Binance Witnesses Over $100M USDT Outflow Amid FUD
Binance, one of the leading cryptocurrency exchanges, experienced a significant outflow of over $100 million in Tether (USDT) as Fear, Uncertainty, and Doubt (FUD) spread across the market. This sizable withdrawal, the highest in the past three months, has raised concerns and added to the recent challenges faced by the exchange.
Impact on BNB Value and Trading Volume
The value of Binance Coin (BNB) plummeted by over 10% following the announcement of CEO ChangPeng Zhao’s departure. Struggling to recover, BNB is currently trading around $233. The Relative Strength Index (RSI) indicates a bearish trend, reflecting the uncertainty surrounding BNB’s performance. However, despite the drop in value, a recent peak in trade volume exceeding $2 billion suggests some level of stabilization in the market.
Binance Maintains Leadership in Daily Transactions
Despite the recent challenges and FUD surrounding the departure of its CEO, Binance continues to maintain its leadership position in terms of daily transactions. The 24-hour trading volume on Binance exceeds an impressive $11.7 billion, significantly surpassing its closest competitor, Coinbase.
Binance Smart Chain’s Resilience
Despite market fluctuations, Binance Smart Chain’s Total Value Locked (TVL) has remained relatively stable, currently standing at about $3 billion. This resilience in TVL suggests a robust value for BNB and sustained exchange activity on the Binance platform, even in the face of market uncertainties.
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