Is the Binance Exchange on Its Way Out?
In recent days, the price of BNB has plummeted. Binance Coin (BNB) fell slightly, while other altcoins moved sideways or up slightly. At a time when investors are concerned about the dependability of cryptocurrency exchanges, this causes some anxiety. The BNB price has performed admirably compared to other cryptocurrencies in recent months. During the FTX collapse, the BNB experienced a brief increase in value. Nonetheless, the price has dropped significantly in the last two days. The BNB price is currently $275.45 at the time of writing.
The BNB has been stable at around $285 long and has been moving sideways for the past week.
In recent years, the cryptocurrency Binance Coin (BNB) has experienced rapid growth. During the 2020/2021 bull market, the BNB experienced significant value gains. The price fell precipitously during the 2022 bear market, but it fared far better than many other cryptocurrencies. This is primarily because of the constant influx of new Binance crypto exchange users who will use BNB in the future. However, it was just made public that US law enforcement has decided to open a criminal investigation into the biggest cryptocurrency exchange in the world. However, no final decision on whether or not to file indictments has been made.
This news appears to be extremely bad at first glance. Nonetheless, it is important to note that large corporations are frequently subjected to such intimidating charges. Binance is an obvious target for law enforcement agencies due to its decision to continue operating outside governance systems. At the moment, it appears that no charges will be filed. On the one hand, a secret internal factor was revealed. This could also be the result of the spread of a conspiracy theory. Furthermore, unless serious or criminal offenses are involved, US authorities are unlikely to have judicial power over Binance.
BNB could be driven back toward $250. A break below this critical support level would signal the start of a decline toward yearly lows under $200.
