“Binance Coin(BNB) has been on a downtrend since the last couple of days as the US S.E.C. launched an investigation against Binance’s native token. The commission is probing Binance Holdings Ltd. in connection with breaking the U.S. securities law. The hourly chart for BNB has broken below the triangle pattern,” analysts at WazirX Trade Desk shared in a note.
Immediate support for BNB
An immediate support for Binance coin is expected at the $221 level, according to the analysts.
Extreme fear in crypto
The downtrend in BNB has been going on for the last couple of days. It accompanies a general negative trend in the overall crypto markets. In fact in the last 24 hours, the global crypto markets have once again crashed to $1.22 trillion while the prices of several top cryptos including Bitcoin, Ethereum, Cardano, Solana and XRP have fallen (read details here). The general negative trend and a prevailing “extreme fear” sentiment in the market may also be pushing the BNB price down further.
BNB, Binance Coin Price in INR
On Indian exchanges, BNB was trading at $23,301 at the time of writing.
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)
Source Links:-https://www.financialexpress.com/digital-currency/why-bnb-price-is-falling-today-binance-coin-price-crash-reason-67/2550995/