{"id":548062,"date":"2023-08-19T13:02:54","date_gmt":"2023-08-19T13:02:54","guid":{"rendered":"https:\/\/wncen.com\/?p=548062"},"modified":"2024-06-11T14:39:41","modified_gmt":"2024-06-11T14:39:41","slug":"binance-in-murky-waters-analyst-explains-why-bnb-must-stay-above-this-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-coin\/binance-in-murky-waters-analyst-explains-why-bnb-must-stay-above-this-price\/","title":{"rendered":"Binance In Murky Waters? Analyst Explains Why BNB Must Stay Above This Price"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The last few days have been eventful for the crypto market following a major crash on Thursday that resulted in the <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-liquidations-top-500-million\/\" target=\"_blank\" rel=\"noopener \">loss of $1 billion in market cap<\/a>. In another unnerving development, it appears that Binance, the world\u2019s largest exchange, may be in some form of trouble as a crypto analyst shares some insight on the company.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/binance\/binance-to-delist-these-three-tokens-in-august-due-to-non-compliance\/\" target=\"_blank\" rel=\"noopener \">Binance To Delist These Three Tokens In August Due To Non-Compliance<\/a><\/div>\n<h2><strong>Binance To Record Heavy Losses If BNB Trades Below $212, Analyst Says<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">According to an <a href=\"https:\/\/twitter.com\/martypartymusic\/status\/89320380\" target=\"_blank\" rel=\"noopener nofollow\">X post on Friday<\/a>, a crypto analyst with the name MartyParty painted a rather gloomy picture for <a href=\"https:\/\/wncen.com\/binance\/binance-celebrates-significant-milestone\/\" target=\"_blank\" rel=\"noopener \">Binance and its 150 million users<\/a>. The analyst began by stating there was a reason the <a href=\"https:\/\/wncen.com\/all\/binance-coin-bnb-price-gears-up-for-a-10-upswing-heres-how\/\" target=\"_blank\" rel=\"noopener \">Binance Coin (BNB)<\/a> is yet to fall below $212.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">After Bitcoin tumbled on Thursday, BNB, like most cryptocurrencies, also plummeted in value, falling from $231.85 to $215.02. Although the token did attempt a market rebound on Friday, it soon fell again but found support at the $214 price zone.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">There is a reason <a href=\"https:\/\/twitter.com\/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BNB<\/a> has not dropped below $212.<\/p>\n<p>Binance has a <a href=\"https:\/\/twitter.com\/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BNB<\/a> backed loan liquidating at $212 down from $220 after margin was added in June. <\/p>\n<p>Rationale:<\/p>\n<p>&#8211; <a href=\"https:\/\/twitter.com\/cz_binance?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@cz_binance<\/a> is in self preservation mode selling BTC from the bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3h wallet\u2026 <a href=\"https:\/\/t.co\/bVD5qzpiX4\" rel=\"nofollow\">pic.twitter.com\/bVD5qzpiX4<\/a><\/p>\n<p>&mdash; MartyParty (@martypartymusic) <a href=\"https:\/\/twitter.com\/martypartymusic\/status\/89320380?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 18, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">MartyParty believes there is a reason why BNB is gaining support at these levels away from the $212 price mark. According to the analyst, the Binance exchange has a BNB-backed loan set to liquidate at $212.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Initially, the liquidation price for the said loan was $220, but it was later shifted in June. Although the analyst didn&#8217;t reveal the exact amount of this supposed loan, it seems massive as he stated it could lead to a \u201cfatal margin call\u201d\u00a0 for the Binance exchange upon liquidation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to MartyParty, Binance is presently in \u201cself-preservation mode\u201d with its CEO Changpeng \u201cCZ\u201d Zhao selling BTC from a particular wallet to purchase TUSD, which in turn is invested in BNB to keep the Binance native token above $212.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition, this crypto analyst also made another interesting theory behind Binance\u2019s supposed problem. He stated that US financial regulators are allegedly selling crypto holdings of the US Marshals Service in order to forcibly liquidate Binance\u2019s loan position and kick CZ out of the crypto industry.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/secs-ethereum-futures-etf-approval-a-resounding-victory-for-eths-security-status\/\" target=\"_blank\" rel=\"noopener \">SEC\u2019s Ethereum Futures ETF Approval: A Resounding Victory For ETH\u2019s Security Status?<\/a><\/div>\n<h2><strong>Crypto Community Reacts To Worrying Post On Binance<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Following MartyParty\u2019s post, there have been multiple reactions, with some crypto users siding with the analyst and nudging investors to dump the BNB token, saying that Binance is currently in a similar position as the FTX exchange in 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The<a href=\"https:\/\/wncen.com\/breaking-news-ticker\/tom-brady-gisele-bundchen-and-sam-bankman-fried-sued-over-ftx-collapse\/\" target=\"_blank\" rel=\"noopener \"> FTX exchange collapsed<\/a> in November 2022 due to a cascade of events triggered by reports which stated that Alameda Research &#8211; FTX\u2019s trading arm &#8211; held an unusually large amount of FTT &#8211; FTX native cryptocurrency similar to Binance\u2019s BNB.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">During the hype of the debacle, an inside source revealed that Alameda Research was quietly collecting loans from FTX, which were collateralized by the FTT token.