Binance’s CZ clears the air of potential turmoil; BNB remains unaffected

  • Binance has slammed talk of a possible hack after some cryptocurrencies on the exchange suddenly rose
  • BNB stuck to its neutral stance as long-term investors suffered losses

binance CEO, Chanpeng Zhao (CZ) scattered Rumors of manipulation after some of the lesser-known cryptocurrencies suddenly rose on the exchange. On December 11, some anomalies rocked the stock exchange as symbols including Golem [GLM]sun tray [SUN].

These and some other tokens accumulated up to 90% in less than an hour. The incident raised suspicions of a compromise, which prompted Binance to Securing accounts Users involved in asset trading.

Read Binance coins [BNB] predict the price 2023-2024

Do not be afraid, dispel panic

After panic spread around social media, the official Binance Twitter account announced that users need not worry.

CZ backed up claims that the funds were safe and noted that no hackers were involved. He also noted that the price reaction was just the “normal” reaction of the market to the increase in demand. To reassure the community, CZ said,

“Based on our research so far, this appears to be just market behavior. A man deposited money and started buying. (Hackers don’t make deposits). Other guys followed suit. Can’t see the link between the accounts.”

However, reports at press time indicated that the rally was short-lived. At the time of writing, almost all cryptocurrencies are falling rapidly.

BNB: carefree coin

In spite of the momentary fear, Binance coin [BNB] He seemed less concerned. according to CoinMarketCapThe stock market’s gains of 1% over the course of 24 hours coincided with a period of panic and clearing the air.

The four-hour chart showed BNB Momentum buying It was not completely stable due to the state of the Relative Strength Index (RSI). Moreover, at the time of writing, the RSI is at 54.70. The situation indicates that BNB prefers bullishness on the buy side rather than a bearish one on the selling side.

Source: TradingView

Meanwhile, the Awesome Oscillator (AO) was 0.1. The above chart showed that AO was about to form a bullish double top. However, since it was below equilibrium, it could not be consistent with building a bullish edge. Additionally, the green bars can build up if they continue to shift momentum away from the bears.

As per its niche, Santiment on-chain has demonstrated BNB’s social dominance swell to 7.57%. This indicates that the discussions about the coin were at a high level.

In addition, the sudden rally is likely related to the cryptocurrency panic generated above. In the same vein, this has led investors to increase their search for BNB, as evidenced by the social volume of 585.

BNB social dominance and social size

Source: feeling

In addition, the difference between market value and realized value (MVRV) buy/sell was -12.86%. Because she stayed in negative area, He indicated that selling short-term BNB holders would generate profits. But long-term investors doing the same thing will do the opposite. At the time of publication, BNB is trading at $290.

BNB price difference and market capitalization in the long and short term

Source: feeling

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