Is it over for BNB?
In my opinion probably yes. I do believe Binance has done many things wrong over the years, especially in the US... so the hammer is coming for them too. They played games, they made tons of money... but in the end regulators will go after them for a million different reasons. Of course it will be mostly about control over the industry, but no matter whether I agree with it or not, it is coming.
Binance will survive, but it is taking multiple hits over and over again. Overall exchange tokens went up a lot prior to the regulators stepping in, so it big dumps are easier. The market was already reversing and we are seeing some of that money flow into DeFi. Of course in the short term both will get hit, but DeFi has a much stronger case for it to be made.
BNB could be classified as a security, their ICO could be deemed 'inappropriate' and the Binance chain not decentralized enough. We already see many users being forced to leave the platform from many different countries. They are the largest, and so they are the biggest and easiest target out there.
BNBUSD and BNBBTC have definitely gotten them memo and they aren't looking all that great. To me there is no way back, but be aware for some scam rallies before going lower. That's why it is better to have a large stop loss than a small one. Any rally is to be shorted...
Binance will survive, but it is taking multiple hits over and over again. Overall exchange tokens went up a lot prior to the regulators stepping in, so it big dumps are easier. The market was already reversing and we are seeing some of that money flow into DeFi. Of course in the short term both will get hit, but DeFi has a much stronger case for it to be made.
BNB could be classified as a security, their ICO could be deemed 'inappropriate' and the Binance chain not decentralized enough. We already see many users being forced to leave the platform from many different countries. They are the largest, and so they are the biggest and easiest target out there.
BNBUSD and BNBBTC have definitely gotten them memo and they aren't looking all that great. To me there is no way back, but be aware for some scam rallies before going lower. That's why it is better to have a large stop loss than a small one. Any rally is to be shorted...
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.