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.

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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.

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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