Binance’s strategic participation in the cryptocurrency market in Saudi Arabia | Flash news details

On January 15, 2025, Richard Teng, CEO of Binance, highlighted the importance of the Saudi market in an exclusive interview with Al Arabiya Business (Source: @AlArabiya_Bn, January 15, 2025). Teng stated that Binance is actively working with the Saudi Central Bank (SAMA) and the Capital Market Authority to obtain the necessary licenses. He also noted the high rate of adoption of cryptocurrencies in the MENA region. Following this announcement, the price of Bitcoin (BTC) on the Binance exchange rose from $42,350 at 10:00 AM GMT to $43,120 by 11:00 AM GMT, an increase of 1.82% within an hour (Source: Binance Market Data, 15 January 2019). 2025). Meanwhile, Ethereum (ETH) saw a rise from $2,340 to $2,370 during the same period, representing a 1.28% increase (Source: Binance Market Data, January 15, 2025). BTC/USDT trading volume on Binance rose to 22,500 BTC by 11:30 AM GMT, up from 18,000 BTC at 10:00 AM GMT, indicating increased interest in the market (Source: Binance trading volume data, January 15, 2025 ). Likewise, ETH/USDT trading volume increased from 150,000 ETH to 165,000 ETH during the same time frame (Source: Binance trading volume data, January 15, 2025). The total market capitalization of cryptocurrencies rose 1.5% to $1.7 trillion during the hour following the announcement (Source: CoinMarketCap, January 15, 2025).

The implications of Teng’s comments on the Saudi market and the rise in cryptocurrency adoption in the MENA region are important for traders. The immediate price rise in BTC and ETH indicates a positive market reaction to the news of Binance’s regulatory involvement and potential expansion into the region. Increased trading volumes, especially in the BTC/USDT and ETH/USDT pairs, indicate strong investor interest and liquidity. Furthermore, on-chain metrics showed a rise in active addresses for both BTC and ETH. Active Bitcoin addresses increased from 850,000 to 920,000 between 10:00 AM and 11:00 AM GMT, while active Ethereum addresses increased from 500,000 to 540,000 during the same period (Source: Glassnode, January 15, 2025). These metrics indicate broader participation from the cryptocurrency community, perhaps driven by anticipation of Binance’s regulatory progress in Saudi Arabia. Additionally, the rise in market cap reflects a broader positive sentiment across the cryptocurrency market, which could lead to further price increases if this trend continues.

From a technical analysis perspective, the BTC/USD pair showed a clear upward trend on the one-hour chart after the announcement. The price broke through the $42,800 resistance level at 10:30 AM GMT, supported by increased trading volume and bullish RSI divergence, indicating strong buying pressure (Source: TradingView, January 15, 2025). Likewise, ETH/USD broke the $2,350 resistance level at 10:45 AM GMT, with the RSI also indicating upward momentum (Source: TradingView, January 15, 2025). The MACD indicator for both BTC and ETH showed a bullish crossover at 10:30 AM GMT, further confirming the upward trend (Source: TradingView, January 15, 2025). The trading volumes for the BTC/USDT and ETH/USDT pairs mentioned earlier confirm the strength of this bullish move. Additionally, BTC’s 24-hour moving average was at $42,500 at 10:00 AM GMT, rising to $42,750 by 11:00 AM GMT, while the 24-hour moving average was higher for ETH from $2,330 to $2,345 during the same period (source). (Binance market data, January 15, 2025). These technical indicators, combined with on-chain metrics, provide a comprehensive view of the market’s bullish tendencies and the potential for further price increases.