Binance Coin Rebounds Sharply as eBay Crypto Rumors Begin to Swirl

Crypto markets rebounded sharply on Monday, with Binance Coin (BNB) leading the rally amid rumors that eBay was planning to incorporate cryptocurrency payments on its auction platform.

BNB Price Update

After experiencing one of its worst weeks in recent memory, Binance Coin rebounded sharply on Monday and was on track to test monthly highs. At the time of writing, BNB had gained a swift 11.5% over the 24-hour cycle to reach $23.40. The coin peaked at $23.80 earlier this month, according to CoinMarketCap. The price breached $25.00 in May for the first time ever.

Binance Coin

Year-to-date, BNB is one of the top-performing cryptocurrencies. The coin has nearly quadrupled in value since 2019 began thanks to a virtuous news cycle tied to strong fundamental developments surrounding Binance. This includes launching its own decentralized exchange and security token platform.

Read more: The Long-Term Bullish Case for Binance Coin (BNB).

BNB suffered a brisk selloff last week after Binance confirmed that it had experienced a $40 million security breach that compromised roughly 7,000 bitcoin. The exchange owned up to the failure and said affected wallets would be reimbursed. CEO Changpen Zhao said via Twitter that his exchange was well capitalized and would undergo a series of updates to close the vulnerability loopholes.

All of the top cryptocurrencies were reporting gains Monday morning. The overall market is currently valued at $221 billion, which isn’t far from yearly highs.

Crypto Coming to eBay?

Online auction website eBay could be planning a major announcement at this week’s Consensus blockchain event in New York. Leaked images on Twitter showed that the online retailer will soon accept virtual payments on its platform, though the exact details of the service haven’t been revealed.

“Virtual Currency. It’s happening on eBay,” one picture showed.

“Reach 179 million active buyers in the world’s largest marketplace,” another picture added.

Twitter chatter also suggested that Binance Coin will be the primary cryptocurrency supported on the platform. Others believe the common thread linking eBay to cryptocurrency is Sanja Kon, a former executive at the company who currently works for UTRUST, a digital asset payment service.

Learn more about eBay’s crypto adoption drive: eBay, Foxconn Join Ethereum Enterprise Alliance.

By supporting cryptocurrencies, eBay could accelerate the massive adoption drive currently underway in the digital asset space. Payments is one area of the ecosystem that is said to be lagging. This could soon change as Intercontinental Exchange and others launch crypto-specific payment services.

As for eBay, it remains one of the most iconic online retailers in the world despite experiencing slower growth in recent years. That being said, the company did report better than expected earnings and revenue for its most recent quarter. During the March quarter, adjusted earnings were $0.67 per share on revenue of $2.6 billion.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi