X

Isabella from Virginia Beach

Signed up at Goat Casino 4 minutes ago.

» Try Goat Casino too
Do not show again

BNB has weakened nearly 20% since May 29, 2023, falling from $317.1 to a low of $253.9. The current price of BNB stands at $260, and for now, bears continue to control the price movement.

The major reason behind the current dip is the fact that Binance and its founder “CZ” have been sued by the SEC this week for operating an unregistered securities exchange.

But where is the price of BNB going next, and what can we expect from the upcoming weeks? Today, Stanko from Crypto Lists reviews will discuss BNB price estimates from a technical and fundamental analysis perspective.

Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

The US SEC pressure continues

BNB is the exchange token of the Binance crypto exchange that was launched on the Ethereum blockchain but later migrated to the Binance Smart Chain, now called BNB Chain. BNB has many other purposes within the Binance ecosystem and has been integrated into various applications and services.

The largest crypto exchange in the world was sued by the Securities and Exchange Commission (SEC) for allegedly breaching multiple securities laws this Tuesday. Both Binance and its founder/CEO Changpeng Zhao have been hit with 13 separate charges and have been accused of operating an unregistered securities exchange and “enriching themselves while placing investors’ assets at risk.”

Besides this, Binance has been investigated several times by the U.S. Securities and Exchange Commission this year, with C.Z. being hit with a $1 billion lawsuit two months ago for supposedly paying celebrities to endorse unregistered securities.

The U.S. Securities and Exchange Commission (SEC) has taken an increasingly aggressive stance towards the crypto sector, and it continues with efforts to bring crypto operators within the U.S. under the same regulatory framework that governs the sale of all sorts of securities — to treat cryptocurrencies much like stocks and bonds.

Rating: 9.5/10
Supply: 166,800,992 / 166,800,992
Release date: July 29, 2017

Description: Buy BNB from Binance today!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


More than $750 billion withdrawn from Binance

It is still uncertain what will come of the lawsuit, but the latest negative news scared investors and caused a massive sell-off where BNB dropped by almost 10% in one single day while the crypto’s total market cap lost roughly $50 billion in the same period.

More than $750 billion has been withdrawn from Binance in the hours following the announcement, but CEO Changpeng Zhao said that the system remains stable. The market is still digesting the news; more volatility can be expected, which makes it difficult to predict accurately what a coin’s price will be in a few hours and even harder to come up with a near-term target price.

It is also important to mention that there has been a significant drop off in the number of whale transactions, and when whales reduce their trading activity (transactions worth $100,000 and above), it usually indicates that they are losing confidence in the underlying coin’s short-term price prospects.

Whales diverting funds

If the whales continue to reallocate funds to other investments, the price of BNB could take an even bigger hit in the upcoming weeks.

Usually, during volatile events like crashes, there are a large number of investors who panic and sell off their coins, and according to many analysts, BNB might have a hard time holding above the current price levels.

At the same time, regional banking fears, tough Fed talk, and rhetoric over the debt ceiling from U.S. politicians will continue to have a major influence on the financial markets in the weeks ahead. There are currently too much important things that could easily go wrong, and a recommendation is that investors should continue to take a defensive investment approach.

Technical analysis for BNB

BNB has weakened from $305.2 to $253.9 since June 05, 2023, and the current price stands at $260. BNB might have a hard time holding above the $250 level in the upcoming days, and a break below this level would indicate that BNB could probably test the price level at $230.

Important support & resistance levels for BNB

What speaks for the rise in the BNB price

The upside potential for BNB probably remains limited for the weeks ahead; still, if the price advances above $280, the next target could be resistance at $300. Investors should continue to take a defensive investment approach as the macroeconomic landscape remains uncertain while the US SEC pressure continues.

What indicates the downfall of BNB

The price of BNB is currently trading above $260, but a break below the $250 level would indicate that BNB could probably test the price level at $230. The highly volatile nature of the cryptocurrencies may scare investors to sell BNB if some negative news happens that is connected with Binance and the Securities and Exchange Commission (SEC).

Binance and its founder “CZ” has been sued by the SEC this week for operating an unregistered securities exchange, and it is still uncertain what will come of the lawsuit.

