Bitcoin targets $16.7K amid fear BNB may ‘drag whole crypto market down’
, 2022-12-16 11:35:58,
Bitcoin (BTC) looked set to ditch $17,000 after the Dec. 16 Wall Street open as United States equities continued to fall.
Analyst: $240BNB “has nothing but air below it”
Data from Cointelegraph Markets Pro and TradingView tracked new intraday lows of $16,743 for BTC/USD on Bitstamp.
The pair had abruptly dived nearly 3% earlier in the day, compounding losses, which immediately followed one-month highs.
Ongoing concerns over largest global exchange Binance pervaded the mood, these coming despite the best efforts of CEO, Changpeng Zhao, to dispel what he called “FUD.” As Cointelegraph reported, longtime crypto traders were similarly skeptical of the credibility of the “craziest rumors” about the crypto exchange sector.
Nonetheless, markets refused to give them a break, and beyond Bitcoin, warnings increased over the fate of Binance’s in-house token, Binance Coin (BNB).
BNB/USD fell to near $240 on the day, marking its lowest levels since July.
“BNB has nothing but air below it,” popular trader and analyst Matthew Hyland acknowledged.
“As the 3rd largest non-stable crypto, if it crashes here it’s going to drag the whole crypto market down with it.”
The move fed into bearish traders’ longer-term plan, with Il Capo of Crypto notably already calling for a bottom below $50.
Pressure increased around Binance itself on the day, with its proof of reserves…
,
To read the original article from news.google.com Click here
Private Internet Access gives you unparalleled access to thousands
of next-gen servers in over 83 countries and each US state. Your
VPN experience will always be fast, smooth, and reliable.
