Binance Coin Price Prediction as Investors Fear Binance Exchange is Next to Collapse – Here’s Where BNB is Headed Next
BNB, otherwise known as Binance Coin, the Binance cryptocurrency exchange’s utility token and the native token to the Binance Smart Chain, was last trading with losses of around 3.0% on Tuesday and was down closer to 6.0% over the last 24 hours, according to CoinMarketCap. BNB/USD was last changing hands around $268, down from above $280 as recently as the weekend, but has recovered over 5.0% from intra-day lows around $253.
For now, BNB is holding above support in the $250 area which has held since the summer months. But BNB price predictions are becoming more pessimistic as fear, uncertainty and doubt (FUD) spreads regarding the solvency of the Binance exchange, just over one month after the abrupt collapse of Binance’s former rival FTX.
In the last few days, cryptocurrency markets have been becoming more concerned about Binance’s solvency in wake of the release of its so-called “proof-of-reserves” report. The report, released last week, was audited by Mazars and claimed that Binance’s BTC reserves are overcollateralized, but crypto analysts and experts criticized the report for its lack of information.
Meanwhile, worries about Binance were made worse this week by reports that US prosecutors are contemplating pressing money laundering charges against Binance and its executives, including the exchange’s CEO Changpeng Zhao.
Withdrawals from Binance have spiked this week. According to data from Nansen earlier on Tuesday, 24-hour withdrawals across all chains rose above $1.8 billion. A number of high-profile crypto influencers have been calling for their followers to withdraw funds from the exchange.
The response of Binance CEO Changpeng Zhao? “Ignore FUD. Keeping building!”.
According to a few separate crypto analysts, while
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