Binance Announces Spot Trading Tick Size Adjustment Update, Boost BNB Price by 3%

Binance, the largest crypto exchange by trade volume has announced an adjustment update to its tick size for spot trading pairs. The update which was revealed via its official website has raised excitement among users. Consequently, the price of BNB, the native token of the exchange has soared by a notable 3%.

Binance to Complete Adjustment for Tick Size

In a bid to provide increased market liquidity and improved trading experience, the exchange giant Binance has said that it will complete adjustments for the tick size. For context, the tick size is the minimum price change of a trading instrument in the market. Binance will make the adjustments for some spot trading pairs on May 23, between 05:00 (UTC) and 07:00 (UTC).

Also, Binance noted that the adjustment will not have any impact on spot trading and other ongoing relevant functions. Additionally, users will have to shift to the new tick size which can be tracked through GET /api/v3/exchangeInfo as the tick size via API will also change. Binance stressed that the adjusted tick size will not affect already existing orders, ensuring a continuous and seamless trading experience. Ultimately, Binancians (users of Binance) are advised to take proactive measures by adjusting their trading strategies to prevent unnecessary trading impacts.

Irrespective of the challenges Binance is currently facing as regards regulations globally, the exchange continues to keep up with its mission of providing better and seamless trading experiences for its users. This calls to mind the level of commitment exhibited by the team.

BNB Price Reacts to Update

Meanwhile, the price of BNB, the native token of the Binance exchange has reacted positively to the recent update. According to fresh data from CoinMarketCap, the price of the token has jumped by 2.85% at the time of writing. In addition to this, there has been a significant uptick in its trading volume. Per CMC data, the 24-hour trading volume of the coin has increased by 5.68% to $2.07 billion over the last day. Similarly, the capitalization of BNB has added 2.7% and has increased to $86.3 billion, maintaining its position as the fourth-largest cryptocurrency by market cap.

At press time, BNB’s Open Interest has climbed by 0.82% to $498.7 million. According to data, the Relative Strength Index (RSI) of 57.23% indicates a bullish trend. At this point, buyers are trying to push the price above the triangle’s resistance line. With a pattern objective of $726, BNB/USDT could see substantial gains if it is effective, possibly reaching $634 and then $692.