Sun. Apr 21st, 2024

• Binance coin (BNB) rose 10% in the last 48 hours, retesting key support.
• Rumors suggest that the exchange is unloading its Bitcoin stash to prop up BNB’s value.
• The US Securities and Exchange Commission (SEC) crackdown could deliver a compromise on June 15.

Binance Coin Jumps 10%

Binance coin BNB jumped 10% in the previous 48 hours, reaching $247 on June 14. This was a short-term bullish correction after the 28% plunge in the week ending June 12, triggered by the US Securities and Exchange Commission (SEC) crackdown.

Consolidation Channel

The token has been trading within a consolidation channel since June 2022. The setup entails two parallel trendlines with a powerful mid-range. After the mentioned SEC-related price cascade, BNB price action retested the channel’s support, adding a bullish incentive for the short-term uptrend.

Selling Its BTC Stash?

Rumors suggest that after the SEC allegations against Binance, the exchange is unloading its Bitcoin stash to offset damage and prop up BNB’s value artificially. Several crypto analysts have agreed and accused Binance of market manipulation while CEO Changpeng Zhao denied these claims.

Negotiations with SEC

The negotiations between Binance and SEC could deliver a compromise on June 15 and potentially ease investor worries about holding onto their coins.

Conclusion

Overall, while there is still uncertainty about how long this uptrend will last for BNB tokens, investors are hopeful that an agreement between exchange and regulator could be reached soon which would bring stability back into markets.

By admin