In a recent analysis, the crypto analytic platform Santiment revealed that the crypto market is currently buzzing with heated discussions surrounding Binance, the world’s leading cryptocurrency exchange, and its native token, BNB. The report has indicated that the platform might be strategically selling off portions of its Bitcoin holdings to ensure stability for BNB amidst rising market turbulence.
😮 #Binance and $BNB are currently the first and third (respectively) fastest rising topics in #crypto. Major allegations point to #CZBinance continuing to actively sell off their share of #Bitcoin to support their own native token and keep it propped up above key support levels. pic.twitter.com/hX7Mun6MuF
— Santiment (@santimentfeed) August 23, 2023
Binance’s BNB recently took a hard hit, dipping below $210, marking a 30% year-to-date loss, prompting investor concerns. Comparisons are now being made with the FTX bankruptcy situation, raising the fear that Binance could face similar challenges, for instance loss of investor confidence if the BNB price plunges further.
Simultaneously, Bitcoin’s price is experiencing downward pressure, teetering just below $27,000. Crypto analyst Mike Alfred hypothesized that a potential halt in Binance withdrawals could see Bitcoin bouncing back robustly, possibly even ushering in a significant price surge. According to Alfred, Binance’s continuous efforts to maintain BNB’s value by offloading Bitcoin might be in vain.
CZ is dumping Bitcoin again today trying to hold up the value of BNB. It's not working. BNB is bleeding out. I expect a $200 break, potentially within 48 hours. After Binance shuts withdrawals for all customers, BTC will rally. Could even see a God candle. Will be fun.
— Mike Alfred (@mikealfred) August 22, 2023
On the European front, there was a momentary wave of panic when a miscommunication suggested that Binance might no longer support euro transactions. This rumor was quickly debunked, with Binance customer support confirming that SEPA withdrawals and deposits would continue as planned until September 25.
The SEPA deposit and withdrawal service will continue until 25 September as originally communicated. The Customer Support message was sent in error. We apologise for the inconvenience. And, we will have alternatives for our users in place before then – so stay tuned.
— Binance Customer Support (@BinanceHelpDesk) August 21, 2023
– VS
Two months after transitioning to a crypto-only platform, Binance.US has forged a partnership with MoonPay in a noteworthy development. This collaboration would allow users to purchase the U.S. dollar-pegged stablecoin Tether USDT, positioning it as the new cornerstone for all transactions on the platform.
Currently, BNB stands at $214.81, with a 24-hour trading volume of over $701 million. Despite the controversies, BNB has witnessed a 2.77% increase in the past day and holds fourth position in CoinMarketCap’s rankings. As the market keeps a wary eye on these developments, the future trajectory of BNB and Bitcoin remains a topic of avid speculation.
