ChatGPT Predicts BNB’s Price Range
ChatGPT predicts that BNB will reach the price range of $50-$100 towards the end of 2023 even as more regulatory hurdles arise.
Binance’s Ongoing Legal Troubles
Binance (BNB), the largest cryptocurrency exchange, has been plagued by negative news for the last few days.
- In its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), the exchange recently called the regulator’s motion for more details “unreasonable,” “unduly burdensome, and “freewheeling.”
- Then, it emerged that Binance’s U.S. CEO Brian Shroder resigned as the exchange was laying off one-third of its workforce.
- The largest crypto exchange is battling the regulators not only in the U.S. but in other countries too.
Regulatory Scrutiny Around the World
In Nigeria, a leading trade association urged the national government to ban the activities of Binance. Meanwhile, the exchange secured a license to operate in El Salvador, becoming the first fully licensed crypto exchange in the country.
Binance is under regulatory scrutiny across several countries in Europe as well:
- Germany’s financial regulator rejected Binance’s request for a crypto custody license.
- The exchange withdrew its request for regulatory approval in Austria.
- It also gave up its registration with regulatory bodies in the United Kingdom and Cyprus.
- The exchange opted to quit the Netherlands after failing to register there.
- Belgium also ordered the exchange to suspend its operations in the country.
- The French authorities are also reportedly investigating the exchange on “aggravated money laundering” charges.
Legal Troubles and Ripple’s Impact on BNB
It all began when the U.S. SEC sued the exchange in early June for allegedly violating federal securities laws. TradingView shows a surge in aggregated sell orders of about 125,000 BNB worth $37 million just before the U.S. SEC’s crackdown on the exchange, leading to speculations of insider trading.
In another development, the U.S. Department of Justice (DOJ) is reportedly contemplating the possibility of bringing fraud charges against cryptocurrency exchange Binance. Officials at the DoJ are concerned about the potential harm to consumers.
In March, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit accusing the exchange and its founder Changpeng Zhao “CZ” of violating local compliance rules to expand its business.
Earlier, BNB’s price rose barely 7% after Ripple [XRP] secured a partial victory in its legal battle with the SEC in mid-July. But it hasn’t led to a significant price rally.
ChatGPT’s Insights
The future course for Binance and its native token is shrouded in uncertainty. ChatGPT speculates that Binance might consider adjusting its operational strategies in the face of a regulatory storm in the U.S. However, the final outcome is uncertain.
Apart from regulatory concerns, the ecosystem’s blockchain, BNB Chain, has faced numerous DeFi hacks. ChatGPT says these hacks are ‘definitely a cause for concern’ and advises developers to prioritize security to prevent potential damage to the BNB coin’s value.
ChatGPT continues to use ‘BSC Chain’ instead of ‘BNB Chain’ due to its knowledge cutoff date of September 2021.
Will BNB Coin survive the regulatory storm? ChatGPT predicts a price range of $50-$100 by the end of 2023.
Expert Opinion
We also reached out to Marius Grigoras, Chief Executive Officer at BHero, who believes in the resilience of BNB despite the regulatory challenges.
BNB’s Price Analysis
BNB has experienced significant fluctuations due to regulatory issues, with a recent price of $212.6. Its on-chart metrics suggest potential price fluctuations in the short run.
Conclusion
While BNB’s on-chart metrics point towards a potential price rally in the short run, ChatGPT predicts a price range of $50-$100 by the end of 2023. It’s important to note that these indicators can change rapidly, so consulting real-world experts is essential for informed decisions in the crypto market.
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