It smells like remake of the Terra scenario, it seems. Because long before its collapse, there had indeed been massive withdrawals of cryptocurrencies, among others USTs. At the moment, we see that traders are repeating the same gestures. Should we panic?
Binance loses millions of USDT
Will Binance’s new CEO, Richard Teng, be able to appease the FUD like Changpeng Zhao (CZ) did so well during his reign? His very solid CV and his enriched experiences certainly pushed the Board of Directors of the crypto company to elect him at the head of the empire.
“ Yesterday, USDT recorded the highest number of withdrawals from Binance in the last three months. »
According to CoinPaprika, confusion currently reigns among the crypto community, including Binance’s 150 million users, after Zhao’s departure. How many people are thinking about leaving the ship right now? Certainly a large number since withdrawals of cryptocurrency assets follow one another on this centralized exchange platform.
The IntoTheBlock post below highlights a massive withdrawal of USDT three days ago. In fact, the equivalent of $100 million in Tether USD left Binance on November 23. However, for three months, no exit of this kind has been noted on the cryptocurrency exchange.
What impacts on the price of BNB? A drop, obviously. Binance’s native crypto, which has already suffered froma bearish trend since Wednesday last, continued to slide down the slope. At the time of writing, BNB was trading at $233.24 per piece. CoinGecko estimates that it fell 4% over a week.
However, not all observers agree to predict a fatal fall in BNB with this FUD (find the definition in this article). The recent peak in trading volume on the platform, which exceeded $2 billion, indeed augurs a certain form of stability.
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