Binance security breach leads to BNB’s price nosediving by 6% in an hour and 18% in two days

The hack into the world’s largest cryptocurrency exchange, Binance, caused quite a lot of chaos in the crypto , even though it was for just two days. The effect of the hack was directly seen on Binance Coin’s [BNB] price.

The performance of BNB had been nothing short of a solid bull rally. However, the price hit a ceiling April 20 and was struggling to get back up ever since. When Binance announced that the exchange’s security had been breached by hackers, who got away with Bitcoins worth $41 million, the price of BNB translated from a normal correction to a nose dive.

Source: TradingView

The price of Binance coin at was $18 and it had a market cap of $2.06 billion. Over 24 hours, the price collapsed by approximately 11%, whereas over 7 days the price had collapsed by ~22%.

Year-To-Date

Binance coin was priced at $6 at the start of 2019, with a market cap of only $785 million. Since this point, the price performed a massive pump, pushing the price to as high as $26, which is percentage change of ~330%.

BNB also underwent some major upgrades, with the coin migrating to its own mainnet []. This provided a path for Binance Dex, which utilized the BNB blockchain and allowed other coins to migrate to it.

The bull rally for BNB ended when Binance was . Hence, the FUD surrounding BNB seems to be real as prices are tanking, leading to the end of a parabolic move.

The post Binance security breach leads to BNB’s price nosediving by 6% in an hour and 18% in two days appeared first on AMBCrypto.

Post written by our friend Akash Girimath and from ambcrypto
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