BNB Price Drops to Lowest Level Since July 2022
BNB, the token that powers the Binance Smart Chain, fell to its lowest level since July 2022, dropping below $210. It is speculated that Binance CEO Changpeng Zhao is pushing for major loan liquidations on the BNB Chain-based Venus protocol. Last October, 2 million BNB tokens were illegally minted and used to borrow $150 million from the Venus protocol. These loans are now being liquidated, and the BNB coins will be handed over to Binance to be burned out of circulation.
Venus Protocol Liquidations and Potential Price Predictions
One major liquidation has already occurred at $210.80, with 300K in liquidated BNB locked in the Venus protocol awaiting a governance vote for release to Binance. Crypto analyst MartyParty predicts that the next major liquidation level will be at $190, and it is likely that BNB could fall to that level. The recent drop in BNB’s price has resulted in it losing its grip on its 21 and 50-Day Moving Averages, as well as falling below key support at $220.
Considerations for Crypto Investors
For crypto investors looking to diversify their portfolios, participating in crypto presales can be a high-risk-high-reward investment strategy. Investing in tokens of up-start crypto projects during their presale phase can yield significant gains. These presales often offer tokens at low prices, and successful projects with strong teams and visions can deliver exponential returns. It is important for investors to identify promising projects and assess the risk/reward of their presale investments.
Alternative Cryptocurrencies to Consider
Here is a list of 15 crypto presales that are considered to be the best of 2023:
- Crypto Project 1
- Crypto Project 2
- Crypto Project 3
- Crypto Project 4
- Crypto Project 5
- Crypto Project 6
- Crypto Project 7
- Crypto Project 8
- Crypto Project 9
- Crypto Project 10
- Crypto Project 11
- Crypto Project 12
- Crypto Project 13
- Crypto Project 14
- Crypto Project 15
Hot Take: BNB Faces Challenges Amidst Liquidations and SEC Classification
BNB’s recent price drop and the ongoing liquidations on the Venus protocol highlight the challenges it currently faces. Additionally, the classification of BNB as a security by the SEC and the lawsuit against Binance have added to the negative sentiment surrounding the token. With these factors in play, BNB is likely to test its 2022 lows in the mid-$180s.
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