What do analysts and experts say

The U.S. Securities and Exchange Commission sued Binance and CEO Changpeng Zhao this week, alleging the exchange engaged in multiple unregistered offerings; combined functions of brokers, dealers, and clearing agencies; and according to SEC, the largest crypto exchange in the world also didn’t keep Binance.US as separate from Binance as it claimed.

More than $750 billion has been withdrawn from Binance in the hours following the announcement that caused a massive sell-off where BNB dropped by almost 10% in one single day. However, CEO Changpeng Zhao said that the system remains stable, assets remain safe and secure with Binance.US, and deposits and withdrawals continue to function as normal.

U.S to fall behind?

The cryptocurrency market also remains under pressure, the price of Bitcoin hit this Tuesday levels below $26,000, and according to analysts, BNB might have a hard time holding above the current price levels. Binance is the world’s largest exchange, and every negative news that is connected with Binance is a major setback for the cryptosphere.

Markus Thielsen, head of research at Matrixport, said that the SEC enforcement is extremely negative for the crypto industry and could also exclude U.S. crypto users from being part of the innovation. However, here at Crypto Lists we believe this is a small obstacle, and that the US will have to act once the EU enacts MiCA next year in order to remain competitive.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
BNB Coin Newsflash
    BNB rallies through FUD - most active network in past 24hrsBNB rallies through FUD - most active network in past 24hrs
    Sunday, 18 Dec 2022 3:37 pm
    The BNB Network, most closely associated with the Binance exchange has been the most active blockchain this past day.This is despite glooomy rumors surrounding the company, and withdrawals of roughly $5bn. Ethereum and Polygon comprised the rest of the top three in terms of 24hr activity...
    Read the full newsflash


    No SEC complaints after BNB´s ChangesNo SEC complaints after BNB´s Changes
    Wednesday, 3 Aug 2022 12:33 am
    Binance CEO, ChangPeng Zhao, claims that the SEC probe on whether the BNB token is a security is just the commission asking questions. Yesterday, Binance US delisted a couple of cryptocurrencies that was cited as securities by SEC, writes...
    Read the full newsflash


    CZ from Binance Sue BloombergCZ from Binance Sue Bloomberg
    Sunday, 31 Jul 2022 11:49 am
    The CEO of Binance, Changpeng Zhao aka CZ, is suing Bloomberg Businessweek in the Hong Kong High court. CZ filed a lawsuit for defamation citing the media company's report published on July 6. The content of the publication included false and unproven criminal charges. The Binance CEO confirmed the legitimacy of the publication titled Changpeng Zhao’s Ponzi Scheme from Watcher Guru. The defamation lawsuit also highlights that this recent publication is the 250th issue by Bloomberg Businessweek on CZ along with social media posts on Twitter and Facebook. The Bloomberg Businessweek is under the Modern Media Company. CZ highlighted that the publication from such an influential medium is spreading hate a...
    Read the full newsflash


    Red day for crypto - BNB falling 11% & ETH is down 9%Red day for crypto - BNB falling 11% & ETH is down 9%
    Tuesday, 7 Jun 2022 2:50 pm
    Crypto Lists notice mostly red numbers for crypto coins and tokens. Some of the most remarkable volatility include BNB falling 10.51%, while ETH is down 9.5% and Solana is falling 14.5%. S&P 500 is falling 0.8% in the pre-market trading and Nasdaq is down 1.2%. Will both markets turn when U.S open, or will it continue down? Stay tuned to find out and give Kucoin a try - where you can...
    Read the full newsflash


    Binance Network Makes a Push in IndiaBinance Network Makes a Push in India
    Wednesday, 4 May 2022 5:00 pm
    Binance (see review) has started an initiative in India to educate and empower crypto investors. The company aims to primarily target students and hopes to promote financial freedom through the adoption of crypto, at least BNB. One of these programs is known as the Blockchain for Good Ideathon, and this is focused on solving problems using blockchain technology. In the program, students can attend hands-on workshops that are hosted by experts from Binance blockchain and other reputable individuals. Have you not tried Binance yet? It's one of the top sites, so give Binance a try now!...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top