Binance Coin (BNB) sees continued havoc as liquidation worries intensify

Binance Coin (BNB) sees continued havoc as liquidation worries intensify
фото показано с : invezz.com

2023-8-23 10:35

Binance Coin (BNB) continued price dip has caught the attention of market participants. Meanwhile, cryptocurrency enthusiasts speculate that the leading exchange may liquidate Bitcoin holdings to support its native token.

🚨JUST IN: @binance is allegedly selling #Bitcoin to support the price of their own token #BNB.

— JackTheRippler ©️ (@RippleXrpie) August 22, 2023 BNB’s downside stance

The latest Binance Coin updates have been somewhat negative as the renowned exchange face increased challenges. On Monday, 21 August, Binance revealed plans to restrict fiat withdrawals in Europe following issues with Single Euro Payments Area transfers.

Such developments saw BNB dropping further. The alternative token has extended its declines with a 3% slide. That had the fourth largest crypto by value slipping beneath $210 to explore value areas never witnessed since June 2022.

BNB lost around 32% since June when the Securities and Exchange Commission sued the exchange and its chief CZ for illegal undertakings

BNB’s recent performance has catalyzed fears of incidents similar to FTX’s FTT debacle, which triggered turmoil within the crypto industry. The altcoin’s performance reflects the pressure Binance continues to experience globally.

BNB should maintain its actions beyond the $200 region to avoid relentless collapse.

BNB’s bearish forecast

Analysts predict more pain for Binance Coin. The alt has nothing to rescue it in the near term (considering the deteriorated overall market structure). Some believe BNB will dip towards the $100 – $120 region.

I will wait to buy BNB at the price of $100-$120. How about you? #cryptocurrency #BNB pic.twitter.com/4WLTk3iO6N

— Smart Invest Wave (@smartinvestwave) August 22, 2023 Checkout.com drops Binance amid compliance concerns

Binance continues to lose appeal in the European marketplace. It canceled registration with the United Kingdom’s FCA, and exited Netherlands, Cyprus, and Germany early in 2023. Further, the exchange is under investigation in several nations, including France.

Recent updates reveal that Checkout.com’s CEO Guillaume Pousaz terminated ties with Binance. The contract cessation surprised markets as Checkout processed $300m – $400m for the trading firm in the UK.

BREAKING:

Payment processor Checkout,com drops Binance over money laundering and compliance concerns

— Whale (@WhaleChart) August 18, 2023

Checkout benefited from Binance in 2021, completing trades worth $2B for the exchange within a month. That saw the former securing funding worth $1B, which raised the firm’s worth to $40 billion.

Meanwhile, Checkout strives to enhance its reputation by dropping transactions for gambling and porn platforms.

The post Binance Coin (BNB) sees continued havoc as liquidation worries intensify appeared first on Invezz.

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Источник: invezz.com

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