Well, maybe not yet, but personally seeing it drop like a stone from $300 to $230, then it's a great difference if you ask me. There are a few so-called analysts claiming that BNB might be susceptible to fall below $200, which would be disastrous and would cause a huge selloff.
$190 I think could be its last bottom price. This crash is yet not over because the market may just keep dragging the price down below that support level. But once its going up, it may also break that $300 resistance as well.
I think we are already seeing the last string that SEC is trying to pull from crypto market. They are going all in beyond this, there is nothing more Gensler can do. Only Binance.us is where he could affect.
$190 isn't too bad if the fall stops there, will it however? So far, its progress look promising, the bottom stopped at approximately $225 and is already making a minor recovery.
The latest SEC lawsuit against Binance has caused a massive market crash, with BNB suffering the most, going as low as $233, the lowest it has ever been in 2023. Bitcoin has also suffered great losses, but it's not as bad as BNB, which hasn't stopped falling since the incident started and got progressively worse for altcoins when the SEC labeled 46 of them as securities to be avoided at all costs. Some of which include BNB, XRP, BUSD, MANA, and plenty of others. Personally, I believe that the condition is starting to become worrying, especially if Binance loses and there's no settlement, which would also have disastrous consequences for the market in general.
The most worrying of all is BNB, which is in freefall and its future might be doomed if no solution is found. What's your take on this? Do you think that a solution will be found to avoid any further losses, or are governments on their way of winning the war against cryptocurrencies?
If this case turns out to be positive, we cannot even predict the price increase of the mentioned coins. We should also consider the negative side and take precautions on our own. Everyone has more or less invested in these coins. I don't think there is a major collapse at this level. Drops in these rates happen all the time in crypto. Bitcoin did not have a negative impact on this case. Still standing firm. It will return strong on BNB. If Binance has done something wrong, it should do the right thing and go back to its old days.
We are at a very early stage right now. The decline in crypto as a result of different news it could be. The real issue here is whether we are going to buy in this decline and lower the average or do we sell some.
How can it turn positive though? Someone will ultimately need to withdraw, and the SEC doesn't look like it's going to back down that easy. It's still at a very early stage to speculate, but things aren't going to turn out okay if there's no solution found.
I don't consider BNB to be in a free fall. Last year it went down to $200 and found good support there. If you look at the chart, you will see that this is a serious support level and it has been tested many times since early 2021. Consequently, if the price does not fall below $200, then there is no serious reason to worry and it is just a prolonged correction. If the price drops below $200, it will mean a free fall down to levels no one knows about. You are too early to panic, nothing bad has happened yet.
Technically yes, it's not yet on the free fall, and just like Bitcoin, it has it's fair share of the price declining regardless if there was a case against Binance. Remember that we are still in the bear market so technically prices should be down at least.
And we can see that majority of the altcoins are around 80%-90% down, which is about the numbers in a bear market. I guess the question is that if this happens if the bull run, will Binance and BNB and other altcoins mentioned in the lawsuit will have a downfall or not?
If bitcoin does not renew its bottom, then BNB will also keep its support at the $200 level. I agree that we are still in a bear market, but it is unclear which part of it. I'm more inclined to say the final part. And unless there is some major economic upheaval or a major scam of some famous crypto project, we will probably keep these current low values, which were formed last year.
That's not going to happen, Bitcoin isn't that affected by the whole incident, it's doubtful that we'll see a new bottom. Thus, there's still a decent chance to see a stop in this bloodbath.