No products in the cart.
- Latest
- Trending
ADVERTISEMENT
The collapse of the once healthy cryptocurrency exchange, the FTX exchange, has brought new tremors to the sector. The collapse was unexpected for the once-thriving cryptocurrency exchange that bailed out troubled companies. The crisis has caused a massive cryptocurrency depreciation, and exchange-linked coins are not spared.But the damage FTX caused was huge Cryptocurrency like BNB?
BNB is the native token of Binance, the world’s largest cryptocurrency. While Binance has often reassured users about the transparency of its platform, its token has also taken a hit. However, compared to other cryptocurrencies, BNB is very stable. The token is trading at $263 at the time of writing, down 5% in a week.
The FTX debacle calls for deeper transparency in the crypto and blockchain industry. To restore confidence in the market, Binance CEO Changpeng Zhao has introduced proof of reserves. PoR helps users understand how exchanges process funds. CZ has since advocated for similar models by other cryptocurrency exchanges to increase transparency.
As it stands, cryptocurrencies remain untrustworthy and experts believe this trend will continue for some time. Bitcoin enthusiast Anthony Pompliano says the crypto confidence game is over. In his view, the loss of investor morale will make more investors turn to bitcoin.
Aside from expert opinion, BNB may not be safe from a cryptocurrency meltdown. For exchanges facing regulatory hurdles everywhere, it could take longer for the confidence crisis to abate. Still, Binance has demonstrated resilience and a global footprint that cannot be ignored. As a result, we may have to deal with weaker sentiment while Binance and the rest of BNB unfold.
From a technical perspective, BNB may fall after losing critical support at $266. Cryptocurrencies are retesting from support to resistance. The RSI is below the midpoint, which indicates that there are many sellers.
BNB Price Vulnerable after breaking below $266. If the bulls fail to defend $266, the next potential support for the cryptocurrency is $242.
eToro
eToro offers a wide range of cryptocurrencies such as Bitcoin, XRP, as well as crypto-fiat and crypto-crypto pairs. eToro users can connect, learn, copy, and be copied by others.
Buy BNB on eToro today
binance
Binance is one of the largest cryptocurrency exchanges in the world. Suitable for more experienced investors, with over 600 cryptocurrencies to choose from. Binance is also known for its low trading fees and multiple trading options that users can benefit from. Peer-to-peer trading, margin trading, spot trading.
Buy BNB on Binance Now
