BNB Price Stabilizes above $500 as Binance Recovers Stolen Funds

BNB price was up 2.6% to $516 during the U.S. trading session on Monday. This upswing followed Bitcoin’s attempt to reclaim $60k amid eased selling pressure from the weekend. Along with a broader market uptick, the Binance coin shows firm stability above $500 as the exchange successfully recovered or froze millions in stolen user funds.

BNB Price Bounces After Recovery of Stolen Funds

The renowned cryptocurrency exchange Binance recently announced that its security team recovered or froze over $73 million in user funds from external hacks between January and July 2024. This achievement highlights a 30% increase from $55M secured throughout 2023. Following the update, the BNB price showcased sustainability above the $500 psychological level.

Binance’s Chief Security Officer, Jimmy Su, attributed this success to the company’s proactive security measures, collaborative efforts with law enforcement, and the transparency and traceability inherent in blockchain technology. Jimmy added,

Market growth and volatility, as observed in recent months, often bring an influx of new investors who may be more susceptible to scams and hacks, and elevated prices during these periods can result in larger monetary losses.

The shared blog highlights that approximately 80% of recovered or frozen assets were associated with hacks, exploits, and thefts that occurred externally. The remaining 20% were scams that took place outside the Binance platform.

While crypto fraud remains a significant challenge for legitimate crypto users and service providers, this recent milestone should boost the positive sentiment towards the Binance exchange and the native cryptocurrency BNB.

Binance Coin Price Hints Bullish Reversal Within Megaphone Pattern

The BNB price recently rebounded from $458 to $506, registering a 9.6% jump. An analysis of the daily chart revealed this reversal as a fresh bull cycle within the broadening wedge/ megaphone pattern.

This chart setup consists of two diverging trendlines, which typically indicate market uncertainty and no clear initiative from buyers or sellers. Thus, a recent reversal from the lower trendline shoulder bolsters an 18% rise to challenge firm resistance at $605.

On the contrary, the BNB price has multiple overhead resistance till $555 due to the cluster of daily Exponential Moving Averages (20, 50, 100, and 200). A potential reversal from this resistance could plunge Binance coin 14% down to hit the $440 level.