Binance’s endorsement of the newly released Berachain (BERA) cryptocurrency suggests more momentum as its price rose 630%.
Binance, the world’s largest cryptocurrency exchange, initiated bullish surges in the Berachain (BERA) price on Friday by disclosing a critical update regarding the token. The cryptocurrency exchange is expanding market support with new trade offerings for the recently launched asset, fueling investor optimism amid an ongoing 630% price rally. This is particularly noteworthy. Market participants now anticipate additional gains in the asset, despite the volatility of the broader sector, primarily due to the improved support that will facilitate increased market exposure in the future.
The price of Berachain is expected to increase in response to Binance’s support
A great deal of optimism characterizes the typical market sentiments in response to adding assets to the top crypto exchanges. This is due to the platform’s expansive user base, which will facilitate a significant inflow of funds into the assets.
Despite this, traders are optimistic, as a recent announcement from Binance has indicated that Berachain will be integrated into the platform’s Simple Earn, Buy Crypto, Convert, Margin, Auto-Invest, and Futures trading divisions. Many market participants seeking to capitalize on new emerging assets are expected to be attracted to the improved trade offerings. In other words, the price of Berachain is likely to increase through these expanded offerings in the future.
On February 6, at 13:00 UTC, Simple Earn listed flexible products for the same. Users can acquire the token through any payment method supported by Auto-Invest beginning at 10:00 UTC on February 7.
Additionally, the announcement disclosed that users can purchase the token using VISA, MasterCard, Google Pay, Apple Pay, and Revolut. In contrast, they may also purchase and trade it using their account balances on the “Buy Crypto” page within one hour of the spot listing.
Additionally, users may commence exchanging the new coin against BTC, USDT, and other tokens on Convert within one hour of its spot listing. Trading for new borrowable assets on the Cross and Isolated Margin will commence at 16:00 UTC on February 6.
The announcement also included the introduction of a USD-margined perpetual contract for Bearchain, which provides users with 75x leverage when trading futures. Overall, the stockpile of improved offerings has established a highly favorable trajectory for the future movements of the BERA price due to the increasing market exposure.
Strategies Employed by Crypto Traders Spark Speculations
In the interim, the recent trade maneuvers of crypto billionaires regarding the coin caused a stir in the market. A whale made an extraordinary $589K profit by shorting Berachain shortly after being listed. A trader deposited 1.6 million USDC to Hyperliquid, shorting the newly launched token at $13, according to Lookonchain’s data. Consequently, the trader closed the position, withdrawing 2.19 million USDC and achieving the profit previously mentioned.
As of press time, the Berachain price has declined by nearly 16% since February 7. Even though the short position emphasized short-term volatility, its close suggests no additional downside momentum ahead.
Concurrently, the transaction tracker’s subsequent post disclosed that a whale had recently initiated a long position in the same asset. This whale deposited 2.5 million USDC into Hyperliquid to speculate on the price of BERA. Market participants are primarily optimistic about the future price due to these transactions, and the Binance listing has further bolstered their sentiments. CoinGape had previously reported that the BERA token listing and airdrop quickly garnered significant traction in the broader market, echoing a buzz surrounding the new cryptocurrency.
BERA’s price surges by 630%
At the time of this report, the price of BERA had increased by 630% since its inception yesterday, trading at $7.705. At $1.00 and $14.99, the coin’s intraday low and peak were, respectively.
It is important to note that the coin’s recent listings and Binance’s support align with its rising action, enhancing market sentiment. The listings and the new token’s inauguration were also met with a significant positive response from traders, as evidenced by the staggering 165895.91% increase in the intraday trading volume to $2.86 billion. The token continues to attract the attention of crypto traders and investors as it defies the recent broader market trend, indicating the potential for additional gains.
