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Binance Coin has dropped by more than 5% in the last 24 hours, continuing its downturn that began on August 16. Is it becoming a market follower again, or is there a critical point in the way that could cause it to rebound?
Meanwhile, Chimpzee is a green crypto that has captured the community’s interest.
Binance Coin drops by 5% in 24 Hours
Binance Coin has dropped by 5% in the last 24 hours, with the candle chart showing multiple reds forming for three consecutive days.
At 5:07 am EST, the token traded around the $219 mark. The daily price drop has dipped Binance Coin’s market capitalization to $33.6 billion. However, there has been a 74% increase in the token’s daily trading volume, currently at $868 million.
Why is the Binance Coin Dropping?
Binance has been on the receiving end of the regulatory blowback since Q2 of 2023. It is facing court cases from the US Securities and Exchange Commission and the Commodity Futures Trading Commission, both have alleged that it has operated on US soil without any license.
However, these events haven’t had a significant negative impact on the BNB coin price, as the community is also not with the current way the regulatory bodies have been tackling the issue of crypto regulations. That said, other multiple news have resurfaced that could fuel BNB’s current downtrend.
Bitcoin Dropping to $26k
Bitcoin’s recent drop has also impacted Binance Coin. After struggling to keep its head above the $29k level, the world’s biggest crypto has dropped to $26k.
Multiple red candles have formed for Bitcoin, driving it to its two-month low. It has triggered a more significant downturn causing most major cryptocurrencies to suffer.
Delisting Three Tokens From Binance
In a blog post on August 16, 2023, Binance announced that it would delist SRM, SNM, and YFII.
“We periodically review each digital asset we list to ensure that it continues to meet the high standard we expect. When a coin or token no longer meets this standard or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.” the statement said.
“Based on our most recent reviews, we have decided to delist and cease trading on all trading pairs for Sonm, Serum, and DFI.Money on 2023-08-22 03:00 (UTC)”
This news could have been responsible for Binance’s recent plight, just as it has done with the three tokens.
Serum dropped by 17% following this news, Sonm experienced a 13% downtrend, and DFI. Money has fallen by 12%.
BNB Hack
Another reason for the current downturn in the Binance coin could be the BNB bridge hack.
Colin Wu has reported that the BNB bridge hacker has triggered a partial liquidation of the Venus position, which has led to a loss of $5.5 million. This move has raised concerns related to the DeFi ecosystem, which has faced multiple cyberattacks since the beginning of 2023.
Binance Coin Price Analysis
Binance Coin has followed the trend of Bitcoin since its fall, which has resulted in it forming red candles over the last three days.
The token’s RSI has reached a critical point in the undervalued zone, which means a bounce is imminent. However, when and how far it pushes Binance Coin will depend on Bitcoin’s performance since it is the primary reason behind the current downturn.
Binance Coin Alternative – Chimpzee
The current market trend has sapped the crypto community’s confidence, making crypto presales better investment options.
Chimpzee is a green crypto project featuring multiple “earn” mechanics that allows users to generate passive income and protect the environment simultaneously. These mechanics are:
- Shop to Earn
- Play to Earn
- Trade to Earn
The devs behind Chimpzee are staunch environmentalists and have already planted 1200 trees in Brazil, donated $15000 to save Elephants, and planted 20,000 trees in Guatemala. The token’s new mission is to burn 1 billion more tokens and raise money to protect Australian Rainforest.
Due to its eco-friendly fundamentals, Chimpzee has already raised more than $1.2 million since its launch. AItis available at a discount price of $0.00085. at press time
The same fundamentals can potentially fuel its price to go 10x once it lands on cryptocurrency exchanges. Those looking to invest in Chimpzee can go to chimpzee.io.
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