Binance Coin (BNB), the utility token of the Binance crypto exchange, last traded on Tuesday with a loss of around 3% and has fallen nearly 6% over the past 24 hours.
BNB/USD recently traded around $280 to $268 over the weekend, but has recovered more than 5% from intraday lows near $253.
For now, BNB is above support in the $250 area, which has been holding since the summer. But just over a month after the sudden demise of Binance’s former rival FTX, BNB’s price forecast has become more pessimistic as fear, uncertainty and doubt (FUD) spread over the exchange’s solvency. has become
Traders withdraw funds from Binance amid solvency concerns
Over the past few days, the cryptocurrency market has become increasingly concerned about Binance’s solvency following the release of the ‘Proof of Reserve’.
A report released last week was audited by Mazars and claimed that Binance’s BTC reserves were overcollateralized, but crypto analysts and experts criticized the report for lacking information. .
Meanwhile, concerns about Binance were exacerbated this week by reports that US prosecutors are considering money laundering charges against Binance and its executives, including exchange CEO Changpeng “CZ” Zhao.
Withdrawals from Binance have surged this week.according to data From Nansen early Tuesday, 24-hour withdrawals across all chains surpassed $1.8 billion. Many prominent cryptocurrency influencers are asking their followers to withdraw funds from exchanges.
Editor’s note: USDC withdrawals were temporarily frozen on Tuesday, adding to the scare.However, as of 4:54 PM UTC, withdrawals are resumed.
Binance CEO Changpeng Zhao’s reaction? “Ignore the FUD. Keep building!”.
Price Prediction – Is BNB headed for recovery?
According to several other crypto analysts, Binance’s recent withdrawal execution is the largest since the FTX collapse more than a month ago (as a result, crypto investors are generally ), the size of the withdrawal is not. Worried, not yet. Because according to Nansen, Binance assets he has over $64.85 billion.
If withdrawals start hitting tens of billions of dollars, we may soon be able to talk about bankruptcy on Binance. If Binance can weather the storm over the next few days and continue processing withdrawals without major issues, the FUD will probably fade soon. Traders may see BNB as cheap again compared to other cryptocurrencies in light of its recent decline.
Bulls are encouraged by crypto finding support in the $250 territory and want to target a pushback north of the 200-day MA at $278, assuming FUD eases A macro tailwind may also help cryptocurrencies this week. US CPI data are on the horizon, and analysts predict that downside surprises could push risky assets higher as Fed tightening expectations fade. This could help BNB recover in line with the broader crypto market.
Similarly, if Binance exchange outflow continues, US inflation data picks up, and Wednesday’s Fed meeting is deemed more hawkish than originally expected, BNB will return to $250 There is a possibility. A break below this key support area could lead to a drop towards annual lows below $200.
Altcoins that offer faster returns
Cryptocurrencies have been trading flat in recent weeks and some traders have started looking for more viable alternatives in the short term. Listed below are some of the major pre-sales in the market. , and investors can enter the first floor.
Dash 2 Trade (D2T) – Presale Enters Final Stage
For those interested in investing in promising cryptocurrency trading platform startups, look no further than Dash 2Trade. The up-and-coming analytics and social trading platform hopes to dominate the cryptocurrency trading space with a host of unique features.
These include trading signals, social sentiment and on-chain indicators, pre-sale token scoring system, token list alert system, and strategy backtesting tools. Dash2Trade’s ecosystem will be powered by his D2T tokens, which users must purchase and hold to access the platform’s functionality.
Dash 2 Trade is currently holding a pre-sale of tokens at heavily discounted rates, with recent sales exceeding $9.6 million. The pre-sale dashboard will be released soon and the development team is currently working ahead of schedule. Tokens are currently priced at $0.0533 each.
Dash 2 trade here
Calvaria (RIA) – Final Presale Stage
Major blockchain-based games like Axie Infinity have lost a lot of momentum in 2022. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost adoption of cryptocurrencies by bridging the gap between the real world and cryptocurrencies. This is a fun and accessible virtual currency game.
Investors should consider pre-selling Calvaria’s RIA tokens. Calvaria currently has raised $2.425 million, and last week crypto his whale earned him $97,500 on his one purchase. The pre-sale is in its final stages, with only 22% of tokens remaining.
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Robot age (bread)
RobotEra (TARO) is a sandbox-style metaverse that allows gamers to play as robots and participate in the creation of virtual worlds containing NFT-based land, buildings, and other in-game items. With an alpha release scheduled for the first quarter of next year, he also plans to allow players to link with other metaverses in the process of creating a multiverse where his NFTs from different platforms can interoperate. increase.
1 TARO is currently priced at 0.020 USDT (can be purchased using USDT or ETH), but this price will increase to $0.025 in the second stage of the presale. The project has raised more than $534,000 in the first few weeks of its presale.
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