The BNB is experiencing a free fall against the US Dollar. The token was previously hovering around $510. Later, it succumbed to a fall and declined to around $509. BNB has now plunged to $505.74 at the time of writing this article. This is a drop of 2.79% in the last 24 hours and 10.20% in the last 7 days. Furthermore, it reflects a decline of 11.10% in the last seven days.
There is a lot that is happening with Binance. For starters, the native token itself is suffering amid a downswing across the crypto market. Second, its return to India has come with a tax burden of $86 million. Third, it has made a breakthrough in Africa by launching the Mobile Money feature for crypto transactions. Finally, the decline in DOGS has sparked a discussion about whether Binance Launchpool is cursed.
At the moment, the overall condition across the crypto market is bearish. This does not negate the possibility of a bull run in the future, but the current sentiments discourage investors from even attempting to liquidate the ecosystem. The trend is likely to change after the Federal Reserve announces rate cuts, but that is a long road with a destination that is some days away. Alternatively, this has created a buying opportunity for many, as evidenced by the rise in the 24-hour trading volume, which is up by 9.92% at press time.
BTC and ETH are also down, despite having their ETFs floating in the market. Binance is making a comeback in India. Indian AML agencies have reportedly given the exchange platform the green light to pick up its operations. However, this approval is contingent upon the exchange platform settling $86 million in tax liabilities.
On the 78th Independence Day of the Asian region, Binance declared its return and expressed its eagerness for a fresh start. Those sentiments have been subdued by a tax demand from the GST authorities. The Financial Intelligence Unit of the Indian Ministry of Finance issued numerous notices that resulted in the removal of Binance from app platforms. It was found to be operating in the country with a lack of legal compliance, along with others like OKX and KuCoin.
A return to one of the fastest developing nations brings back the hopes for Binance to see solid growth in its operations. Launching Mobile Pay for crypto transactions in Africa makes it seamless for users to issue a transaction. It has been defined as One Click Buy & Sell and is currently available for users across Tanzania, Ghana, Zambia, and Uganda. Binance, therefore, continues to bank the world’s unbanked population.
A 30% decline in the value of DOGS has sparked a series of discussions, leading to speculation that Binance Luanchpool may be cursed, as a launch eventually leads to a decline in the token value. BNB prices have fallen steeply. They could decline a bit more as the community continues to speculate on the actual reason.
Source: https://www.cryptonewsz.com/bnb-price-drops-to-505-usd-2-79-percent-in-24-hours/