In recent days, the world of cryptocurrency has been caught in a whirlwind of anxiety and uncertainty due to the ongoing correction in Binance Coin (BNB). This correction comes shortly after Bitcoin’s value dipped below $29.1k last week, a sudden movement that sent ripples of shock across the market. What’s particularly noteworthy is that BNB’s price has now dropped below its 200-week Moving Average (MA) for the very first time.
This has sparked worries about a potential situation where altcoins might suffer significant losses. The complexity of the situation is amplified by BNB’s crucial role in supporting various altcoins that rely on the BEP20 and BEP2 token systems.
The prominent cryptocurrency exchange, Binance, has found itself under relentless regulatory scrutiny since the collapse of FTX and Alameda Research late last year. The situation escalated in March when the United States Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance, alleging that the exchange was operating illegally and lacked proper compliance measures. This legal battle was followed by another blow as the US SEC charged Binance and its CEO Changpeng Zhao (CZ) with violating securities laws.
The mounting regulatory pressure, particularly from the United States, has resulted in Binance losing key partnerships that facilitated fiat-to-crypto on-ramping. A case in point is London-based credit card processing company Checkout.com, which cut ties with Binance, citing concerns over regulatory actions, orders within relevant jurisdictions, and inquiries from partners.
In a determined effort to counter the mounting sell pressures, the Binance team has turned to Bitcoin for support. Binance holds a substantial amount of Bitcoin, and they have built a robust infrastructure to enhance the liquidity of BTC.
Recent reports indicate that the Binance team has resorted to selling Bitcoin over the past few days in a bid to halt further declines in the price of BNB.
BNB Price Outlook
According to the most recent cryptocurrency market data, the value of BNB is hovering at approximately $210 during the initial trading session in London. From a technical standpoint, both crypto traders and investors are coming to the realization that if BNB’s price loses its current support level, the likelihood of significant losses in the upcoming months becomes a substantial concern.
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