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, on the other hand, some other crypto analysts have disagreed with MartyParty\u2019s post calling it false and only aimed at spreading FUD. A particular analyst with the handle Alice on X has <a href=\"https:\/\/twitter.com\/alice_comfy\/status\/71379820?s=46&amp;t=JAUmthpFclo8jS4VJkm3DQ\" target=\"_blank\" rel=\"noopener nofollow\">described<\/a> the whole report as a \u201cbizarre conspiracy theory\u201d as the loan in question was not taken out by the Binance exchange but rather by Venus Protocol, a lending protocol on the BNB chain.<\/span><\/p>\n<p><span style=\"font-weight: 400\">For now, Binance, CZ, or the US government are yet to issue any statement confirming or denying the post by the analyst MartyParty.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, BNB is trading at $215.55, with a 1.59% decline in the last day, according to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bnb\/\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinMarketCap<\/a>. Meanwhile, the token boasts a market cap of $33.16 billion and ranks as the fourth biggest cryptocurrency in the market.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/cApvhnFl\/\" alt=\"Binance\" width=\"1480\" height=\"906\"><\/p>\n<pre style=\"text-align: center\">BNB trading at $215.1 on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/?symbol=BINANCE%3ABNBUSD\" target=\"_blank\" rel=\"noopener nofollow\">BNBUSD chart on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Binance, chart from Tradingview.<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The last few days have been eventful for the crypto market following a major crash on Thursday that resulted in the loss of $1 billion in market cap. In another unnerving development, it appears that Binance, the world\u2019s largest exchange, may be in some form of trouble as a crypto analyst shares some insight on the company. Related Reading: Binance To Delist These Three Tokens In August Due To Non-Compliance Binance To Record Heavy Losses If BNB Trades Below $212, Analyst Says According to an X post on Friday, a crypto analyst with the name MartyParty painted a rather gloomy picture for Binance and its 150 million users. The analyst began by stating there was a reason the Binance Coin (BNB) is yet to fall below $212.\u00a0 After Bitcoin tumbled on Thursday, BNB, like most cryptocurrencies, also plummeted in value, falling from $231.85 to $215.02. Although the token did attempt a market rebound on Friday, it soon fell again but found support at the $214 price zone.\u00a0 MartyParty believes there is a reason why BNB is gaining support at these levels away from the $212 price mark. According to the analyst, the Binance exchange has a BNB-backed loan set to liquidate at $212.\u00a0 Initially, the liquidation price for the said loan was $220, but it was later shifted in June. Although the analyst didn&#8217;t reveal the exact amount of this supposed loan, it seems massive as he stated it could lead to a \u201cfatal margin call\u201d\u00a0 for the Binance exchange upon liquidation.\u00a0 According to MartyParty, Binance is presently in \u201cself-preservation mode\u201d with its CEO Changpeng \u201cCZ\u201d Zhao selling BTC from a particular wallet to purchase TUSD, which in turn is invested in BNB to keep the Binance native token above $212.\u00a0 In addition, this crypto analyst also made another interesting theory behind Binance\u2019s supposed problem. He stated that US financial regulators are allegedly selling crypto holdings of the US Marshals Service in order to forcibly liquidate Binance\u2019s loan position and kick CZ out of the crypto industry.\u00a0 Related Reading: SEC\u2019s Ethereum Futures ETF Approval: A Resounding Victory For ETH\u2019s Security Status? Crypto Community Reacts To Worrying Post On Binance Following MartyParty\u2019s post, there have been multiple reactions, with some crypto users siding with the analyst and nudging investors to dump the BNB token, saying that Binance is currently in a similar position as the FTX exchange in 2022. The FTX exchange collapsed in November 2022 due to a cascade of events triggered by reports which stated that Alameda Research &#8211; FTX\u2019s trading arm &#8211; held an unusually large amount of FTT &#8211; FTX native cryptocurrency similar to Binance\u2019s BNB.\u00a0 During the hype of the debacle, an inside source revealed that Alameda Research was quietly collecting loans from FTX, which were collateralized by the FTT token.\u00a0 However, on the other hand, some other crypto analysts have disagreed with MartyParty\u2019s post calling it false and only aimed at spreading FUD. A particular analyst with the handle Alice on X has described the whole report as a \u201cbizarre conspiracy theory\u201d as the loan in question was not taken out by the Binance exchange but rather by Venus Protocol, a lending protocol on the BNB chain. For now, Binance, CZ, or the US government are yet to issue any statement confirming or denying the post by the analyst MartyParty.\u00a0 At the time of writing, BNB is trading at $215.55, with a 1.59% decline in the last day, according to data from CoinMarketCap. Meanwhile, the token boasts a market cap of $33.16 billion and ranks as the fourth biggest cryptocurrency in the market. BNB trading at $215.1 on the daily chart | Source: BNBUSD chart on Tradingview.com Featured image from Binance, chart from Tradingview.<\/p>\n","protected":false},"author":581,"featured_media":548063,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83379],"tags":[167,10768,11427,71704,11691,8207,4309],"class_list":["post-548062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance-coin","tag-analyst","tag-binance","tag-bnb","tag-ftx","tag-fud","tag-loan","tag-us"],"acf":[],"yoast_head":"\n<title>Binance In Murky Waters? 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/semilore-faleti-7a9046218\",\"https:\/\/x.com\/https:\/\/twitter.com\/SemiloreFaleti\"],\"url\":\"https:\/\/wncen.com\/author\/semilorefaleti\/\"}]}<\/script>\n","yoast_head_json":{"title":"Binance In Murky Waters? 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. 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