Published on juni 11, 2024, 12:23 am
Image source: Fox News
```json { "TLDR": "BNB faces potential losses as indicators suggest Binance's weakening position in the crypto market. Recent record highs followed by a downturn led to a 5% decrease, raising concerns about future declines. Despite regulatory challenges, Binance tries to maintain its industry standing, but data shows a decline in BNB's total value locked and transaction volume. BNB Chain lags behind Ethereum in user engagement levels. Binance exchange is losing market share due to regulatory issues with a significant decrease in trading volume. Traders should be cautious due to invalidated breakout patterns indicating possible downward movement." } ```
BNB, also known as Binance Coin, is facing potential further losses as various indicators point towards Binance losing its stronghold in the crypto market. Despite recently reaching record highs of $725 on June 6, the price has taken a downturn and now hovers around $643, marking a 5% decrease in the past 24 hours.
Although BNB showed impressive performance over the last month with a notable surge of 25% in June alone, recent profit-taking activities have led to concerns about potential future declines. Despite regulatory challenges faced by Binance, the company has managed to navigate through and uphold its standing in the industry. Amidst this backdrop, its BNB Smart Chain (BSC) has witnessed renewed interest and activity.
However, data indicates a decline in BNB’s total value locked (TVL) following an 11% drop from its all-time highs. This suggests that user and developer engagement with the network has lessened. Additionally, transaction volume on the BNB chain has decreased by 21% over the last 30 days according to data from DappRaddar.
Furthermore, it is noteworthy that despite being a significant player among layer-1 blockchains, data reveals that BNB Chain lags behind Ethereum in terms of total unique active wallets (UAWs), indicating decreasing engagement levels within its ecosystem.
As for Binance crypto exchange itself, it appears to be experiencing a decline in market share due to ongoing regulatory issues impacting operations. Data highlights a 17.3% decrease in market share to $1.68 trillion in May alongside an 83% reduction in daily trading volume from March to June on the platform.
Technically speaking, recent losses in BNB have invalidated a breakout pattern signaling potential downward movement towards support levels if current trends persist. Traders are advised to exercise caution and conduct their research before making investment decisions as every move involves risks associated with market fluctuations.
Original article posted by Fox News
