What is Binance doing with BNB?
– Binance is allegedly selling Bitcoin to support the price of their own token BNB.
– BNB’s value has been declining due to rumors of withdrawal limitations and legal troubles.
– The exchange may be taking steps to prevent a “liquidation waterfall”.
– Binance’s clashes with regulators have raised concerns about the future of BNB.
What is Twitter saying about BNB?
– Binance is reportedly using its Secure Asset Fund for Users (SAFU) to prevent the collapse of BNB.
– The market manipulation potential of Binance has raised concerns among crypto users.
– BNB has fallen below its 200-week Moving Average, causing further worries.
– Analysts fear a repeat of the FTX token collapse could happen with BNB.
– BNB’s $32 billion market cap may not be supported by Binance’s actual holdings.
Conclusion
– Binance’s token has been trading in a range between $215 and $350.
– The weekly RSI signal suggests a possible decline.
– There is selling pressure on Bitcoin specifically on Binance.
– The exploit on Binance Smart Chain’s Binance Bridge adds to the concerns about BNB’s situation.
Hot Take
The declining value of BNB and the rumors of Binance selling Bitcoin to support it have created uncertainty and doubts about the future of both the token and the exchange. The ongoing legal troubles and withdrawal limitations, along with the potential market manipulation by Binance, have raised concerns among crypto investors. If BNB continues to decline, it could have a significant impact on Binance’s overall stability.
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