Massive BNB Selling Amid Binance FUD, Where Is It Heading?

Binance BNB Coin News: Following the recent drop in BNB coin price, there is an increased sense of short selling in the community. The recent news of auditing firm Mazars cutting ties with the crypto exchange appears to have a prolonged bearing on the BNB price. Meanwhile, the overall sentiment in the crypto market continues to be bearish following the Fed’s indication of a continued rate hike in 2023. In this context, the Binance BNB short selling activity seems to have picked up in recent days.

Also Read: Crypto Market Crash Live Updates: Filecoin Price Down By 27%; Liquidation Breaches $237 Million

Earlier, auditing partner Mazars Group has suspended ties with Binance as the exchange faces the heat from crypto community over asset transparency. The trader community believes that Binance is not fully transparent about the way in which it holds and stores user assets. This led a sharp drop in the BNB price. The whole criticism around the exchange’s assets began after it published the audit report on Binance proof of reserves.

BNB Facing Short Squeeze?

Meanwhile, the BNB traders appear to be opening massive short positions in the midst of the FUD around asset transparency. Caesar, a crypto enthusiast, said there are around $118,000,000 worth of shorts opened on BNB token. Traders are piling into it with all this FUD surrounding Binance, he said in a tweet. This comes amid continuous drop in the token’s price in recent times.

As of writing, BNB price stands at $236.80, down 2.90% in the last 24 hours, according to price tracking platform CoinMarketCap. Over the past one week, the fifth ranked cryptocurrency lost around 18% in value.

Also Read: DCG Bankruptcy Imminent? Here’s Proof Of Asset Transactions

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.