The value of Binance Coin (BNB) witnessed a decline, causing a significant impact on the financial status of the BNB Bridge attacker’s address (0x48…9bec). The value of the attacker’s holdings plummeted to a level below 1, raising concerns about a potential liquidation. This address currently holds a substantial collateral of 784,616.10 BNB alongside a debt position of 124 million USDT+USDC.
He Yi, the co-founder of the renowned cryptocurrency exchange Binance, recently spoke to the community. During his address, he provided reassurance that BNB collateral held in Venus, a decentralized finance platform built on the Binance Smart Chain, is securely protected by Binance.
He Yi emphasized that if the price of Binance Coin keeps facing downward pressure, Binance will promptly initiate the necessary liquidation procedures. Notably, he stated that the liquidated BNB assets would not negatively impact the secondary market valuation of Binance Coin.
Furthermore, He Yi has confirmed that Binance will assume full responsibility for the proper disposal of these additional BNB tokens. This will be done by burning, effectively removing them from circulation. The strategic objective behind this action is to minimize any potential adverse impact on the broader BNB ecosystem.
However, the actions taken by Binance to safeguard its users’ interests and maintain the BNB ecosystem’s stability reflect the ongoing efforts within the cryptocurrency industry to navigate challenges and ensure the resilience of digital assets.
Binance Coin (BNB) Price Analysis
As per the latest data from Coinmarketcap, the value of the Binance Coin currently stands at $211.50, with a 24-hour trading volume of USD 352,499,153. In the past day, Binance Coin has dropped by 1.96%. It holds the #4 position in CoinMarketCap’s rankings and has a market capitalization of USD 32,694,069,313, indicating a decrease of 2.61%.
Per Coincodex’s latest forecast, the anticipated trajectory of Binance Coin suggests a potential 11.17% upswing, leading it to touch $238.95 around August 26th. The prevailing technical indicators paint a bearish picture, and the Fear & Greed Index registers at 38, indicating a state of fear.
In the past month, Binance Coin experienced positive growth for 13 out of 30 days, accounting for approximately 43% of the time. The coin’s price volatility stood at 3.30%.
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