Binance FUD is prevailing within the crypto space which is heavily impacting not only the BNB price but for the entire markets
Binance exchange recently faced rumors regarding insolvency due to which hefty amounts of funds were withdrawn from the platform. This impacted the BNB price as well which dropped heavily by nearly 24%. This drop ignited ripple effects within the crypto space as most of the cryptos including the Bitcoin price dropped heavily marking a double-digit loss.
However, it was largely considered as a FUD as Binance is a very strong exchange and BNB token is a little more diverse than FTT. While Binance Coin is the native token of both the Binance Smart chain and Binance exchange, FTT is the native token of the FTX exchange only. Besides, there are some more features that keep Binance away from the crowd.
- Binance Smart chain or BSC is the world’s most used chain with the second highest TVL. BSC also has more active users than Ethereum, Polygon, and Solana combined.
- Apart from this BSC is the most used blockchain by top NFT games as well. 9 out of 25 top NFT games, making it the most preferred blockchain for crypto games
Overall, the Binance platform has been proved as the largest and the preferred platform and also has maintained trnasperency with the Proof-of-Reserves. Therefore, the platform may not experience the same fate as FTX and BNB price may rebound finely in the coming days.
Source: https://coinpedia.org/news/is-binance-insolvent-will-bnb-price-carry-the-same-fate-as-ftt-decode-the-truth/