Key Points:
15 minutes ago, there was a large transfer of BNB to Binance, causing the price of this coin to drop to $224. This puts Binance’s token in jeopardy as it’s in the midst of an intense legal battle.
Not only has BNB been denounced by the SEC as an unregistered security, but it is also being directly affected by the regulator’s intense lawsuit against Binance and its chief executive officer, Changpeng Zhao (CZ). In addition, many speculated that the situation of Binance could be more tense when the US Department of Justice could investigate and prosecute criminally due to fraud allegations from the SEC.
Although Binance and CZ have constantly reassured the community that the exchange has continuously operated on the principles of legal compliance and transparency with respect to customer funds, in the face of a powerful agency like the SEC, most of the time, community psychology is still shaken.
According to DefiLlama estimates, this loan will be liquidated when BNB reaches a price of about $219.32, equivalent to $200 million of BNB sold on the market. At the current price, it is only a few steps away from reaching the liquidation threshold.
Once 200 million USD of BNB is released to the market, it will push the token price to dump even deeper, easily leading to a chain effect and causing panic in the whole community.
Over the past 7 days, Binance multi-chain asset net outflow (excluding Bitcoin) was $2.376 billion, Binance US net outflow was $124 million, Coinbase net outflow was $1,787 billion, and inflow Coinbase Custody’s net outflow was $739 million. This further proves that the power of the legal authorities is a fear that pervades the entire market.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Foxy
Coincu News
Sahil Arora collected $380,000 for a fake Iggy Azalea token after attracting attention from the…
As the cryptocurrency market evolves, investor sentiment can shift rapidly, influencing the performance of various…
Hamster Kombat's tokens are expected to launch on the TON blockchain with a strategic move…
HK, HongKong, 4th July 2024, Chainwire
VASPs, including crypto firms in Nigeria, must apply via SEC's ePortal within 30 days under…
Tron founder Justin Sun proposes to buy Germany's Bitcoin holdings to prevent market disruption caused…
This website uses cookies.