TechBinance coin (BNB) price drops 15% in just a few hours

Binance coin (BNB) price drops 15% in just a few hours

In just a few hours, Binance Coin (BNB), the token of the cryptocurrency exchange Binance, fell 15%.

Specifically, the current price of BNB per coin is 220 USD, down from 270 USD yesterday. This digital currency has occasionally topped 300 USD per coin in the previous week.

The price of BNB plunged in only one day. 
The price of BNB plunged in only one day.

BNB’s price decline is likely attributable to FTX’s bankruptcy proceedings. The first outside investor in Sam Bankman-bitcoin Fried’s exchange is Binance. Binance collected $2.1 billion in FTT payments when it sold FTX shares last year (FTX token).

In an interview with CNBC on December 15, Binance CEO Changpeng Zhao (CZ) disputed that his business would recover the aforementioned funds following FTX’s bankruptcy filing because to fears that this sum was false.

Additionally, he said that Binance would be “financially OK” if the monies were removed.

This week, Binance faced a significant exodus of investors who feared it might become the “second FTX.” CZ announced on December 13 that customers of the exchange withdrew more than 1,100,000,000 USD in under 24 hours.

However, he emphasized that “this is not the greatest sum of money we manage” and that the company’s condition is steady. In the meantime, the blockchain analytics company Nansen reports that the total value departing Binance has now surpassed $3 billion.

“We passed this rigorous stress test by operating a very straightforward business model: custodial assets and transaction fees,” a Binance spokesman explained. However, this individual declined to remark on the price reduction of BNB.

According to CoinMarketCap, BNB, a coin issued by Binance since 2017, is the fifth most valuable cryptocurrency in the world with a market capitalization of $39 billion. Only Bitcoin, Ethereum, and two stablecoins, Tether (USDT) and USD Coin are superior to this asset (USDC).

Currently, the total quantity of BNB coins is 200 million, with 160 million in circulation. In June, the US government began monitoring the token, and the US Securities and Exchange Commission (SEC) investigated whether it was a security token.

5/5 - (1 vote)

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

iPhone 14 News Network

1,835FansLike
10FollowersFollow
23FollowersFollow
164FollowersFollow

Recent Articles

Related news

iPhone 15 Pro Max vs iPhone 12 Pro Max: Is it time for an upgrade?

The iPhone 12 Pro Max is still a great phone, but it's starting to show its age. The iPhone 15 Pro Max offers a number of significant improvements, including a faster processor, a better camera, and a longer-lasting battery. iPhone 15 Pro Max vs iPhone 12 Pro Max: Design and Size The iPhone 15 Pro Max has a slightly smaller design than the iPhone 12 Pro Max, with thinner bezels and a new Dynamic Island cutout...

Apple’s new 14-inch and 16-inch MacBook Pros: M3 chips, Space Black color option, and more

The world was first exposed to the new 14-inch and 16-inch MacBook Pro models, which are both equipped with the most recent M3 CPUs, at Apple's recent announcement event. The 14-inch MacBook Pro, which replaces the 13-inch M1 MacBook Pro, has the standard M3 chip and, most significantly, does away with the Touch Bar. The M3 chips are a major internal improvement. The M3 Pro and M3 Max models now come with the Space Black option...

Apple Introduces New 3nm M3 Chip with Strong GPU

With a GPU that is 65% faster than the M1, Apple's new 3nm M3 chip supports hardware-accelerated mesh shading and ray tracing. With the recent release of its new 3nm M3 chip, Apple has significantly improved the GPU. The chip will be offered in the recently revealed 14- and 16-inch MacBook Pro notebooks, along with a less expensive one found in the 24-inch iMac. The GPU, which is intended to enhance performance for professional applications and...

Apple unveils the new 24-inch iMac powered by the M3

Apple announces new M3-powered 24-inch iMac with more memory and ray tracing. At its "Scary fast" event, Apple revealed the new M3 chip along with new MacBooks that run on it. The Cupertino, California-based tech behemoth also unveiled a new 24-inch iMac that features ray tracing and an M3 processor for increased memory. The new M3 chip makes the M3 iMac up to 2x quicker than the M1 iMac, up to 2.5x faster than the Intel-based...

Apple Journal: An iPhone app for keeping personal journals

The much awaited Apple Journal app for the iPhone is about to launch from Apple. After being first revealed during the WWDC 2023 keynote, the app eventually debuted in late October 2023 as a part of the iOS 17.2 beta. What is Journal Apple? With Apple Journal, a digital journal, you may record your ideas, observations, and experiences in addition to adding media and other features. With the help of the app, you may easily and...

