The recent Binance quarterly BNB burn has reached a new record as the highest BNB burn in its history in terms of USD and BNB values. This new record comes as it completes its 11th quarterly Binance coin burn.
Binance quarterly BNB burn records huge profit
The cryptocurrency exchange burned about 20% of its quarterly profit amounting to more than 3.3 million BNB ($52.4million) which is equivalent to 1.69% of Binance coin supply. This remarkable statistics shows that Binance has hit a new record since its launch in 2017 as per its quarterly profit generated.
According to the exchange, it recorded its highest burn from January to March 2020 as partners that use BNB including various divisions such as Binance spots, future exchanges, and margins collected approximately 52.4 USD worth of Binance coin.
Towards the end of 2019, Binance made a profit of about $194 million, burning a total of 2,528,767 BNB. However, it burned 3,373,988 BNB during the first quarter of 2020 as stated earlier. These statistics show that Binance has recorded a 35% increase in profit.
Binance price: what to expect
The majority of experts have suggested that token burns lead would affect the price of cryptocurrency positively. The basis for this suggestion is because these burns are designed to decrease the supply of crypto assets. With this in place, reduced supply with an increase in demand for cryptocurrency will lead to a price rally.
However, we still don’t know if this burn is affecting BNB price as the cryptocurrency market is flourishing at the moment. Currently, Binance coin is increasing daily, trading at $16.05 (1.4% increase).
We should expect Binance to keep burning 20% of its quarterly profits to decrease the circulation of BNB until the supply of its token amounts to a hundred million.