Despite a lot of FUD around Binance, the biggest crypto exchange in the world, Lookonchain, a blockchain analysis company, claims that Justin Sun moved 100M USDC from Circle to Binance just two hours ago.
Chinese cryptocurrency entrepreneur and business executive Justin Sun took 34 million BUSD and 15.4 million USDT from Binance nine hours ago. Then moved them to Paxos and Circle for what is likely a payout.
According to the statement from the analysis company, 33,911,530 USD were deposited to the Paxos Treasury by Justin Sun (0x9f84) and transferred to Circle after exchanging 15,432,715 $USDT for 15,435,455 $USDC. However, he responded that the current funding allocation was merely standard business collaboration.
In the last four hours, market maker Wintermute also moved around $150 million USDC to Binance and withdrew $153 million USDC from Coinbase.
Despite all of this, Binance’s coin BNB has seen a significant decline in price from $284 on December 12th to $269 today, a loss of nearly 5% over the past day, according to the statistics from CoinMarketcap.
While the coin’s trading volume had a considerable rise during the previous 24 hours of over 192.20%, its market cap fell by 4.82% within the same time frame.
Binance Coin’s BNB Price Drop
Since the beginning of the year, BNB has been on a consistent downward trend. The coin was valued at $514 on January 1st, but due to terrible market events like Terra’s demise and the subsequent crypto winter, its value has fallen to around $300, and by June 2022, it hit a low of $184.
Since its low in June, the token has struggled and recovered some of its value, but the latest events in the cryptocurrency market have caused BNB and other tokens to the road of suffering again.
Due to its role in the hack of the collapsed cryptocurrency exchange FTX, Binance Coin (BNB) has lately made headlines. Such as anyone responsible for the $600 million crypto exchange FTX hack transferred around $7.4 million worth of BNB tokens into ETH and BUSD.
After Binance’s proposed acquisition of FTX was announced on November 8th, there was a slight increase, but the gains were quickly erased when Binance decided against the purchase.
A further blow to the token’s price came from the December 1st Ankr protocol exploit, which caused BNB’s price to drop by approximately 7% in just a few hours.
Regarding price movement, the bulls made an effort to break the crucial resistance area near $300 on December 5th. But the bulls stood their ground. A zone of short-term support has formed at $281, but unfortunately not last long and drops.