The negative news surrounding the world's largest cryptocurrency exchange, Coin An, has sparked panic in the cryptocurrency market and also sparked uncertainty and suspicion about the future direction of the market. The recent developments indicate that Coin Security is actively addressing ongoing regulatory issues and is also selling Bitcoin (BTC) to alleviate the selling pressure on its native token BNB, ensuring an upward trend in BNB prices
The negative news surrounding the world's largest cryptocurrency exchange, Coin An, has sparked panic in the cryptocurrency market and also sparked uncertainty and suspicion about the future direction of the market. The recent developments indicate that Coin Security is actively addressing ongoing regulatory issues and is also selling Bitcoin (BTC) to alleviate the selling pressure on its native token BNB, ensuring an upward trend in BNB prices.
Analysts say that the rise of Bitcoin depends on the closure of Coin Security
On August 22nd, the price of the Coin An utility token BNB fell below $210, resulting in a decline of over 15% since the beginning of the year. This situation has raised concerns in the cryptocurrency community that if BNB prices continue to decline, the Coin Exchange may face a risk of collapse similar to the FTX exchange. The development of this situation has created uncertainty among market participants regarding the stability and future trends of cryptocurrency exchanges.
Against the backdrop of increasing market concerns, the price of Bitcoin has also broken through the key support level of $26000, facing a certain degree of selling pressure. Mike Alfred, a respected cryptocurrency analyst, said that if Coin An suspends its withdrawal services, Bitcoin may experience a strong rise. He pointed out that:
Zhao Changpeng (CZ), the founder of Coin An Exchange, once again sold Bitcoin in an attempt to maintain the value of Coin An Coin (BNB), but the effect was not satisfactory. The BNB coin price is continuing to decline. My prediction is that if Coin An suspends withdrawal services within the next 48 hours, BNB's price may fall below $200. If this is indeed the case, we may even see a fairly long green candle on the Bitcoin price chart, which would be a noticeable phenomenon.
Will BNB fall below $200?
As of the writing of this article, the price of BNB has rebounded from yesterday's low of $205. The current trading price is $215.45, which has increased by 3.08% in the past 24 hours. Mike Alfred commented on the current prospects of BNB:
BNB has shown strong momentum, rebounding from a low of $204 to over $205, significantly reducing the selling pressure on Bitcoin. As a market maker, Zhao Changpeng did not cover up this behavior well, which is very obvious.
Peter Brandt, another expert with over 30 years of financial market experience, also criticized Coin An and BNB. He said, "For many years, I have been saying that Zhao Changpeng and Coin An are a global scam, while BNB is just a cheap legal tender. Now, please calmly observe all developments
Despite so many negative comments, Zhao Changpeng, CEO of Coin An, remained silent. The users of Coin An and cryptocurrency market participants are eagerly waiting for Zhao Changpeng's statement and any guarantees he may provide.
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