BNB price dips following a huge transfer of about 63,340 BNB tokens from an unknown wallet to Binance. The negative price reaction also comes amid the legal battle with the Securities and Exchange Commission (SEC).
In a recent report by Whale Alert – an advanced blockchain and analytics platform, an unknown whale made the transfer about 4 hours ago from press time. The effect of this transfer made the price drop as low as $222 at the time of writing.
Besides this, BNB is also affected by the ongoing legal tussle between Binance, its CEO, and the Securities and Exchange Commission. Recall that the SEC classified BNB and the Binance-associated stablecoin BUSD as unregistered securities, but the company already refuted the claims.
Furthermore, many believed that the Binance case would get more heated if the US Department of Justice investigated and prosecuted criminally owing to SEC fraud claims.
Even though Binance has repeatedly reassured its users that the exchange continues to function without interruption in the face of the challenges, trust and speculations are still shaken.
Binance has also pointed out in its statements that it operates within the law and on the principle of legal compliance and transparency in terms of customer funds.
This afternoon, the SEC filed a motion seeking a TRO and preliminary injunction against https://t.co/AZwoBOgsqS attempting to, amongst other things, freeze https://t.co/AZwoBOgsqS corporate assets. User assets remain safe and secure and the platform continues to be fully…
BNB will be liquidated when it hits a price of around $219.32, which is equal to $200 million of BNB sold on the market, according to DefiLlama’s (a DeFi TVL aggregator) estimations. It is just a few steps away from the liquidation barrier at the present price.
Source: Defillama
Per this report, once over 200 million worth of BNB is in circulation, it will cause an even more downward trend in the price of the token. This can in turn cause panic within the whole community.
BNB price today
BNB price dips today to $222 according to live data from CoinMarketCap. Furthermore, the data shows that the price is down 4.99% in the last 24 hours. What’s more, BNB is still one of the top cryptocurrencies in the market as it is ranked #4 on the CoinMarketCap chart with a live market cap of $35,097,432,427.
Special Offer (SPONSORED)
Binance Free $200 (Exclusive): Use this link to register and receive $200 free trading fee credit (terms).
"3Commas Trading Bot" Special Offer: Use this link to Sign up with 3Commas and get 10% off your first monthly subscription.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
COMMENTS