BNB Price Crash To $5 Unlikely Despite Binance Critic’s Dire Predictions
2023年11月23日 - 9:00AM
NEWSBTC
A Binance critic, “Whale Wire,” on X, who also claims to
be a crypto whale, has issued a bold prediction that BNB, the
native currency of the BNB Chain and which is used to incentivize
trading activity on Binance, could plunge 95% to under $5 in the
coming months. Regarding Binance agreeing to pay $4 billion
in fines related to legal settlements with U.S. regulators, Whale
Wire argued that tighter oversight will supposedly “destroy
Binance’s entire business model.” He further contended bankruptcy
could be imminent as the effects of the BNB lead to a contagion.
Will The BNB Price Flash Crash? However, while increasing
regulatory oversight, wind-downs, and decreased risk tolerance
among traders have impacted volumes, Binance remains the world’s
largest crypto exchange by client count and still facilitates the
most trading globally by a wide margin as of writing on November
22. Related Reading: Has Bitcoin Reached “Euphoria” Yet? What
On-Chain Data Says For context and pulling data from
CoinMarketCap (CMC), Binance continues to dominate spot crypto
trading, generating over $14.7 billion in average trading volume,
over 6X Coinbase, with $2.3 billion, and ahead by huge margins from
Kraken, which draws 41.2 billion. The same trend can be observed in
derivatives trading, where Binance leads ahead of OKX. BNB also
remains firmly among the top 5 cryptos in the market cap. Besides
USDT, BNB is the third largest coin by market cap, leading other
altcoins, including XRP, Solana (SOL), and Cardano (ADA).
Related Reading: Ripple Integration With ISDA Ushers In $1.2
Quadrillion Market, Can XRP Breach $100? Besides its dominance,
Binance has been given over a year to pay assessed fines.
Meanwhile, its new CEO, Richard Teng, said the exchange will
continue to enact compliance overhauls. At the same time, it is
assuring clients that funds remain safe. Considering the exchange
will continue operating both in the United States and globally, the
transitional window offered by the DOJ could make its collapse, and
that of BNB, unlikely. Binance Under Pressure, Trading Volume
Falling Even so, factoring in dropping trading volume in 2023
and the impact of losing users, especially in areas Binance pulled
out from, the resulting dip in revenue could, at the end of the
day, apply downward pressures on BNB. Thus far, Binance sold its
business in Russia while exiting Canada and the Netherlands.
Presently, $200 remains a critical support level for BNB. Whether
this line will be retested in the months ahead remains to be seen.
Changing hands at around $230, BNB is technically in an uptrend in
the shorter time frame. It is up 15% from October 2023 lows.
However, it is still down 65% from 2021 peaks when it soared to
around $670. Feature image from Canva, chart from TradingView
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