Binance Reveals New Feature To Bolster Trading, As BNB Keeps Recording Losses

The FUD, induced by the false alarm of the U.S. government selling its Bitcoin (BTC) holdings, has also significantly impacted the exchange token of the Binance (BNB) ecosystem. At some point, BNB plunged to $301, recording the most significant drop in nearly two months.

However, the coin regained some stability as it reached $310 at the time of writing, according to CoinGecko. Nonetheless, what could aid BNB on its way to normalcy? Did Binance unveil the new feature to improve strategy trading on the platform?

The Binance Trading Bots

Binance, the world’s largest cryptocurrency exchange, has revealed the launch of Trading Bots. This indicates a shift away from traditional trading strategies toward automated trading. Crypto trading bots are automated software that enables an individual to purchase and sell cryptocurrencies at the correct time.

Introducing #Binance's updated Trading Bots.

Automate trades using a number of strategies including:
🔸 Spot Grid
🔸 Futures Grid
🔸 Rebalancing Bots
🔸 Auto-Invest

And more!

Get all the details here 👇

— Binance (@binance) May 11, 2023

Notably, Binance has listed out functions that will be released to users by June this year as part of the implementation. Additionally, Binance noted that the Rebalancing Bot account would be renamed Trading Bots. Under Trading Bots, new spot and futures grids could be created.

At the same time, users can run futures grids through their Trading Bots account while trading on the same symbol through their futures account. Nonetheless, users can earn hourly trading fee savings for the Trading Bots account when they use their BNB balance.

On-Chain Activity Shoots Up

The announcement of the new trading feature has activated the trading activity on the BNB Chain. After the dip recorded on 10 May, daily active users rebounded to a 5-week high in the last 24 hours. The surge in users boosted the number of transactions processed on the chain.

However, as the increased network traffic brings joy to BNB enthusiasts, on the other hand, the chain’s liquidity continues to tumble. The total value locked (TVL) on the BNB Chain has declined by more than 3% in the last 24 hours to $5.22 billion, extending its month-long winless streak.

Investors Turn Pessimistic

The development activity on the chain has remained tepid after recording a steep fall earlier in the week. This is a worrying sign as it indicates that future enhancements on the chain might be delayed.

Unsurprisingly, this impacted the investors’ sentiment as they turned strongly bearish on BNB. However, the supply held by large addresses, stagnant until 10 May, showed an uptrend in the last 24 hours.

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