As the BTC price movement continues to deteriorate, one analyst cautions that BNB “has nothing but air below it.”
BTC (bitcoin) After the Wall Street opening on December 16, it appeared as though $17,000 might be lost as US markets were declining.
Expert: $240 BNB “has nothing below it but air”
Data from Cointelegraph Markets Pro and TradingView showed an intraday low of $16,743 for BTC/USD on Bitstamp.
The pair dropped suddenly near 3:00 am that day, shortly after its one-month high.
Continued concerns about the largest global exchange, Binance, have permeated the mood and despite our best efforts to dispel what the CEO Changpeng Zhao called “FUD”, these have not occurred. did. As Cointelegraph reported, veteran crypto traders are similarly skeptical about the veracity of the “craziest rumors” about crypto exchanges.
Nonetheless, the market refused to give them a break, and beyond Bitcoin, warnings grew about the fate of Binance’s internal token, BNB.
BNB/USD dropped to around $240 on the day, its lowest level since July. “Beneath BNB there is nothing but air,” admits popular trader and analyst Matthew Hyland.
The action supported negative traders’ longer-term strategy; notably, Il Capo of Crypto had already predicted a bottom below $50.
After auditor Mazars Group withdrew its proof of reserves report and announced it would no longer work with customers in the crypto business, pressure on Binance itself rose that day.
While this was going on, Jim Cramer, a controversial television personality, posted that he “would trust my money more in Draftkings than I would finance.” In response, Zhang openly mocked Cramer’s statement on Twitter.
“We are secure now!” Zhang answered.