{"id":458988,"date":"2022-06-07T16:53:56","date_gmt":"2022-06-07T13:53:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bnb-price-risks-40-drop-as-sec-launches-probe-against-binance\/"},"modified":"2022-06-07T16:53:56","modified_gmt":"2022-06-07T13:53:56","slug":"bnb-price-risks-40-drop-as-sec-launches-probe-against-binance","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bnb-price-risks-40-drop-as-sec-launches-probe-against-binance\/","title":{"rendered":"# BNB price risks 40% drop as SEC launches probe against Binance"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a301fb7def85\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a301fb7def85\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bnb-price-risks-40-drop-as-sec-launches-probe-against-binance\/#%E2%80%9D_BNB_price_risks_40_drop_as_SEC_launches_probe_against_Binance_%E2%80%9C\" >&#8221; BNB price risks 40% drop as SEC launches probe against Binance  &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bnb-price-risks-40-drop-as-sec-launches-probe-against-binance\/#Bad_news_twice_in_a_row\" >Bad news twice in a row<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bnb-price-risks-40-drop-as-sec-launches-probe-against-binance\/#BNB_holds_above_May%E2%80%93July_2021_support\" >BNB holds above May\u2013July 2021 support<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_BNB_price_risks_40_drop_as_SEC_launches_probe_against_Binance_%E2%80%9C\"><\/span>&#8221; BNB price risks 40% drop as SEC launches probe against Binance  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Binance Coin (BNB)\u00a0price dropped by nearly 7.3% on June 7 to below $275, its lowest level in three weeks.<\/p>\n<p>What&#8217;s more, BNB price could drop by another 25%\u201340% in 2022 as its parent firm, Binance, faces allegations of breaking securities rules and laundering billions of dollars in illicit funds for criminals.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bad_news_twice_in_a_row\"><\/span>Bad news twice in a row<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>BNB was issued as a part of an initial coin offering (ICO) in 2017 that amassed $15 million for Binance. <\/p>\n<p>The token mainly behaves as a utility asset within the Binance ecosystem, primarily enabling traders to earn discounts on their trading activities. Simultaneously, BNB also functions as a speculative financial asset, which has made it the fifth-largest cryptocurrency by market capitalization. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/0f2c3a55-9db1-4afe-8196-4684e9b9f7bb.png\"><figcaption style=\"text-align: center;\"><em>BNB market capitalization was $45.42 billion as of June 7. Source: CoinMarketCap<\/em><\/figcaption><\/figure>\n<p>As a result, the U.S. Securities and Exchange Commission (SEC) is investigating whether the ICO of BNB tokens in 2017 was a sale of securities that should have been registered with the regulator, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-06\/us-probes-binance-over-token-that-is-now-world-s-fifth-largest?srnd=cryptocurrencies-v2\">according<\/a> to sources contacted by Bloomberg.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">So, will all exchanges including binance delist <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BNB<\/a> like they did with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$XRP<\/a>?<\/p>\n<p>\u2014 Crypto Mark    \u2744\ufe0f (@MarkCrypto8) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MarkCrypto8\/status\/1533933132600250369?ref_src=twsrc%5Etfw\">June 6, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This risks putting downward pressure on BNB&#8217;s price, which has already lost more than half of its value after peaking out in May 2021 at around $700.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"BNB_holds_above_May%E2%80%93July_2021_support\"><\/span>BNB holds above May\u2013July 2021 support<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In addition to the bad <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>, BNB&#8217;s plunge also came as a part of a broader correction trend elsewhere in the crypto market, with top coins Bitcoin (BTC) and Ether (ETH) dipping by 7% and 7.25% on the same day. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BNB<\/a> aggressively shorted because of the FUD. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/BzvGtPcK3d\">pic.twitter.com\/BzvGtPcK3d<\/a><\/p>\n<p>\u2014 Byzantine <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> (@ByzGeneral) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ByzGeneral\/status\/1533912706100744192?ref_src=twsrc%5Etfw\">June 6, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Now, BNB tests the 61.8 Fib retracement level (near $274) of the Fibonacci retracement graph sketched from its $10-swing low to $700-swing high. Interestingly, the same level was instrumental as support during the May\u2013July 2021 session that preceded a 170% price rally.<\/p>\n<p>But weak fundamentals, including the Federal Reserve&#8217;s hawkish policy, have raised BNB&#8217;s possibility of dropping below the 61.8 Fib line. <\/p>\n<p><strong><em>Related:\u00a0The crypto market dropped in May, but June has a silver lining<\/em><\/strong><\/p>\n<p>If this h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens, then BNB&#8217;s next downside target could be its 200-week exponential moving average (200-week EMA; the blue wave) near $200, down about 25% from June 7&#8217;s price. <\/p>\n<p>The BNB\/USD pair&#8217;s weekly relative strength index (RSI), now at 34, also shows more room to drop until the reading hits 30, an oversold level that indicates buying sentiment.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/7ac99af6-a449-4c36-8da7-05d05e2e72e4.png\"><figcaption style=\"text-align: center;\"><em>BNB\/USD weekly price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Meanwhile, a further drop below the 200-week EMA could have BNB eye the 0.786 Fib line near $160 as its support, down by 40% from June 7&#8217;s price.<\/p>\n<p>Conversely, if BNB manages to hold strong above $274, it could rebound toward the area defined by its 0.5 Fib line around $355 and its 50-week EMA (the red wave) near $380, up over 20% from the current price level.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bnb-price-risks-40-drop-as-sec-launches-probe-against-binance\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; BNB price risks 40% drop as SEC launches probe against Binance &#8220; Binance Coin (BNB)\u00a0price dropped by nearly 7.3% on June 7 to below $275, its lowest level in three weeks. What&#8217;s more, BNB price could drop by another 25%\u201340% in 2022 as its parent firm, Binance, faces allegations of breaking securities rules and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":458989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvZjE3ZTMwYjktODQ0ZC00ODU4LTllYjctNjgwN2RjODJhZmZmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,79806,75014,75166,82402,74938,74939,75150,75164,78261,73785],"class_list":["post-458988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-analysis","tag-binance","tag-binance-coin","tag-ether-price","tag-ethereum-price","tag-market-analysis","tag-market-update","tag-price-analysis","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/458988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=458988"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/458988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/458989"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=458988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=458988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=458988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}