In recent days, with the continuous adjustment of BNB, the cryptocurrency market has been filled with fear and uncertainty. Prior to this, Bitcoin fell below $29100 last week, which brought a shock to the market
In recent days, with the continuous adjustment of BNB, the cryptocurrency market has been filled with fear and uncertainty. Prior to this, Bitcoin fell below $29100 last week, which brought a shock to the market. It is worth noting that the price of BNB has fallen below the 200 week moving average (MA) for the first time in history, raising concerns about the potential surrender of counterfeit coins. More complex, BNB plays a crucial role in the use of numerous counterfeit coins using BEP20 and BEP2 token systems.
Coin security faces regulatory pressure
Since the collapse of FTX and Alameda Research at the end of last year, the renowned cryptocurrency exchange Binance has found itself under ruthless regulatory scrutiny. In March, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against Coin An, accusing the exchange of illegal operation and lack of appropriate compliance measures, further escalating the situation. After this legal battle, another blow came as the US Securities and Exchange Commission accused Coin An and its CEO, Zhao Changpeng (CZ), of violating securities laws.
The increasing regulatory pressure, especially from the United States, has led to the loss of key partnerships for promoting the transformation of fiat currency to cryptocurrency. A typical example is Checkout. com, a credit card processing company headquartered in London, which cut off contact with Coin Security due to concerns about regulatory actions, orders from relevant jurisdictions, and inquiries from partners.
BNB Price and Market Outlook
In response to the escalating selling pressure, the Coin Security team has turned to Bitcoin for support. As one of the largest holders of Bitcoin, Coin An has developed a large amount of infrastructure to enhance Bitcoin's liquidity. Recent reports indicate that the Coin Security team has started selling Bitcoin in the past few days to prevent further declines in BNB prices.
According to the latest cryptocurrency market data, BNB prices hovered around $210 in early London trading. From a technical perspective, cryptocurrency traders and investors realize that if BNB prices lose their current support level, there is a high possibility of surrender in the coming months.
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