Extracting Ethereum data using Binance Socket Manager using Python

For a beginner in cryptocurrency trading, understanding how to extract data from the Ethereum network can be a difficult task. In this article, we will guide you through the stages of configuring the BinanceSocketManager library and extracting Ethereum market data.

Prerequisites:

Before diving into the code, make sure you have:

• Python is installed on your computer.

• Installed library binance (pip install binance-sdk)

• Binance API account with a valid access token

Installing required libraries:

You can install the necessary libraries with pip:

pip install -U binance-sdk

BinanceSocketManager Setup:

BinanceSocketManager is used to establish a WebSocket connection with the Binance API. To use it, you need to create an instance of the Client class and pass your access token:

import asyncio
from binance import AsyncClient





Replace with your Binance API access token
access_token = "YOUR_BINANCE_API_ACCESS_TOKEN"
async def retrieve_ethermarket_data():

Create an instance of BinanceSocketManager
client = AsyncClient(access_token=access_token)

Define the WebSocket endpoint and callback function
async def on_message(data):

Process the incoming message (in this case we just print it)
print(f"Received data from Binance: {data}")

Subscribe to the Ethereum market data feed
client.socketManager.subscribe(
symbol="ETH", 
Symbol of Ethereum (e.g. ETH/USDT)
callback=on_message 
Callback function for incoming processing messages
)
async def main():
await retrieve_ethermarket_data()

Start the asyncio event loop
asyncio.run(main())

What happens in this code:

• We create an instance of AsyncClient using your Binance API access token.

• We define a callback function on_message that will be executed when new data is received from Binance.

• We subscribe to the data channel of the Ethereum market, the leading symbol (ETH) and the function callback (in this case on_message).

• The line asyncio.run(main())' starts the asyncio event loop.

• Usewhile Trueloop instead ofasyncio.run(main())for continuous execution.

• Consider using other functions of thebinance-sdklibrary, such as getting prices from exchanges or analyzing market trends.

In this article, you learned how to use theBinanceSocketManager` library in Python to establish a WebSocket connection with Binance and receive Ethereum market data. With practice and research, you’ll be able to tailor your code to your specific needs and gain valuable insight into the Ethereum ecosystem.

ethereum separated