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Binance Coin (BNB) And Hex (HEX) Turn Red ‒ Should You Buy Them?

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Binance Coin (BNB) And Hex (HEX) Turn Red ‒ Should You Buy Them?

The fall of FTX rattled the cryptocurrency market, which lost billions of dollars and fell below $1 trillion.

Binance Coin (BNB) tokens were affected by the FTX collapse, causing a major price decline in the last few days. Hex (HEX) is swimming in red lines after the SEC issued a subpoena on influencers advertising the coin.

Compare this with The Hideaways (HDWY) which is super bullish throughout its presale.

FTX Hacker Swaps Binance Coins Into ETH And BUSD

The exploiter behind the FTX network’s recent attacks changed around $7.4 million BNB tokens into Ethereum (ETH) and Binance USD (BUSD). The BNB and BUSD coins are the foundation of BNB Chain, a blockchain network closely associated with the Binance cryptocurrency exchange.

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10,000 BNB tokens were exchanged into 2,000 ETH, valued at more than $2.4 million at the present rate, while 19,714 BNB was exchanged into $5 million in BUSD in different transactions.

It is unclear why the attacker is converting the stolen funds and converting them to ETH and BUSD. Authorities haven’t identified the hack.

But experts are keen this is another ploy to break into other networks, particularly the Binance network.

SEC Slams Influencers: “Stop Promoting Hex!”

Things appear to be difficult for Hex (HEX). This week, the HEX price has dropped 7.65%. As a result, the current HEX trading price has fallen to $0.0285, far from its monthly high of $0.0491.

This is partly because the SEC issued a subpoena on influencers to stop promoting HEX.

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The SEC slammed influencers and celebrities who promoted dangerous cryptos without revealing that they were compensated for doing so. For example, Kim Kardashian was fined $1.26 million last month for advertising Ethereum Max.

It’s safe to say that you shouldn’t get involved in risky cryptocurrencies like HEX to avoid getting tangled with the SEC.

Looking For A Safe Investment? Try The Hideaways!

Forget about Binance Coin (BNB) and Hex (HEX)! Focus your attention on a fresh crypto project with more promising benefits.

The Hideaways (HDWY) can make you a luxury property owner with a starting investment of only $100! If you buy HDWY, the native token of the network, for its presale price: of $0.072, you won’t have to spend much!

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But Why Should You Invest In The Hideaways?

  • The Hideaway’s liquidity is locked for 999 years, securing a bullish run.
  • The project isn’t fully launched, so your investment could grow more after its presale!
  • Experts predict that HDWY tokens will reach $1 in 2023.
  • Improve your ROI without dealing with complicated processes!
  • Enjoy exclusive benefits by being a member of Club Hideaways.

As an HDWY owner, you won’t have to worry about scams and crypto frauds. The project is authenticated by SolidProof, auditing HDWY smart contracts to ensure there’s no chance of getting hacked.

Start your crypto journey by investing in a token that won’t fail you. Choose HDWY!

Website: https://www.thehideaways.io/

Presale: https://ticket.thehideaways.io/register

Telegram: https://t.me/thehideawayscrypto

Twitter: https://twitter.com/hdwycrypto

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Binance

Binance Market Share Allegedly Hits 77%; Criticism Grows As Even Jack Dorsey Speaks Out

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Binance Market Share Allegedly Hits 77%; Criticism Grows As Even Jack Dorsey Speaks Out

It is no secret that Binance benefits from FTX’s insolvency. After the second largest exchange in the world went belly up, other exchanges had to divide FTX’s market share among themselves.

And that Binance is one of the biggest winners now seems to be confirmed by recent data. The Block claims that Binance now has a 75% market share on the spot market, 8.5 times more than the second Coinbase.

🚨Binance now represents 75% of all exchange volume, and almost 8.5x that of the second (Coinbase)

Good or bad for the ecosystem? pic.twitter.com/ykPisGn3W2

— Mario Nawfal (@MarioNawfal) November 30, 2022

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Other Data Providers Do Not Agree

The chart is based on CryptoCompare data and shows that total volume for the month was $642.7 billion. Binance’s share of the yet-to-be-completed month of November reportedly equates to $481.7 billion.

