bnb, otherwise known as Binance Coin, the utility token of Binance cryptocurrency exchange and the native token of Binance Smart Chain, was last trading with a loss of around 3.0% on Tuesday and was down close to 6.0% over the past 24 hours , according to CoinMarketCap. BNB/USD was last changing hands around $268, recently above $280 as of the weekend, but has recovered more than 5.0% from an intra-day low of $253.
For now, BNB is trading well above the support at the $250 area that it has been holding since the summer months. but BNB Price Prediction Fears are growing more pessimistic as doubts, uncertainties and doubts (FUD) spread about the solvency of Binance exchange, just a month after the sudden collapse of Binance’s former rival FTX.
Traders pull funds out of Binance amid solvency concerns
Over the past few days, the cryptocurrency market has become increasingly concerned about Binance’s solvency following the release of its so-called “Proof-of-Reserves” report. The report released last week was audited by Mazar and claimed that Binance’s BTC reserves were overcollateralized, but crypto analysts and experts criticized the report for its lack of information.
Meanwhile, concerns about Binance took a turn for the worse this week with reports that US prosecutors are considering money laundering charges against Binance and its executives, including the exchange’s CEO Changpeng Zhao.
Withdrawals from Binance have picked up this week. According to Nansen data earlier on Tuesday, 24-hour withdrawals across all chains topped $1.8 billion. Several high-profile crypto influencers have called on their followers to withdraw funds from the exchange.
Binance CEO Changpeng Zhao’s response? “Ignore the FUD. Keep building!”.
Price Prediction – BNB Ready for Recovery?
According to a few different crypto analysts, while Binance’s recent withdrawal is the largest since its collapse ftx As of only a month ago (which resulted in crypto investors generally withdrawing assets from all cryptocurrency exchanges), the size of the withdrawals is still not alarming. That’s because Binance has over $64.85 billion in assets according to Nansen.
If the withdrawals start in the tens of billions, maybe we can talk about Binance bankruptcy soon. But we’re no where there yet. If Binance can weather the storm in the coming days and continue with the withdrawal process without any major issues, the FUD may soon fade away. Traders may once again view BNB as cheap compared to other cryptocurrencies, in light of its recent decline.
Bulls will be excited by how well the cryptocurrency has found support in the $250 area and may want to target a push back north of the 200-day EMA at $278, assuming FUD eases. Macro tailwinds could also help cryptocurrencies this week. Analysts predicted riskier assets could move higher as US CPI data is coming in and expectations of Fed tightening ease. This could help BNB to recover in line with the broader crypto markets.
Equally, if the outflow from Binance exchange continues and US inflation data turns out to be an upside surprise and Wednesday’s Fed meeting turns out to be more hawkish than originally expected, BNB could well move back towards $250. . A break below this key support area would open the doors for a lower run towards the yearly low at $200.
Altcoins giving quick returns
The cryptocurrency has been trading sideways for a few weeks, prompting some traders to look for options with higher potential in the short term. Listed below are some of the major pre-sales in the market, allowing investors to get in in on the ground floor.
Dash 2 Trade (D2T)
Those looking to invest in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up and coming analytics and social trading platform is expected to take the crypto trading space by storm with its unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system, and strategy back-testing tools. Dash 2 Trade’s ecosystem will be powered by D2T tokens, which users will need to purchase and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at deeply discounted rates and sales recently exceeded $9.6 million. The pre-sale dashboard is going to be released soon, currently the development team is running ahead of schedule. The tokens are currently selling for $0.0533 each.
Calvaria (RIA)
Major blockchain-based games such as Axis Infinity have lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an emerging play-to-earn battle card crypto game, could be a good option. Calvaria seeks to promote crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria’s RIA Token Pre-Sale. Calvaria has now raised $2.425 million, with a crypto whale netting $97.5K in a single buy last week. The pre-sale is in its final stages, with only 22% of the tokens remaining.
Robotera (Tarot)
robot era (TARO) is a sandbox-style metaverse that will enable gamers to play as robots and participate in the creation of its virtual world, which includes NFT-based land, buildings, and other in-game items. Due to launch in an alpha version in the first quarter of next year, it also plans to link players with other metaverses, in the process creating a multi-verse where NFTs from different platforms can interoperate. Huh.
1 TARO is currently selling for 0.020 USDT (it can be bought using USDT or ETH), however this price will increase to $0.025 in the second phase of its pre-sale. The project has now raised over $534K in funding in just a few weeks since the launch of the pre-sale.
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