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Binance native coin, BNB, had a strong rally with the coin rising 300% since the beginning of 2019, but the recent Binance hack seems to have a severe impact on its price.
In the first four months of 2019, Binance Coin outpaced the rest of the cryptocurrencies, breaking its own previous all-time high price of $24.50 established in January 2018.
The price of BNB, however, crashed earlier in the week, as investors reacted negatively to the shocking news of the massive Binance hack, which saw over $40 million gone up in smoke.
The BNB coin has since continued to drop and is down close to 10% on the day, with the price slipping to around $19.
BNB/USD chart provided by Tradingview
Investors appear to remain cautious to trade in BNB and seem to be struggling with the idea of putting more money into the coin, in the aftermath of the Binance hack.
In the midst of all this, most of the altcoins are suffering and continue to bleed hard, simply due to the fact that Bitcoin’s market dominance has only grown since the beginning of 2019.
Although Binance Coin may have been leading the pack in steep price gains since the beginning of the year, BNB is now experiencing, what seems to be, a potentially severe correction as Binance security reputation took as well a painful hit.
For the obvious reasons, BNB, is one of the hot topic talking points on Twitter, most of them not overly positive.
$bnb
— Cᵣyₚₜₒᵣₐᵢdₑᵣ (@TradinginTime) May 9, 2019
1 d chart
⚠️Getting Rekt currently⚠️
👀watching for 200 ema & sma
to offer some support. But this
correction could go deeper than
most hope given current FUD levels#binance $alts $crypto pic.twitter.com/t4ymWm5s6S
Touching THAT line + " $BNB literally can't go down" euphoria tweets = BNB rekt. pic.twitter.com/3llETDqymW
— KryptoLad (@KryptoLad) May 9, 2019
#binancecoin suffering from the shake up at #binance. #BNB down 10.44% on the day, currently at $18.95. #cryptocurrency #crypto #cryptonews
— Da Crypto Polka (@CryptoPolka) May 9, 2019
BNB
— All American Moonchild (@ShaneLunde) May 9, 2019
We are getting there. 4 Hour RSI looks terrible, there will be a pop or two on the way down but I am holding out for around 16. pic.twitter.com/QazCZ2KWYK
$BNB is totally shitting the bed today
— Diary of a REKT man (@diaryofarekt) May 9, 2019
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