BNB Price Under Pressure Amid Binance Troubles
The price of BNB has been heavily impacted by the ongoing sell-off in the crypto market and the troubles faced by Binance, the largest cryptocurrency exchange. BNB has experienced a significant drop, falling from $248 to a low of $204.
US Department of Justice Launches Investigation
The US Department of Justice has initiated an investigation into Binance for allegedly violating sanctions on Russia. Binance is no stranger to controversies and regulatory scrutiny, which has consistently had a negative impact on BNB’s price.
Binance Defends Its Position
Binance has defended itself by claiming that it follows global rules and enforces sanctions. The exchange denies having any relationship with banks in Russia or elsewhere.
BNB Shows Signs of Recovery
Despite the investigation, BNB has shown signs of a bullish recovery, with a 3% increase to $216. The launch of Binance Pay in Brazil, offering contactless crypto payments and supporting over 70 cryptocurrencies, has contributed to this recovery.
Bullish Outlook and Possible Rebound
Technical indicators, such as the MACD and RSI, suggest a positive outlook for BNB’s recovery. The Fibonacci retracement levels indicate a possible rebound from the support at $204 to $230.
Hot Take: BNB Faces Pressure Amidst Controversies, but Shows Resilience
Despite the troubles faced by Binance and the ongoing sell-off in the crypto market, BNB has shown resilience with signs of a bullish recovery. However, the investigation by the US Department of Justice adds uncertainty to its future. BNB’s price will likely continue to be influenced by regulatory actions and market conditions.
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