Binance Takes Steps to Stop Attacks; BNB’s on-chain position remains in…

  • Binance Joe removes doubts about its broad well-being.
  • Futures and options traders are backing out of BNB trading.
  • On-chain data shows losses for investors amid recovery in deposits.

After weeks of accusations and counter-accusations, Binance has finally addressed the issues raised as it aims to end the uncertainty and suspicion rocking the exchange.

in that Blog post in seven sectionsBinance indicated that it was necessary to formally respond to the misinformation spread throughout the crypto community because it has been a proponent of transparency and openness.

how many BNBs can you get for $1?

Remember, Binance has been facing challenges across the board since the collapse of its rival FTX. At one point, the US Department of Justice (DOJ) moved toward a full prosecution of the exchange. Recently, accounting firm Mazars backed out from reviewing the stock’s financial condition.

Hill and in good shape, the stock exchange says

Addressing the concerns of investors and the ecosystem at large, Binance has made it clear that they have no liquidity issues despite suspending USDC withdrawals. Regarding its reserves, the exchange indicated that it was financially sound.

Looking at the Mazars case, Binance explained that scrutiny of crypto companies like theirs was a new concept. Therefore, the talk about the big four accounting firms that reject the audit process does not have good reasons.

As for the Attorney General at the Department of Justice, the blog post indicated hesitation about a full clarification. However, he noted that regulatory policy had been followed in many countries and would be dealt with later. post reads,

“We cannot currently respond to any controversial legal discussions, but in the face of unilateral accusations by the media, we also hope to clarify and confirm the following facts that have been ignored by the public for a long time,” he added.

BNB Volume Is Rising But Stumbling…

despite the explanation, Binance coin [BNB]And the Regression To get a great height. However, the 24-hour trading volume was able to offset the price stagnation with an increase of 18.36%. According to on-chain data provider Santiment, BNB has a volume of $546.13 million at the time of writing.

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This condition reflects traders attempting to jump into BNB based on price movements. The actions of traders in the derivatives market were contrary to the supply of the market as a whole.

This was due to Santiment’s data open A significant decrease in the stock market funding ratio of -0.007%, indicating a bounce in futures and options positions.

Source: feeling

Referring to its active addresses, the on-chain data showed that BNB was able to attract and boost user activity. This was due to the increase in active addresses for a seven-day period on December 21st, though the metrics were down to 23,600 at the time of writing.

As a result, Binance was i Recovery Confidence after billions of dollars in stock market outflows.

According to its 30-day market value to realized value (MVRV), BNB has remained determined to keep investors at a loss. At -13.27%, the MVRV showed an undervalued scenario. But it also means negative results for owners who buy at a price above current value.

Active BNB addresses and MVRV ratio

Source: feeling

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