Binance coin price prediction remained bearish on Saturday, as BNB/USD breached an upward trendline at $255.50, and candle closings below this level indicate a bearish trend continuation. Binance, the world’s largest exchange, is currently facing numerous challenges. It includes a possible investigation into money laundering as well as a significant increase in user withdrawals since the previous weekend.
Furthermore, there is a FUD (fear, uncertainty, and doubt) buzz in the market. Investors are accusing the world’s largest cryptocurrency exchange of having insufficient funds, which has caused concern in the industry. Over the last 24 hours, the global value of all cryptocurrencies has fallen by approximately 2.50%.
The market capitalization of cryptocurrencies is $805.86 billion as of this writing. Furthermore, the market’s ongoing Binance FUD has caused the value of the Binance native token BNB to fall.
Binance Exchange Withdrawals
Even more than a month after FTX’s bankruptcy, investors’ concerns about cryptocurrency exchange Binance have not subsided. Binance is currently dealing with the bankruptcy procedures of FTX. Binance was the first outside investor in FTX and received approximately $2.1 billion in compensation for giving up its equity stake in the company last year.
In an interview on December 15, Binance CEO Changpeng Zhao dismissed concerns that his company might have to repay the money. Furthermore, he claimed that FTX is in bankruptcy court, and administrators are attempting to recover any illegal conveyances made by FTX to outside businesses or investors. Cryptocurrency investors are less likely to believe top executives’ statements about their companies’ profitability.
The founder and former CEO of FTX, Sam Bankman-Fried, claimed on Twitter that his company’s assets were in good shape despite officials being aware of the liquidity crisis that led to the exchange’s demise. Withdrawal demands are another source of concern. On December 13, there were approximately $1.14 billion in net withdrawals, according to Zhao.
However, he also stated that this was not the largest number of withdrawals ever processed (it was not even in the top five). He stated on December 14 that the situation had “stabilized.”
On December 13, there were $3 billion in withdrawals, according to blockchain analytics firm Nansen. The price of BNB/USD has dropped due to the ongoing market’s massive withdrawal requests from Binance. Binance’s in-house token is BNB. The price of BNB/USD has dropped as a result of the ongoing market’s massive withdrawal requests from Binance.
Binance Listing BNB Insurance
Mithril (MITH), a decentralized social network, recently requested that the 200,000 BNB it had to pay as insurance for listing on Binance be returned in exchange for being delisted from the exchange.
Binance CEO Changpeng “CZ” Zhao responded to MITH’s demand on Twitter on December 16 with a screenshot of their contract, which shows the exchange has the authority to remove the insurance fund as an extra charge if the listed token value falls below a certain threshold.
The conversation between Binance’s CEO and a delisted project piqued the interest of the cryptocurrency community. Binance has made headlines recently, though not always for the best reasons. As a result, the value of the BNB/USD is falling.
Binance Coin Price Prediction – Should You Short BNB Down to $100?
The BNB/USD began trading at $231.00 on December 17, reaching the highest value of $240.50 and the lowest value of $220.50. The current BNB price is $236.85, and the 24-hour trading volume is $1.3 billion. In the last 24 hours, BNB is down 2.35%.
CoinMarketCap now ranks it at #5 with a live market cap of $37 billion. It has a maximum quantity of 200,000,000 BNB coins and a circulating circulation of 159,967,179 BNB coins.
BNB is currently trading with a bearish bias and finding immediate support near $221. A break below this level has the potential to push the BNB/USD price down to the next support level of $184.50. On a daily basis, the BNB/USD pair has completed the “three black crows” candlestick pattern, indicating a strong likelihood of a selling trend.
On the upside, the immediate resistance for the BNB/USD pair remains at $255, and a break above this level has the potential to push BNB toward $300.
Given the selling pressure on Binance Coin and other altcoins, there are few altcoins with significant upside potential, and FightOut is one of them.
FightOut (FGHT)
FightOut is a new platform that rewards users for completing workouts while earning money. While there are other M2E platforms, FightOut has adopted a novel approach by decreasing the entry hurdle for Web2 users.
Furthermore, all users are acquainted with the platform. The pre-sale for FightOut is still in its early stages. 1 FGHT token costs $0.01665002 during the presale. The team has no plans to increase the presale fee at the moment, although it may do so in the future.
The presale has a hard ceiling of $100 million, with almost $2.8 million already raised.
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