BNB, otherwise known as Binance Coin, the Binance cryptocurrency exchange’s utility token and the native token to the Binance Smart Chain, was last trading with losses of around 3.0% on Tuesday and was down closer to 6.0% over the last 24 hours, according to CoinMarketCap. BNB/USD was last changing hands around $268, down from above $280 as recently as the weekend, but has recovered over 5.0% from intra-day lows around $253.
For now, BNB is holding above support in the $250 area which has held since the summer months. But BNB price predictions are becoming more pessimistic as fear, uncertainty and doubt (FUD) spreads regarding the solvency of the Binance exchange, just over one month after the abrupt collapse of Binance’s former rival FTX.
Traders Withdraw Funds From Binance Amid Solvency Concerns
In the last few days, cryptocurrency markets have been becoming more concerned about Binance’s solvency in wake of the release of its so-called “proof-of-reserves” report. The report, released last week, was audited by Mazars and claimed that Binance’s BTC reserves are overcollateralized, but crypto analysts and experts criticized the report for its lack of information.
Meanwhile, worries about Binance were made worse this week by reports that US prosecutors are contemplating pressing money laundering charges against Binance and its executives, including the exchange’s CEO Changpeng Zhao.
Withdrawals from Binance have spiked this week. According to data from Nansen earlier on Tuesday, 24-hour withdrawals across all chains rose above $1.8 billion. A number of high-profile crypto influencers have been calling for their followers to withdraw funds from the exchange.
The response of Binance CEO Changpeng Zhao? “Ignore FUD. Keeping building!”.
Price Prediction – BNB Set for Recovery?
According to a few separate crypto analysts, while Binance’s recent run of withdrawals are its largest since the collapse of FTX just over a month ago (which resulted in crypto investors generally withdrawing the assets from all cryptocurrency exchanges), the size of withdrawals isn’t worrying, yet. That’s because, according to Nansen, Binance has over $64.85 billion in assets.
If withdrawals start running into the tens of billions, then maybe we could soon be talking about Binance insolvency. But we are nowhere near there yet. If Binance can weather the storm over the next few days and keep processing withdrawals without any major problems, then the FUD will probably soon fade. Traders may then once again view BNB as cheap compared to other cryptocurrencies, in light of its recent tumble.
Bulls will take heart from how well the cryptocurrency has found support in the $250 area and may want to target a push back to the north of the 200-Day Moving Average at $278, assuming the FUD does ease. Macro tailwinds might also help crypto this week. US CPI data is coming up and a downside surprise could launch risk assets higher as Fed tightening expectations get wound down, analysts have predicted. That could help BNB recover in tandem with broader crypto markets.
Equally, should Binance exchange outflows continue and US inflation data surprised to the upside and Wednesday’s Fed meeting comes across as more hawkish than originally expected, BNB could well be headed back towards $250. A break below this key support area would open the door for a run lower towards annual lows under $200.
Altcoins Offering Quicker Returns
Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.
Dash 2 Trade (D2T)
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates and sales recently surpassed $9.6 million. The pre-sale dashboard is going to be released soon, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each.
Visit Dash 2 Trade here
Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.425 million, with a crypto whale scooping up $97.5K in one purchase last week. The presale is in the final stage, with only 22% of tokens left.
Visit Calvaria Now
RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and participate in the creation of its virtual world, including NFT-based land, buildings, and other in-game items. Due to launch in an alpha version in the first quarter of next year, it also plans to let players link up with other metaverses, in the process creating a multi-verse where NFTs from different platforms can interoperate.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale. The project has now raised more than $534K in funds in the few weeks since the launch of the pre-sale.
Visit RobotEra Now