Binance Token Ends Loss Streak Fueled by Crypto Exchange Concerns
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Binance Token Gains Plug The Losing Trend
The price of Binance Coin, also known as BNB, has increased by around 4% during the last two days, snapping a losing trend that had lasted until Saturday for the longest time since October. Over Sunday and Monday, the price of Bitcoin and a measure of the top 100 tokens remained stable.
BNB might be seen as a gauge of opinion on Binance. Following the bankruptcy of competitor exchange FTX and accusations of fraud against FTX's founder Sam Bankman-Fried, the platform experienced US$6 billion (RM26.54 billion) in net withdrawals over three days last week due to a broad loss of faith in cryptocurrencies.
Fluctuations in BNB Value
A Binance representative declined to comment on fluctuations in the value of BNB while maintaining that the exchange completed a stress test by processing recent withdrawals, which should provide exceptional assurance that funds are secure.
The word FUD, which stands for fear, uncertainty, and doubt, was used by Cici Lu, CEO of cryptocurrency consulting firm Venn Link Partners, to describe the recent attention given to Binance. According to statistics from CryptoQuant, on Sunday, there was a net inflow of 338 bitcoins to Binance. It was down from a cumulative net daily efflux of over 40,000 on December 13. In contrast to a net departure of more than 278,000 tokens last Tuesday, ether net outflows on Sunday decreased to 1,183 tokens.