Apple Could Release a New iPad Mini at a Scary Fast Event

At Apple's upcoming "Scary Fast" presentation, multiple new gadgets, including new Macs powered by the M3 chip, are scheduled to be unveiled. According to reports, Apple may also announce a new iPad mini at the event. On October 30th, Apple will hold a rare nocturnal event nicknamed "Scary fast" since it is likely to showcase new Macs powered by the zippy 3nm M3, M3 Pro, and M3 Max chipsets. While speculations claim that new iPads...

iPhone 15 Pro Max vs iPhone 12 Pro Max: Is it time for an upgrade?

The iPhone 12 Pro Max is still a great phone, but it's starting to show its age. The iPhone 15 Pro Max offers a number of significant improvements, including a faster processor, a better camera, and a longer-lasting battery. iPhone 15 Pro Max vs iPhone 12 Pro Max: Design and Size The iPhone 15 Pro Max has a slightly smaller design than the iPhone 12 Pro Max, with thinner bezels and a new Dynamic Island cutout...

Apple’s new 14-inch and 16-inch MacBook Pros: M3 chips, Space Black color option, and more

The world was first exposed to the new 14-inch and 16-inch MacBook Pro models, which are both equipped with the most recent M3 CPUs, at Apple's recent announcement event. The 14-inch MacBook Pro, which replaces the 13-inch M1 MacBook Pro, has the standard M3 chip and, most significantly, does away with the Touch Bar. The M3 chips are a major internal improvement. The M3 Pro and M3 Max models now come with the Space Black option...

Apple Introduces New 3nm M3 Chip with Strong GPU

With a GPU that is 65% faster than the M1, Apple's new 3nm M3 chip supports hardware-accelerated mesh shading and ray tracing. With the recent release of its new 3nm M3 chip, Apple has significantly improved the GPU. The chip will be offered in the recently revealed 14- and 16-inch MacBook Pro notebooks, along with a less expensive one found in the 24-inch iMac. The GPU, which is intended to enhance performance for professional applications and...

Apple unveils the new 24-inch iMac powered by the M3

Apple announces new M3-powered 24-inch iMac with more memory and ray tracing. At its "Scary fast" event, Apple revealed the new M3 chip along with new MacBooks that run on it. The Cupertino, California-based tech behemoth also unveiled a new 24-inch iMac that features ray tracing and an M3 processor for increased memory. The new M3 chip makes the M3 iMac up to 2x quicker than the M1 iMac, up to 2.5x faster than the Intel-based...

Apple Journal: An iPhone app for keeping personal journals

The much awaited Apple Journal app for the iPhone is about to launch from Apple. After being first revealed during the WWDC 2023 keynote, the app eventually debuted in late October 2023 as a part of the iOS 17.2 beta. What is Journal Apple? With Apple Journal, a digital journal, you may record your ideas, observations, and experiences in addition to adding media and other features. With the help of the app, you may easily and...

Apple Could Release a New iPad Mini at a Scary Fast Event

At Apple's upcoming "Scary Fast" presentation, multiple new gadgets, including new Macs powered by the M3 chip, are scheduled to be unveiled. According to reports, Apple may also announce a new iPad mini at the event. On October 30th, Apple will hold a rare nocturnal event nicknamed "Scary fast" since it is likely to showcase new Macs powered by the zippy 3nm M3, M3 Pro, and M3 Max chipsets. While speculations claim that new iPads...

With a $125 million Wistron deal, Tata will become India’s first iPhone manufacturer

The Tata Group is set to manufacture Apple iPhones in India for domestic and global markets after acquiring Wistron's Indian operations. This groundbreaking development aligns with India's ambition to become a key player in the global electronics industry. Apple has been involved in iPhone assembly in India for almost five years, with Foxconn producing the first "Made in India" iPhone, the iPhone SE, in 2017. Pegatron and Wistron are two additional Indian businesses with which...

What is the price of the iPhone 15 Pro Max?

The price of the iPhone 15 Pro Max According to Jeff Pu, a technology expert at Haitong Securities, the iPhone 15 Pro Max will cost more than $ 1,099, which is more than its predecessor. It's unclear why Jeff Pu believes the price of the iPhone 15 Pro Max will rise. However, in addition to the screen and battery capacity, it may result from the addition of a periscope camera - a feature that iPhone users...