However, there are discrepancies with other data providers. Their data doesn’t find a massive dominance by Binance.

Coinmarketcap, which was acquired by Binance in April 2020, shows that the exchange currently has $12.5 billion in daily trading volume. It is followed by Coinbase Exchange with $1.5 billion dollars, Kraken with $626 million and KuCoin with $495 million.

With a total volume of $44.985 billion over the past 24 hours, this only calculates to a much healthier 27.8% market share for Binance.

CoinGecko, on the other hand, tracks 544 crypto exchanges with a total 24-hour trading volume of $59.5 billion. Binance’s market share is actually only 21.7% based on this figure. However, both data providers only provide daily volumes and thus not a complete picture.

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Binance Is In The Crosshair Due To Other Reasons

Regardless of the discussion about Binance’s market supremacy, the exchange is in the crosshair of critics due to other reasons. One of the harshest critics is Bitcoin analyst Dylan LeClair.

As he notes, BNB has made 9x in two months during the bull run with barely a retrace, 10x versus BTC since 2021. “Must be a new paradigm,” LeClair wrote and shared the following chart.

Source. Twitter

The analyst drew comparisons to FTX and commented ironically; “I’m sure it was retail that sent BNB 10x in two months. Same with FTT, right?”, and shared a chart of FTT and BNB with a similar price trend.

“It definitely wasn’t the exchange operator with an incentive to drive up the price of their own token to create a feedback loop of attention, hype, and more users…. Definitely not,” LeClair further commented.

He argues that the outperformance against “everything” is significant, and one should wonder what the reason is.

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Who is supporting this market (we know), and do they have infinite money? […] Think of some alts that outperformed this bull run? SOL (Alameda leverage and fraud), AVAX (3AC), LUNA (perpetual motion machine), etc.

To support his conjecture, LeClair also looked at the volume side profile for BNB/BTC spot market and BNB/USDT perpetual swaps (leverage) on Binance. He found a striking disparity.

Source Twitter

While Binance CEO Changpeng Zhao (CZ) said the exchange never uses leverage, users are encouraged to do so by means of various offers on Binance, according to the claim.

Also, CZ reiterated after the FTX collapse that Binance has never used its BNB token as collateral and has never taken on debt. LeClair only commented, “CZ my man, I really hope you’re telling the truth.”

Jack Dorsey And Others Also Express Criticism

Remarkably, Twitter co-founder and former CEO Jack Dorsey took a stand on the matter, commenting: “All made up.” Dorsey is known as a Bitcoin proponent, but his statement is vague.

His only other comment on the subject was a response to “Bitcoin, not shitcoin” with “yes,” leaving the community in the dark as to whether he supports LeClair’s theses.

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All made up

— jack (@jack) November 29, 2022

Renowned on-chain analyst Willy Woo also expressed cautious criticism of Binance, specifically on its Secure Asset Fund for Users (SAFU):

SAFU is misleading marketing. It was boosted to “$1 billion,” but if you look at it closely and factor out the correlated impact of BNB and to a lesser extent BTC, the fund is really only good for 0.5% of the $68 billion in assets on Binance. This is not hate, it is informing the public.

At press time, BNB was down 0.9%, while BTC experienced a small surge and posted a daily gain of 2.5%.

BNB trading at $300.70, 4-hour-chart. Source. TradingView

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Binance Coin

Binance Coin (BNB) Bulls And Bears Tussle $290; Here Is What To Expect

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Binance Coin (BNB) Bulls And Bears Tussle $290; Here Is What To Expect

  • BNB’s price struggles as price hold above $290 to maintain the bullish sentiment
  • BNB’s price remains strong as bulls dominate the market; the price fails to break and close above $320 with so much uncertainty in the market
  • BNB’s price trades below get the 200 Exponential Moving Average as the price continues in bearish movement (EMA)

The price action displayed by Binance Coin (BNB) has been a show to watch, outperforming the likes of Ethereum (ETH) and Bitcoin (BTC) in recent times.

In the high timeframe, the price of Binance Coin (BNB) looks strong, with a probable result of an uptrend movement if the market remains optimistic. 

