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Amid Speculation and Rumors Surrounding Binance, Exchange Token BNB Suffers Losses From the Alleged FUD – Market Updates Bitcoin News

by Blockchain Daily Report
December 13, 2022
in Bitcoin
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Amid Speculation and Rumors Surrounding Binance, Exchange Token BNB Suffers Losses From the Alleged FUD – Market Updates Bitcoin News
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Following the FTX collapse, the most important cryptocurrency alternate by commerce quantity, Binance, has been surrounded by rumors and hypothesis in latest occasions. On Dec. 12, 2022, Reuters reported that U.S. Division of Justice prosecutors have been investigating Binance, in keeping with 4 individuals conversant in the matter. Furthermore, whereas quite a lot of crypto property have risen in worth this previous week, Binance’s alternate token has slid roughly 6.9% towards the U.S. greenback over the past seven days.

Binance’s BNB Takes a Hit from the Hypothesis Surrounding the World’s Largest Crypto Alternate

This week, Binance is coping with numerous rumors, hypothesis, and FUD (worry, uncertainty, and doubt) following the aftermath of the latest FTX collapse. Throughout social media, there’s been hypothesis regarding Binance’s proof-of-reserves (POR) and criticism towards the corporate’s POR efforts.

Amid Speculation and Rumors Surrounding Binance, Exchange Token BNB Suffers Losses From the Alleged FUD
In a Dec. 13 Twitter submit, Binance CEO Changpeng Zhao (CZ) retweeted a submit from 2019 that claims he seeks and gives optimistic vitality. “I block negativity/annoyance, I be myself, a traditional man, nothing fancy, [and] I work together with our supportive neighborhood,” CZ wrote on Twitter on March 16, 2019.

On Dec. 13, Changpeng Zhao, generally often called CZ, addressed the FUD on Twitter. “FUD helps us develop, despite the fact that they’re totally annoying,” CZ tweeted. “You may FUD about somebody with out explicitly mentioning their identify, which spreads consciousness. It additionally helps unite their supporters as a result of it varieties a standard protection alliance.”

CZ insisted that since day one, Binance was relentlessly focused with FUD — a few of which was allegedly sponsored by a big alternate. “Since then, there has hardly been per week going by with out some FUD. We discovered the flexibility to disregard them and maintain constructing,” CZ added in his Twitter thread.

Amid Speculation and Rumors Surrounding Binance, Exchange Token BNB Suffers Losses From the Alleged FUD

CZ’s commentary follows the Reuters report printed on Dec. 12, which claims the U.S. Division of Justice (DOJ) has been investigating Binance. Reuters reported on Monday that 4 individuals conversant in the matter defined that DOJ prosecutors are at odds concerning the alleged investigation. The reported cut up between DOJ prosecutors is “delaying the conclusion of a long-running prison investigation” into Binance, Reuters reporter Angus Berwick wrote.

In the meantime, Binance’s alternate token BNB has taken a giant hit from the hypothesis and FUD surrounding the world’s largest crypto alternate. The crypto alternate token BNB has misplaced 8.5% in worth over the last two weeks.

Seven-day stats present BNB shed greater than 8% towards the buck however because the latest U.S. inflation information was printed on Tuesday, BNB is now solely down 6.9% towards the U.S. greenback. The pattern is the alternative of what main cryptos like BTC and ETH have achieved as each cash elevated in worth between 5-7% larger on Tuesday morning (9 a.m. ET).

BNB statistics on Dec. 13, 2022, at 9:00 a.m. (ET).

Regardless of the numerous losses this week, BNB has outperformed crypto property like BTC and ETH when it comes to losses from the all-time highs posted final yr. As an illustration, regardless of BTC’s rise in the present day, the main crypto asset remains to be down ​​74% from the all-time excessive (ATH) final yr. Ethereum (ETH) is down 72% from final yr’s ATH, however Binance’s BNB is simply down 60.8% because the crypto asset’s $686 per unit worth excessive printed on Might 10, 2021.

Tags on this story

Allegations, Binance CEO, bnb, BNB Market Worth, BNB Markets, BNB Worth, BNB Token, Changpeng Zhao, CZ, CZ Tweets, division of justice, DOJ Investigation, FTX collapse, FUD, FUD surrounding Binance, Market Replace, PoR, POR critique, Proof of Reserves, Reuters, rumors, Hypothesis

What do you concentrate on the hypothesis and rumors surrounding Binance? What do you concentrate on BNB’s latest market efficiency this week? Tell us what you concentrate on this topic within the feedback part under.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist residing in Florida. Redman has been an energetic member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com Information concerning the disruptive protocols rising in the present day.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It’s not a direct provide or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, immediately or not directly, for any harm or loss triggered or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or providers talked about on this article.

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