Cross-chain bridging solution provider Allbridge is promising leniency to the hacker who exploited the multichain tool days ago if stolen funds are returned. While offering a “white hat bounty” to the hacker, Allbridge says that it won’t take legal action against the attacker if the funds are sent back. “Firstly, we propose a white hat […]
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A prominent crypto analytics platform says one metric could signal the next big rally for Bitcoin (BTC) amid a flurry of massive whale transactions involving the king crypto. According to market intelligence firm Santiment, traders should keep a close watch on the market caps of stablecoins such as Tether (USDT), USD Coin (USD Coin), Binance […]
The post Here’s What Could Signal the Next Bitcoin Leg up Amid ‘Massive’ BTC Transactions, According to Crypto Analytics Firm appeared first on The Daily Hodl.
Recent BNB price trends show that the token declines in the short term after regulatory crackdowns. However, this time the correction may last longer.
BNB (BNB) looks set to wipe out its March gains entirely as investors turn their attention to the latest regulatory crackdown on Binance, the world's leading crypto exchange by volume.
On March 27, the U.S. Commodity Futures Trading Commission sued Binance and its chief executive Changpeng Zhao (CZ), alleging that the company illegally offered crypto derivatives services to Americans and facilitated illicit financial activity.
BNB dropped by over 5.5% to $305 on the announcement day, logging its worst daily performance since Feb. 13, when its price dropped by over 5.8% due to another regulatory crackdown involving Binance-branded stablecoin, BUSD.
BNB's price stabilized on March 28, wobbling between gains and losses as CZ refuted CFTC's allegations. However, the BNB/USD pair risked falling further if one considers its recent response to regulatory actions.
For instance, the New York regulator's BUSD crackdown in February 2023 preceded a 15%-plus BNB price decline.
Similarly, BNB plunged by up to 10.75% after the Dutch Central Bank slapped a $3.4 million fine on Binance in July 2022 for offering unlicensed crypto services. It also dropped 25% in February 2022 after Binance halted its operations in Israel, fearing a crackdown.
The Binance-CFTC FUD has triggered a bearish reversal setup previously covered in February.
Related: Here’s how Binance is mitigating its stablecoin needs after BUSD ban
This setup involves a rising wedge pattern whose breakdown could lead to a 25% price correction toward $250 by the end of March. The March banking crisis and its positive impact on top-ranking crypto assets may have delayed the bearish call.
Simultaneously, BNB eyes an extended price decline toward $200 due to the formation of another rising wedge pattern on the daily chart, as shown below.
Therefore, BNB price could drop by as much as 30% by April when measured from current price levels.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
After the U.S. Commodity Futures Trading Commission sued Binance for alleged violations of trading and derivatives rules, a significant amount of cryptocurrency was withdrawn from the exchange. Data from analytics provider Nansen shows $400 million in Ethereum-based funds were withdrawn in 24 hours, and 3,655 bitcoin worth more than $99 million were withdrawn over the […]
According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market. In the last two weeks since March 11, 7.06 billion USDC and 351.57 million BUSD have been redeemed. […]
Bitcoin reached a high of $28,422 per unit on Sunday at around 3 p.m. Eastern Time as the leading cryptocurrency has continued to rise during the last week. Since last Sunday, bitcoin has increased in value by 37.9% against the U.S. dollar, and the cryptocurrency’s overall market capitalization has swelled to $546 billion. Global Cryptocurrency […]
General Bytes experienced a security incident on March 17 and 18 that enabled a hacker to remotely access the master service interface and send funds from hot wallets, according to the company and sources. The breach forced a majority of U.S.-based crypto automated teller machine (ATM) operators to temporarily shut down. The hacker was able […]
During the past 11 days, over 7 billion USDC stablecoins have been withdrawn from circulation, with most of the redemptions occurring following the depegging event of USDC on March 11, 2023. Furthermore, since March 6, a total of 439.48 million BUSD stablecoins have been redeemed. Stablecoin Depegging Event Triggers Billions in Redemptions The stablecoin landscape […]
On Monday, the crypto economy experienced significant market activity with $183.85 billion in global trade volume over 24 hours, with a large portion of those trades involving stablecoins. USDC traded near parity with the U.S. dollar, and several stablecoins, including tether and BUSD, sold at premiums. Tether reached a high of $1.04 per unit and […]
On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement. CZ’s Decision to Convert $1 Billion BUSD Comes Amidst Troubles […]