Despite the relief bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to act as a catalyst for the market to bottom out.

The Domino effect of the FTX saga and other large investors has stalled the market, as it has yet to make a significant move, raising concerns about the market’s direction. (Data from Binance)

Binance Coin (BNB) Price Analysis On The Weekly Chart

Despite the relief bounce across the market, with the price of BNB rallying from a weekly low of $260 to a high of $310, the crypto market remains uncertain and turbulent, affecting the price of BNB. Many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

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With so much news of a capitulation imminent for all crypto assets coupled with the FTX and other crypto projects suffering from bankruptcy, the bottom could be in soon.

BNB’s price had a weekly close below a crucial area of $350 after showing so much strength rallying from a weekly low of $260 to a high of $310 as the price was unable to break above $350. 

After BNB’s price declined from a high of $390 to a region of $260, the price has struggled to regain such strength with more speculation of price retesting the region of $200.

Weekly resistance for the price of BNB – $350.

Weekly support for the price of BNB – $260.

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Price Analysis Of BNB On The Daily (1D) Chart

Daily BNB Price Chart | Source: BNBUSDT On Tradingview.com

The price of BNB remains considerably strong in the daily timeframe after closing below $290. With BNB’s price unable to break and close above $350, there are growing chances of price retesting the regions of $200 if the market persists in this state.

BNB’s price currently trades at $293 below 200 EMA, acting as resistance for the price of BNB from trading higher. The price of BNB needs to break above $350 for the price of BNB to kickstart the price recovery plan.

Daily resistance for the BNB price – $350.

Daily support for the BNB price – $290.

Featured Image From zipmex, Charts From Tradingview 
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Binance Coin

Binance Coin (BNB) Bulls And Bears Tussle At $290; Here Is What To Expect

Published

on

Binance Coin (BNB) Bulls And Bears Tussle At $290; Here Is What To Expect

  • BNB’s price struggles as price hold above $290 to maintain the bullish sentiment
  • BNB’s price remains strong as bulls dominate the market; the price fails to break and close above $320 with so much uncertainty in the market
  • BNB’s price trades below get the 200 Exponential Moving Average as the price continues in bearish movement (EMA)

The price action displayed by Binance Coin (BNB) has been a show to watch, outperforming the likes of Ethereum (ETH) and Bitcoin (BTC) in recent times.

In the high timeframe, the price of Binance Coin (BNB) looks strong, with a probable result of an uptrend movement if the market remains optimistic. 

Despite the relief bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to act as a catalyst for the market to bottom out.

The Domino effect of the FTX saga and other large investors has stalled the market, as it has yet to make a significant move, raising concerns about the market’s direction. (Data from Binance)

Binance Coin (BNB) Price Analysis On The Weekly Chart

Despite the relief bounce across the market, with the price of BNB rallying from a weekly low of $260 to a high of $310, the crypto market remains uncertain and turbulent, affecting the price of BNB. Many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

Advertisement

With so much news of a capitulation imminent for all crypto assets coupled with the FTX and other crypto projects suffering from bankruptcy, the bottom could be in soon.

BNB’s price had a weekly close below a crucial area of $350 after showing so much strength rallying from a weekly low of $260 to a high of $310 as the price was unable to break above $350. 

After BNB’s price declined from a high of $390 to a region of $260, the price has struggled to regain such strength with more speculation of price retesting the region of $200.

Weekly resistance for the price of BNB – $350.

Weekly support for the price of BNB – $260.

Advertisement

Price Analysis Of BNB On The Daily (1D) Chart

Daily BNB Price Chart | Source: BNBUSDT On Tradingview.com

The price of BNB remains considerably strong in the daily timeframe after closing below $290. With BNB’s price unable to break and close above $350, there are growing chances of price retesting the regions of $200 if the market persists in this state.

BNB’s price currently trades at $293 below 200 EMA, acting as resistance for the price of BNB from trading higher. The price of BNB needs to break above $350 for the price of BNB to kickstart the price recovery plan.

Daily resistance for the BNB price – $350.

Daily support for the BNB price – $290.

Featured Image From zipmex, Charts From Tradingview 
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