💡​Binance's native token, BNB, has fallen 15% in the past week, including a decline of more than 6% in the past 24 hours. According to CoinMarketCap, BNB, which was first created in 2017, is the fifth most valuable cryptocurrency in the world, with a market cap of about $39 billion. It is behind only Bitcoin, Ethereum, Tether, and USD coins.
Binance is the strongest of its competitors and given the fact that other CEXs are crashing, some people want Binance to follow suit, not surprisingly.
I don't think the Binance exchange will crash but surely something is wrong somewhere. I think the Binance issue is somewhat different from the FTX issue. Binance has what it takes to stay where it is. And if Binance should ever go down, it would cause a serious crisis in the entire crypto industry.
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The $BNB price issue is a result of FUDs and rumors. And I don't think $BNB will fully recover this year. The drop was too sudden for a coin like $BNB which is trying to do well this season.
And since the reason is based on the issue at hand, i.e. FUDs and rumors it will need to be addressed first before we can see the price of $BNB recover.
The fact that the audit was deleted means that something is wrong, although I think they are trying to reduce the rate of Fud and all, they sure deleted the audit. Contribute to the fund and therefore there is a possibility of some confusion.
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Some people think the opposite in that CZ said the $BNB drop is due to FUDs and rumors, now it's left to CZ to fix the problem. They doubt Binance will go down like FTX but there are still clear crises shaking Binance. And believe that they have what it takes to recover because if Binance were to collapse, there would be an earthquake that would shake crypto to its core.
🔎 Agree or Disagree🔍:- Binance and CZ have stated that all FUDS and rumors are not true and Binance is financially stable even though the audit firm that scanned its reserve strength deleted the report. Do you believe the rumors and nonsense surrounding the Binance exchange or are you firmly with CZ and that Binance can never go down?
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❓Is it possible for Binance exchange to fail like FTX and can it drag the whole crypto into crisis or do you think even if Binance goes down it won't spell disaster for the whole crypto because Binance/ BNB is just one of many crypto options ?🤔
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🤔Finally, what do you think about the $BNB price drop? It has started looking for new low positions. Will $BNB hit further lows before the end of this year or will it recover?