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Negative news surrounding Binance, the world’s largest cryptocurrency exchange, has caused fear, uncertainty, and doubt in the cryptocurrency market. Recent developments suggest that Binance is fighting hard to survive amidst ongoing regulatory issues and is selling Bitcoin (BTC) to reduce selling pressure on its native coin BNB and keep its price up.
Bitcoin’s Rise Depends on Binance’s Shutdown, According to Analyst
The price of Binance’s utility coin BNB dropped below $210 on August 22, surpassing a loss of 15% since the beginning of the year. The crypto world is currently concerned that if BNB’s price continues to fall, Binance could collapse similar to FTX.
Amid growing concerns, the price of Bitcoin also dipped below $26,000, facing some selling pressure. Experienced crypto analyst Mike Alfred claimed that if Binance suspends withdrawals, Bitcoin will experience a strong upward rally, stating:
CZ is selling Bitcoin again in an attempt to maintain the value of BNB, but it’s not working. BNB is bleeding. I expect it to break below $200 within 48 hours after Binance suspends withdrawals. If that happens, we might even see a long green candle on Bitcoin’s price chart. It’s going to be fun.
Will BNB Fall Below $200?
BNB’s price started to recover from its lowest point of $205 yesterday. As of the time of writing, it is trading at $215.45 with a 3.08% increase in the last 24 hours. Alfred commented on the current outlook of BNB:
Strong BNB bounced from $204 to above $205, and the selling pressure on BTC magically decreased. CZ’s market makers aren’t doing a good job of masking this behavior. It’s quite obvious.
Other experts, like Peter Brandt, who has over 30 years of experience in financial markets, criticized Binance and BNB. He stated, “I’ve been saying for years that CZ and Binance are a global scam and that BNB is just a cheap fiat currency. Now, calmly watch everything unfold.”
Despite all the negative comments, Binance’s CEO CZ remains silent. Binance users and participants in the cryptocurrency market eagerly await CZ’s statement and any reassurances he may provide.
