The BNB price has fallen in recent days. While other altcoins moved sideways or even slightly up, Binance Coin (BNB) saw a slight decline. This is creating concern at a time when investors are worried about the stability of crypto exchanges. What was the reason for the BNB price drop and can the drop become dangerous?
In this article, we want to discuss the latest BNB price failure and see if a danger to Binance can be interpreted here.
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How has the price of BNB moved in recent days?
The BNB price has performed relatively well in recent weeks compared to other cryptocurrencies. During the FTX crash, BNB was even able to raise its price for a short time. However, in the past 2 days, the price experienced a stronger decline and fell back below the $260 level.
BNB has long stabilized around the $285 level and moved sideways over the past week. However, 2 days ago a slight decline started. Yesterday saw a steeper price drop below the $280 mark. Today, Tuesday, December 13, 2022, the price crashed, even briefly dropping below $260.
In the past few hours, the price was able to recover and moved back above the $270 mark due to the rising Bitcoin price.
What Triggered the BNB Price Drop?
Binance Coin (BNB) is a popular cryptocurrency in recent years. In the 2020/2021 bull market, BNB saw massive gains in value. In the bear market of 2022, the price fell sharply, but held up better than many other cryptocurrencies. This is mainly due to the constant influx of new users on the Binance crypto exchange, who will use BNB in the future.
However, in recent days it has emerged that US authorities have launched a criminal investigation into the world’s largest crypto exchange. It is said to be money laundering and circumvention of sanctions against Iran. Ultimately, however, no final decision was made on whether to press charges.
Can an indictment trigger a price crash at Binance?
This news seems very negative at first glance. Yet, we must note that large corporations often have to deal with such menacing accusations. Precisely because of Binance’s decision to operate outside of state structures, it makes itself a target for the authorities.
At this time, it seems unlikely that there will be any fees. For one, an anonymous insider source reported. It could also just be spreading a rumour. Also, it is questionable to what extent U.S. authorities would actually have jurisdiction over Binance unless gross violations or criminal offenses are involved.
Which direction is BNB price heading now?
In the past few hours, we have seen a recovery again. This means that a trend reversal could be imminent. Moreover, the losses in the past few days were not so great that panic broke out in the market.
If the price of Bitcoin continues to rise in the coming days, the price of BNB would likely continue to rise and could even climb back above $300. Then it could also happen that the indictment does not come to anything, which should rather build trust in the platform. A new price increase would be quite possible.
Is an investment in BNB worth it?
BNB brings a number of benefits to Binance users. So if you’re using Binance, then investing in BNB makes sense, especially since the price could rise even more strongly in 2023. A bullish phase could occur in the coming months.
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