The BNB price has slumped in recent days. While other altcoins shifted sideways or up slightly, Binance Coin (BNB) dropped slightly. This induces some nervousness at a time when investors are concerned about the consistency of cryptocurrency exchanges. What ended up causing the BNB price decrease, and can the drop become scary? This article is all about the BNB price prediction and the Binance exchange next to collapse.
How has the price of BNB changed in the last few days?
In comparison to other cryptocurrencies, the BNB price has done fairly well in recent months. During the FTX collapse, the BNB was able to increase in value for a short period. Even so, the price has fallen significantly over the last two days. At the time of writing this, the BNB price is sitting at $275.45.
The BNB has long been steady at around $285 and has been progressing sideways for the past week. Nevertheless, a small reduction started two days ago. Yesterday, there was a more substantial price drop below $ 280.
BNB Price Prediction: What caused the BNB price drop?
Binance Coin (BNB) is a cryptocurrency that has encountered immense growth in recent years. The BNB experienced significant value gains during the 2020/2021 bull market. The price dropped sharply during the 2022 bear market, but it held up much better than many other cryptocurrencies. This is mainly due to the constant influx of fresh Binance crypto exchange users who will utilize the BNB in the future.
A few Binance headlines from the last 24 hours:
– US Justice Department may charge Binance Execs for money laundering
– Binance locks withdrawals for some accounts amid what CEO calls 'just market behavior'
– Binance's proof of reserves raises red flags
However, it has lately been revealed that US authorities have decided to open a criminal probe into the world’s biggest cryptocurrency exchange. It is said to be about laundering money and getting around the Iranian restrictions. However, no ultimate ruling on whether to file indictments has been made.
BNB Price Prediction: Can an indictment cause a price drop on Binance?
At first glance, this news appears to be extremely terrible. Even so, it is important to note that big businesses are regularly subjected to such intimidating charges. Binance is a target for law enforcement agencies aptly because of its course of action to continue operating outside of governance systems.
At the moment, it looks unlikely that any charges will be brought. On the one hand, an internal factor was revealed pseudonymously. This could also be the consequence of a conspiracy theory spreading. Moreover, unless serious offenses or criminal offenses are implicated, it is unlikely that US authorities would have judicial power over Binance.
What is the current direction of the BNB price?
BNB Price Prediction: BNB/USDT Weekly chart showing the price – GoCharting
We have seen a recovery in the last few hours. This implies that a trend reversal may be on the horizon. Moreover, the losses over the last few days have not been so drastic that the market has agitated.
If the Bitcoin price rises further in the coming days, the BNB price will almost definitely rise as well, and may even exceed $300 once more. It is also possible that the accusation will be dropped, which should strong sense in the platform. A further price increase is completely possible.
However, if withdrawals reach the tens of billions, we may pretty shortly be discussing Binance bankruptcy proceedings. But we’re still a considerable distance from that. If Binance can survive the storm in the coming days and continue to function withdrawals without scandal, the FUD would most probably disappear. In light of its recent downturn, traders may rethink BNB as a good deal in comparison to other digital currencies.
Similarly, if Binance exchange disbursements continue, US inflation data shocks to the upswing, and the Fed conversation on Wednesday emerges across as more pragmatic than anticipated, BNB could be driven back toward $250. A split below this important support level would indicate the beginning of a downturn toward yearly lows under $200.
Is it worthwhile to invest in BNB?
Binance users have access to a variety of BNB characteristics. So, if you’re using Binance, putting money in BNB makes perfect sense, particularly since the price may start rising again in 2023. A bull market phase is possible in the months ahead.
CryptoTicker Offer
Are you looking for a chart analysis tool that doesn’t distract you with community messages and other noise? Check out GoCharting! This is an easy-to-use online charting tool that requires no downloads or prior knowledge.
