Binance witnessed increased FUD (Fear, Uncertainty, Doubt) following CEO ChangPeng Zhao‘s resignation, with a substantial outflow of over $100 million in Tether (USDT). This withdrawal, the largest in three months, raises concerns about the stability of the exchange.
BNB (Binance Coin) had a 10% decline in value, fighting to return to $250 and now hovering around $233. The Relative Strength Index (RSI) indicates a bearish trend, but a recent rise in transaction volume, which exceeded $2 billion, suggests some stability.
Despite these obstacles, Binance maintains its lead in daily transactions, with a 24-hour trading volume over $11.7 billion, much above its nearest competitor, Coinbase.
Binance Smart Chain’s Total Value Locked (TVL) exhibits tenacity, remaining stable at around $3 billion despite market volatility.
This stability suggests that BNB will retain its worth and maintain its exchange operations in the face of larger market uncertainty.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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