BNB Price Crash To $5 Unlikely Despite Binance Critic’s Dire Predictions

Name	Symbol	Market	Market Cap ($)	Algorithm
Mina	MINAUSD	Crypto	551,493,365	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Mina

MINAUSD

Crypto

551,493,365

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.522	0.522	0.523

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.522

0.523

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.525	0.517	0.523	0.522	0.349000 - 1.73

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.525

0.517

0.523

0.522

0.349000 - 1.73

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:10:55	12.22	0.524	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:10:55

12.22

0.524

USD

Price x Volume	Volume	Base Symbol	Related Pairs
106,731.37	204,591.82	MINA	MINAEUR	MINAGBP	MINABTC

Price x Volume

Volume

Base Symbol

Related Pairs

106,731.37

204,591.82

BNB Price Crash To $5 Unlikely Despite Binance Critic’s Dire Predictions

23/11/2023 12:00am

NEWSBTC

A Binance critic, “Whale Wire,” on X, who also claims to be a crypto whale, has issued a bold prediction that BNB, the native currency of the BNB Chain and which is used to incentivize trading activity on Binance, could plunge 95% to under $5 in the coming months. Regarding Binance agreeing to pay $4 billion in fines related to legal settlements with U.S. regulators, Whale Wire argued that tighter oversight will supposedly “destroy Binance’s entire business model.” He further contended bankruptcy could be imminent as the effects of the BNB lead to a contagion. Will The BNB Price Flash Crash? However, while increasing regulatory oversight, wind-downs, and decreased risk tolerance among traders have impacted volumes, Binance remains the world’s largest crypto exchange by client count and still facilitates the most trading globally by a wide margin as of writing on November 22. Related Reading: Has Bitcoin Reached “Euphoria” Yet? What On-Chain Data Says For context and pulling data from CoinMarketCap (CMC), Binance continues to dominate spot crypto trading, generating over $14.7 billion in average trading volume, over 6X Coinbase, with $2.3 billion, and ahead by huge margins from Kraken, which draws 41.2 billion. The same trend can be observed in derivatives trading, where Binance leads ahead of OKX. BNB also remains firmly among the top 5 cryptos in the market cap. Besides USDT, BNB is the third largest coin by market cap, leading other altcoins, including XRP, Solana (SOL), and Cardano (ADA). Related Reading: Ripple Integration With ISDA Ushers In $1.2 Quadrillion Market, Can XRP Breach $100? Besides its dominance, Binance has been given over a year to pay assessed fines. Meanwhile, its new CEO, Richard Teng, said the exchange will continue to enact compliance overhauls. At the same time, it is assuring clients that funds remain safe. Considering the exchange will continue operating both in the United States and globally, the transitional window offered by the DOJ could make its collapse, and that of BNB, unlikely. Binance Under Pressure, Trading Volume Falling Even so, factoring in dropping trading volume in 2023 and the impact of losing users, especially in areas Binance pulled out from, the resulting dip in revenue could, at the end of the day, apply downward pressures on BNB. Thus far, Binance sold its business in Russia while exiting Canada and the Netherlands. Presently, $200 remains a critical support level for BNB. Whether this line will be retested in the months ahead remains to be seen. Changing hands at around $230, BNB is technically in an uptrend in the shorter time frame. It is up 15% from October 2023 lows. However, it is still down 65% from 2021 peaks when it soared to around $670. Feature image from Canva, chart from TradingView

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