The last few days have been eventful for the crypto market following a major crash on Thursday that resulted in the loss of $1 billion in market cap. In another unnerving development, it appears that Binance, the world’s largest exchange, may be in some form of trouble as a crypto analyst shares some insight on the company.
Binance To Record Heavy Losses If BNB Trades Below $212, Analyst Says
According to an X post on Friday, a crypto analyst with the name MartyParty painted a rather gloomy picture for Binance and its 150 million users. The analyst began by stating there was a reason the Binance Coin (BNB) is yet to fall below $212.
After Bitcoin tumbled on Thursday, BNB, like most cryptocurrencies, also plummeted in value, falling from $231.85 to $215.02. Although the token did attempt a market rebound on Friday, it soon fell again but found support at the $214 price zone.
There is a reason $BNB has not dropped below $212.
Binance has a $BNB backed loan liquidating at $212 down
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