The Binance token (BNB) came close to giving us good news, however it seems that their luck has changed. Thus, Binance moves away from its all-time high.
In recent weeks, much of the crypto ecosystem has been struggling, save for a few altcoins. Which seem to have taken advantage of the moment of inflection in the market to improve their figures.
Although, for a few days, Binance Coin was one of the few altcoins to perform well in the market, it failed to maintain that good pace. Therefore, the chart of the day is about the Binance BNB token, as we will analyze its sudden fall in the market.
Binance loses ground despite its good performance at the beginning of the week
In the early hours of Monday, Binance’s BNB Token broke the psychological barrier of $ 30. Analysts were optimistic that BNB could push the all-time high zone, but it all collapsed, at least in the short term.
This bullish momentum was, in part, caused by the announcement that Binance is entering the DeFi space. As well as by the CEO of Binance motivating Ethereum-based projects to join the new Binance Smart Chain platform.
However, that news was not enough to counter what was coming, and market expectations for BNB were completely buried in the blink of an eye.
Now, analyzing the 14-day chart of Binance Coin shows a free fall in its price, in the last 24 hours.
Binance seems to be losing its luck because of 9 million dollars
At the time of writing, important news for the future performance of Binance Coin came to light. Well, the Japanese cryptocurrency exchange Fisco filed a lawsuit against Binance for its alleged participation in the laundering of $ 9 million stolen from the Zaif hack in 2018.
This was filed through a 33-page claim in the Northern District Court of California on Monday, September 14. Fisco believes that the hackers managed to convert the stolen coins into other assets and collect on Binance due to the platform’s lax KYC (Know Your Customer) policies.
The news could have served as a trigger for the currency’s downward correction from overbought territory. Now at the time of writing, the price of BNB is hovering around $ 27.93 USD. According to figures from CoinMarketCap.