateral backing some pegged tokens. Per Bloomberg, the reserves for nearly half of the 94 Binance-peg tokens (B-Tokens) issued by the exchange are held in a cold wallet known as Binance 8.

Bitcoin [BTC] dropped from $23k to below $22.5k on Tuesday, pulling the altcoin market into a short-term plunge. Binance Coin [BNB] declined by 9% in the same period, dropping from $323 to $293.

Uniswap (UNI), a decentralized protocol, is ready to roll out the third version of its platform. The protocol aims to provide a suitable platform where users can seamlessly swap ERC-20 tokens without using an order book.

Bitcoin [BTC] continued to stay above the $23k mark, as bulls could wait for a move above $23.2k to buy into the bullish momentum. Conversely, they could wait for a drop to $22k before buying.

Low prices can be seen across the crypto markets right now, which means one thing and one thing alone: the best cryptos to buy now are on sale, and investment returns could be major from this price level.

Binance Coin (BNB/USD) has sustained its bullish trend amid reports by Bloomberg that the Binance exchange mistakenly mixed client funds with Binance-peg tokens (B-Tokens) collateral. At press time, the BNB token was up by 3.34% in the past 24 hours to trade at $313.24.

According to a report by Bloomberg, crypto exchange Binance has announced that one of its fiat trading partners, Signature Bank, will no longer be processing transactions of less than $100,000 as the bank attempts to reduce its exposure to the cryptocurrency market. Binance said this is a broad action affecting all crypto exchanges dealing with Signature bank.