• Binance token rose by 17% on Wednesday.

• The crypto exchange has announced the sale of HOOK tokens on Binance Launchpad.

• BNB eyes $330 next and is a buy on a retracement

As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. Since July, BNB has maintained the level and any decline below could have given bears complete control. However, it is now not the case as BNB trades at $295, well above the crucial level. It is possible that cryptocurrency may be heading for the next level. What happened then?

The gains in BNB happened after November 23 cryptocurrency news. BNB’s price rose by 17% on the day after the exchange announced the Hooked Protocol (HOOK) token sale on Binance Launchpad. This is the 29th project launching on Binance Launchpad.

According to the announcement, the token sale will occur through a lottery and conclude on December 1. 25 million HOOK coins have been allocated to the launchpad, equivalent to 5% of the total supply.

This latest development comes as Binance continues to reassure users following the collapse of FTX. Binance announced Thursday that it would contribute $1 billion to help protect crypto-related firms. Binance has committed to increasing this amount if necessary and will look to include traditional financial institutions. This fund is the result of a series of measures that are designed to ensure users have sufficient reserves in case of a crypto confidence crisis.

BNB price action as token hits a 2-week high

BNB/USD Chart by TradingView

BNB rose from a low of around $250 to a 2-week high of $303. The $266 has been re-established as the immediate support for the cryptocurrency.

A bullish MACD crossover was initiated after the bullish push. The RSI also moved above its midpoint, which suggests that BNB has attracted a lot more buyers since the breakout. The cryptocurrency is consolidating ahead the next move.

Should you buy BNB now?

Buyers may not be done with BNB, with the area around $330 and $360 as the next target. However, if intending to buy BNB, wait for some correction to snap it lower. This consolidation could lead to a correction before the next bullish leg.

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.

Buy BNB 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.

Buy BNB with Binance today

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For more than 50 days or since Nov. 5, 2022, bitcoin, ethereum, and stablecoin owners removed roughly $19. 19 billion in crypto assets from centralized exchanges. Between Nov. 5 to Dec. 26, roughly 356,848 bitcoin and 4. 48 million ether were withdrawn from a myriad of crypto trading platforms worldwide.

$6 Billion in Bitcoin, Over $5 Billion in Ether, and More Than $7 Billion in Stablecoin Assets Were Removed From Centralized Exchanges in 51 Days

Since the onset of FTX’s collapse on Nov. 5, 2022, a great number of bitcoin (BTC) and ethereum (ETH) have left exchanges. Statistics from cryptoquant.com indicate that since that day 51 days ago, 356,848 BTC worth $6. 02 billion, using current bitcoin exchange rates, has been removed. This was the longest period of bitcoin and Ethereum withdrawals in a year.

Currently, on Dec. 26, 2022, cryptoquant.com metrics show there’s 2,151,925 BTC held on centralized exchanges. 51 days ago on Nov. 5, around 2,508,773 bitcoin were sitting on crypto trading platforms. On that day, there was roughly 22,528,626 ether held on centralized exchanges and today there’s 4. 48 million fewer as exchanges currently hold 18,045,150 ETH.

Using current BTC and ETH exchange rates indicates around $11. 53 billion was removed from trading platforms. In addition to BTC and ETH a large sum of stablecoins was withdrawn from exchanges as well over the last 51 days. Just days before FTX collapsed there was $35. 20 billion in stablecoins like USDC and USDT held on trading platforms.

Since then, however, $7. 669 billion worth of stablecoin assets has been removed. Although, the withdrawals have slowed down a great deal since Dec. 20, 2022, and BTC deposits have increased. Onchain statistics further show that bitcoin exchange outflows tapped their lowest levels since June 2022. Ethereum (ETH) withdrawals slowed on Dec. 20 as well, but haven’t really increased much. Stablecoin withdrawals are still happening.

The crypto economy’s total value was $1. 06 trillion on Nov. 5 and since then, it’s down more than $246 billion at $815. 56 billion. 51 days ago, BTC was changing hands for $21,351. 98 per unit, while ETH at the time was trading for $1,649. 88 per unit. In tandem with the BTC, ETH, and stablecoin withdrawals, top-ten crypto assets like BNB, XRP, DOGE, and ADA also saw significant withdrawals since Nov. 5.

What do you think about the bitcoin, ethereum, and stablecoins withdrawn from crypto exchanges over the last 51 days? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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