- Binance Coin Price Appears as Exchange Acts as ‘Lender of Last Resort’
- Binance Coin Receives Applause From Traders As Binance Moves To Support Struggling Crypto Market.
- BNB price action is pumped over 3%.
Expect to see possible upside as traders rebuild and support Binance as a brand. Binance (BNB) price surged after falling further over the weekend as FTX was forced into bankruptcy. As more and more financial details were leaked, it became clear that FTX’s total assets were no match for its monstrous liabilities against third-party traders. As the dust settles, traders can only reward Binance Coin for Binance’s strong due diligence after reviewing FTX’s books before moving to a real takeover.
BNB price is rewarded
Binance Coin price is enjoying support and being touted as the best example of how a takeover should be done in the crypto space. BNB’s price action sees its weekend losses erased as traders applaud its thorough due diligence of FTX’s books before bankruptcy and representation of Binance as a lender of last resort. The exchange plans to ensure that other crypto exchanges do not collapse in a domino effect. By acting as a kind of “central bank” for cryptocurrencies, the BNB takes its responsibilities and stretches its neck to regain the trust of customers and merchants.
The price of BNB will see a ripple effect, not only due to the increased volume traded on its platform and the opening of more accounts, but also from its price action at as the offers explode. With the 55-day simple moving average at $284.70 engulfed by bulls, next comes the 200-day SMA at $289.50. Once this hurdle is cleared, $300 is up for grabs.
BNB/USD daily chart
Over the weekend, Treasury Secretary Yellen has already spoken out in favor of more regulations and a full investigation into what happened with FTX and Binance. An FBI breach in Binance headquarters is still very likely, with servers, computers, and high-level personnel being detained to get a clear view of what happened in the past week. This would wind and shake the markets and see the price of BNB lose its positive image, possibly testing $260 again before dropping towards $220.