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Quick summary:
- Binance Coin (BNB) has corrected to the $28 level after a local peak of $33.38
- The pullback happened immediately CZ tweeted about the new peak value
- Bella Protocol (BEL) trading commences today
- Binance has canceled the listing of BTT/USDT perpetual contract
- The exchange has listed SWRV, LTCUP, LTCDOWN and more
- Binance is being sued for allegedly playing a part in laundering Bitcoin from a 2018 hack
The team at Binance has been known for continually building with DeFi being their latest focus. In the past few weeks, Binance has molded itself into a Centralized-DeFi platform (CeDeFi). All the DeFi activities at Binance have benefited the value of Binance Coin with BNB taking off from around $18 when the Binance Launchpool was launched, to the recent peak of $33.38.
Binance Coin (BNB) Fumbles at $33 and Right After CZ Tweeted About It
After printing the local peak at $33.38, Binance Coin has since corrected hard dropping to as low as $27.98.
BNB was clearly overbought but what makes the pullback interesting, is the fact that it happened immediately after CZ tweeted about the new peak price. Furthermore, he implied that it was not a good idea to bet against Binance Coin. CZ’s tweet can be found below.
Don't bet against B.. pic.twitter.com/zRjk60E6nN
— CZ Binance (@cz_binance) September 14, 2020
What Next for Binance Coin in the Crypto Markets?
Binance Coin has since found some short term support at the $27 – $28 price area and could result in a short term bounce to the $30 – $32 area. However, a loss of this support zone could send Binance Coin back to the $25 – $26 support zone.
More Binance News
Also today, the crypto exchange of Binance announced the listing of the following on the trading platform.
- STORJ/USDT perpetual contract with leverage of up to 50x
- Listing of Swerve (SWRV) with trading commencing today
- Listing of LTCUP/USDT and LTCDOWN/USDT trading pairs with trading commencing tomorrow at 7am UTC
- Isolated margin trading for STX, STPT and UMA
- Listing of Bella Protocol (BEL) and trading commencing today at 8am UTC
Cancelation of BTT/USDT Perpetual Contract
Also today, the team at Binance canceled the listing of the BitTorrent (BTT) perpetual contract. The exchange explained that the cancelation was due to technical reasons and further apologized to traders for any inconvenience.
Binance Being Sued For Helping Launder $9M from 2018 Hack
To top it all off, the crypto exchange of Binance is being sued for allegedly playing a role in laundering over 6,000 Bitcoin (BTC) stolen from a Japanese Exchange in 2018. The plaintiff is a crypto exchange known as Fisco but was known as Zaif at the time of the hack.
The team at Fisco explains that the thieves took advantage of Binance’s lax KYC policies back then to launder the stolen coins. Fisco is therefore demanding compensation for the loss.