The Binance Coin price has held steady even as the controversy surrounding Binance continues. The BNB price is trading at $314, which is about 2% above the lowest level on Monday. It has a market cap of more than $47 billion and is the fourth-biggest coin in the world.
Binance news. Binance is the world’s biggest cryptocurrency exchange in the world. At its peak in May, the platform had a volume of more than $1.3 trillion. The platform is also behind Binance Smart Chain (Bsc), which is a DAPP development platform. It is also the developer of Binance USD, a stablecoin that has a market cap of more than $10 billion.
Still, Binance is a company in trouble. It has been barred from providing regulated services in the UK and regulators in countries like Germany, US, and Japan have warned residents against using it. This is partly because, unlike other companies, Binance does not have a headquarter.
As such, it has become increasingly difficult for people to get in contact with it. In a recent article, the Financial Times described Binance as the company that was everywhere and based nowhere.
While Binance is different from Binance Coin, its public relations issues could discourage developers from using its platform. This, in turn, could have a negative impact on the Binance Coin.
The three-hour chart shows that the BNB price has been under pressure in the past few days as the Binance controversy continues. It is 54% below the highest level this year and 6% below the highest level during the weekend. The coin has also formed a head and shoulders pattern, which is usually a bearish sign. It has also moved below the 25-day and 50-day moving averages (MA).
In my view, I suspect that the coin will break out lower in July. If this happens, the next key level to watch will be $250, which is about 20% below the current level. On the flip side, a move above the right shoulder at $340 will invalidate this prediction.
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