BNB token has fallen in the face of negative press surrounding Binance.
BNB Token Price Dives Toward $200
The BNB token price has fallen over 17% in the past week, plummeting to its lowest mark since June 2022. The price of BNB token dipped to $221 but has since recovered above $230 to $236, according to CoinMarketCap.
BNB token has performed poorly in comparison to other major coins and tokens in recent weeks. Bitcoin has been positive over the last 3o-days at 0.1%, while Ethereum is down 3%. Compare that to BNB, down 13% in the last 30-days.
Binance has faced a spattering of negative press in recent weeks. The latest negative token price action comes behind doubts regarding Binance’s Proof of Reserves and a recent influx of withdrawals.
“We passed this extreme stress test because we run a very simple business model – hold assets in custody and generate revenue from transaction fees,” a Binance spokesperson told CNBC in a Dec. 16 statement.
The world’s largest cryptocurrency exchange has also faced questions this week about its ability to potentially repay over $2 billion tied into the FTX Collapse. As an early investor in FTX, Binance exited its equity position last year, but now that decision is in the crosshairs.
BNB token has yet to dip below $200 in the latest run down. The token’s lowest price in the last year was $184.54 in June 2022. It is also down over 50% from its 1-year high of $571.55.
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Website | Twitter | Discord | Telegram |
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.