Connect with us

Bitcoin

Is BNB protected from crypto meltdown?

The collapse of the FTX crypto exchange, once a “sound” one, has caused new shivers within the sector. The collapse of a once-thriving crypto exchange, which was helping struggling companies, was not what one would have expected. The crisis caused huge crypto downturns and has also affected exchange-linked coins. But just much damage did the…


The collapse of the FTX crypto exchange, once a “sound” one, has caused new shivers within the sector. The collapse of a once-thriving crypto exchange, which was helping struggling companies, was not what one would have expected. The crisis caused huge crypto downturns and has also affected exchange-linked coins. But just much damage did the FTX cause to cryptocurrencies like BNB?

BNB, the native token of Binance, the largest cryptocurrency in the world. Binance has reassured users about the platform’s transparency many times, but the token is also being hit. BNB is stable compared to other cryptocurrency. The token was trading at $263 at press time, losing 5% in the week.

The FTX scandal calls for greater transparency in the cryptocurrency and blockchain industries. Binance CEO Changpeng Zhao introduced proof of-reserves to restore confidence in the market. This PoR will allow users to understand how the exchanges handle their money. CZ has been advocating for similar models by other crypto exchanges in order to improve transparency.

As it stands, crypto confidence is low. Experts believe that this will continue for a while. Anthony Pompliano, a Bitcoin enthusiast, believes crypto confidence is dead. According to him, investors will flock to Bitcoin if they feel less confident. He believes that this is due to Bitcoin’s simplicity and robust architecture.

BNB is not likely to be spared by the crypto meltdown, despite the opinions of experts. An exchange that has been dealing with regulatory hurdles for a long time may be more vulnerable to a confidence crisis. Binance’s resilience and global reach cannot be overlooked. We may have to accept the weakness in sentiment while we wait for the rest of Binance and BNB.

BNB loses support at $266

BNB/USD Chart by TradingView

From the technical outlook, BNB could proceed lower after losing key support at $266. The cryptocurrency is retesting the support-turned-resistance. The RSI is lower than the midpoint which indicates that there are more sellers.

Should you buy BNB?

BNB price is vulnerable after breaking below $266. The next potential support for the cryptocurrency is $242 if bulls do not defend $266.

Where to buy BNB

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users have the ability to connect with, learn, copy, or get copied from other users.


Get BNBs with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is known for its low trading fees and multiple trading options. These include margin trading, peer-to-peer, spot trading and margin trading.


Get Binance BNB today


Share this article

Categories

Tags

Read More

Continue Reading
Advertisement I show You how To Make Huge Profits In A Short Time With Cryptos!
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Bitcoin

Max Keiser Warns of Government Seizing Bitcoin in ETFs — Predicts 1987-Style Crash as BTC Rises to $500K

Bitcoin proponent Max Keiser has warned of potential government seizure of bitcoin held in spot exchange-traded funds (ETFs). He additionally issued a stark warning about a looming 1987-style crash, while simultaneously predicting that the bitcoin’s price will surge past $500,000. Max Keiser’s Crash and Bitcoin Seizure Warnings Bitcoin advocate Max Keiser expressed concerns about spot [……
Read More

Continue Reading

Bitcoin

Satoshi Correspondence Revealed by Witnesses in Legal Clash Against Craig Wright

In the unfolding lawsuit between the Crypto Open Patent Alliance (COPA) and Craig Wright, three key witnesses who had early interactions with Bitcoin’s creator, Satoshi Nakamoto, provided their testimonies. Among them were early Bitcoin developers Martti Malmi and Mike Hearn, as well as Adam Back, the creator of Hashcash…
Read More

Continue Reading

Bitcoin

Lumerin Announces New Integration With Portal DEX for Decentralized Bitcoin Mining and Cross-Chain Hashpower Trading

PRESS RELEASE. CHICAGO – Feb 22, 2024 – Lumerin, a decentralized Hashpower Marketplace built on Arbitrum that has built technology to make Bitcoin hashrate a liquid asset allowing for global access to peer-to-peer, decentralized hashrate trading, today announced a new integration with Portal, the first trust minimized…
Read More

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.