As a seasoned crypto investor with over a decade of experience navigating this dynamic market, I find the recent surge in BNB price to be quite intriguing. The recovery of stolen funds by Binance, totaling $73 million, has undoubtedly bolstered investor confidence and contributed to the sustained growth above the $500 psychological level.
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
Binance, a well-known cryptocurrency exchange, shared that their security team successfully retrieved or blocked approximately $73 million in user funds that were stolen through external hacks between January and July of 2024. This significant feat represents a 30% rise compared to the $55M protected during the entirety of 2023. After this announcement, the price of BNB maintained its position above the $500 psychological mark.
According to Jimmy Su, Binance’s top security officer, the company’s achievement is due to its forward-thinking security strategies, joint work with law enforcement agencies, and the built-in openness and trackability of blockchain technology. Jimmy also mentioned that these factors have played a significant role in their success.
In the last few months, rapid market expansion and instability have attracted a considerable number of novice investors. These newcomers might be vulnerable to fraudulent activities and cyber attacks. Additionally, heightened prices during such times could lead to substantial financial losses due to inflated costs.
In summary, our joint article emphasizes that around 80% of the recovered or stored assets were linked to hacking incidents, vulnerability exploitation, and thefts happening off the Binance platform. Conversely, about 20% of these assets involved scams that occurred outside the Binance ecosystem.
Despite crypto scams continuing to pose a major issue for genuine crypto users and platforms, this latest achievement is likely to foster a more optimistic outlook towards Binance exchange and its native token, BNB.
Binance Coin Price Hints Bullish Reversal Within Megaphone Pattern
In simpler terms, the price of BNB has surged from around $458 to $506, marking a 9.6% increase. This rise appears to be a new phase of upward momentum within the expanding channel or megaphone pattern that we’ve been observing in the daily chart.
In this graph layout, you’ll find two lines that diverge, a common sign of market ambiguity as neither buyers nor sellers seem to be taking a decisive stance. However, a recent upward shift from the lower part of one of these lines (resembling a shoulder) has sparked a 18% increase, aiming to break through the strong resistance at $605.
Instead, it’s important to note that the BNB price faces several significant resistance levels up to $555. This is primarily due to the grouping of daily Exponential Moving Averages (20, 50, 100, and 200). If there is a reversal at this resistance, Binance Coin could experience a drop of approximately 14%, potentially reaching $440.
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2024-08-12 18:26