The BNB Chain (BNB) token hits lowest prices in 12 months
The BNB Chain (BNB) native token is currently trading at its lowest prices in the past year. As of August 21, 1 BNB is equivalent to $207.47, breaking previous lows of $227.85 in December 2022.
Key Points:
- BNB’s decline started on June 5 after the SEC case against Binance was announced.
- News and events related to Binance often impact BNB’s price, due to its direct correlation with the centralized exchange (CEX).
- The SEC lawsuit accuses BNB of being an unregistered security controlled by Binance, led by Changpeng Zhao (CZ).
- BNB has lost over 30% of its value in the past year and currently holds the 4th position by market cap with $32 billion.
- BNB has experienced 13% losses in the last 7 days and 14% losses in the last 30 days, causing concerns about Binance’s financial health.
Binance suspends EUR withdrawals and deposits
Amidst the declining prices, Binance users have reported issues with withdrawing or depositing euros (EUR) from and to the centralized exchange. Binance’s Customer Support account responded that direct bank transfers for EUR currency are currently in maintenance and suspended, without providing an estimated timeframe for the return of these services.
Alternative options for users
The Customer Support account suggested that users can try using card deposits/withdrawals or explore other options such as credit card purchases or the peer-to-peer (P2P) platform to manage their transactions. Binance’s team has not provided any updates at this time, leaving the BNB token trading at its yearly lows.
Hot Take: The recent decline in BNB’s price, coupled with the suspension of EUR withdrawals and deposits on Binance, has raised concerns among crypto investors. The outcome of the SEC case against Binance and the ongoing uncertainty surrounding Binance’s financial health are significant factors affecting the token’s value. It remains to be seen how BNB will recover from this downward trend and regain investor confidence.
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