coinedition.com
Founder of BrightScope and Digital Assets Data, Mike Alfred, has taken to Twitter to highlight that someone has been holding the price of Binance’s native token BNB up. In the same tweet, Alfred speculated that whoever is behind this is aiming to maintain the price to be solvent.
Heavy selling pressure on BNB but someone is working really hard to hold the price up. I wonder who that could be. Would have to be someone who needs the BNB token to have value in order to stay solvent. Nobody immediately comes to mind.
— Mike Alfred (@mikealfred) November 28, 2022
However, the crypto community perceives that the founder of Binance, Changpeng Zhao, might be the one holding the price of the native token. The FTX crash has turned the crypto market vulnerable. The industry had just risen from the shambles of the Luna crash and the FTX’s fall made it even worse. There has been panic among the crypto community creating heavy selling pressure on BNB.
The crypto community believes that Binance has proven its mettle as a token by standing thick in this bear market while token prices have fallen quite low, BNB currently stands in 4th position by the market cap with a trading value of $302.65. BNB currently holds a market cap of $48,494,583,067.
In an earlier statement, Alfred quoted:
High bond yields are reflective of sharply higher rates but also of genuine skepticism about the long-term viability of crypto among institutional investors after the high profile collapses of Terra/LUNA, Celsius [Network], 3AC [Three Arrows Capital], Voyager [Digital], BlockFi and FTX.
Furthermore, as investor confidence in the sector dipped in the wake of FTX’s collapse, bonds issued by crypto exchange Coinbase (COIN) and business intelligence firm MicroStrategy (MSTR), an investor in bitcoin, have fallen miserably.