Binance Coin Faces Critical Support Test Amid Market Downturn
BNB, the native token of Binance, is currently testing a crucial support level as the broader cryptocurrency market experiences a significant downturn. The token recently breached the psychologically important $1,000 mark, dropping to $901.33 during Thursday's trading session before recovering slightly to $948. Analysts are now watching the $840 level as the next potential downside target if the bearish pressure continues. This movement mirrors Bitcoin's recent decline below the $100,000 level, highlighting the widespread nature of the current market correction. Technical indicators show sustained selling pressure across all timeframes, with BNB posting weekly losses of 15.4% and monthly losses extending to 20.5%. The coming days will be critical for determining whether Binance Coin can hold these key support levels or if further downside is in store for one of the market's largest exchange tokens.
BNB Tests Key Support Amid Market-Wide Crypto Downturn
Binance Coin faces a critical juncture as it breaches the $1,000 psychological barrier, with analysts eyeing $840 as the next potential downside target. The token briefly plunged to $901.33 during Thursday's trading session, mirroring Bitcoin's slide below $100,000 before recovering to $948.
Market data reveals sustained bearish pressure across all time horizons. BNB has recorded 15.4% weekly losses, compounding to 20.5% monthly depreciation. Technical indicators suggest the sell-off may be overextended, with the Relative Strength Index approaching oversold territory.
The broader crypto market remains under pressure from macroeconomic headwinds. Extended US government shutdowns and mixed signals from Federal Reserve Chair Jerome Powell have exacerbated risk-off sentiment. Trading volumes suggest accumulation near current levels, though failure to hold $950 support could trigger another leg down.
Trump Defends CZ Pardon Amid Political Backlash, White House Insists Due Diligence
Former President Donald Trump reaffirmed his controversial pardon of Binance founder Changpeng Zhao (CZ) during a 60 Minutes interview, claiming unfamiliarity with the crypto executive personally. The White House later clarified Trump's remarks, stressing the pardon underwent rigorous review by both the Justice Department and White House Counsel's Office.
The decision has drawn scrutiny following reports of Binance's alleged involvement with World Liberty Financial, a crypto firm linked to Trump's family. CZ has denied these claims, while Trump's spokesperson accused the Biden administration of weaponizing the Justice Department against the former Binance CEO.
Pundit Alleges Binance and Wintermute Collaboration Behind Bitcoin and Ethereum Price Crashes
Crypto analyst Butcher has accused Binance and market maker Wintermute of orchestrating recent price declines in Bitcoin and Ethereum. The allegations center on $34.5 billion in transactions between the firms over the past month, with Binance reportedly transferring assets to Wintermute wallets before major market dumps.
The October 10 market crash serves as a case study, where $700 million in transfers preceded $19 billion in liquidations within 90 minutes. Butcher claims Wintermute repurchased assets at steep discounts, creating a profit mechanism where Binance collects funding fees while Wintermute captures trading spreads.
Binance Experiences Resurgence in BTC Spot Trading Activity
Bitcoin spot trading volumes on Binance showed marked recovery in November, with coins flowing back to the exchange after a period of derivative market dominance. The resurgence pushed BTC prices back above $103,000 following a brief dip below six figures.
New wallet inflows of both BTC and stablecoins signaled renewed spot market participation. October saw 25,900 BTC deposited into Binance from freshly created addresses - a precursor to November's volume uptick. Historical patterns suggest such spot inflows often precede significant BTC price movements.
While derivatives traders remain cautious after recent liquidations, the spot market offers a more stable alternative during volatile conditions. The market's ability to rebound from $100,000 levels demonstrates underlying strength, with Thursday's trading settling at $103,357.
Sapien Token Surges 170% Following Binance Airdrop Announcement and Upcoming Listing
The Sapien price skyrocketed nearly 170% in 24 hours after Binance revealed plans for an airdrop and confirmed the token's imminent listing. Trading around $0.31, the rally began moments after the exchange disclosed rewards for BNB holders in its Simple Earn and On-Chain Yield programs.
Binance will distribute 15 million Sapien tokens to eligible users, with an additional 20 million reserved for marketing and community incentives. The announcement triggered a buying frenzy across exchanges, as market participants interpreted the airdrop as a vote of confidence from the industry's largest platform.
Spot trading preparations further fueled bullish sentiment. Historical patterns suggest Binance listings frequently precede sustained price appreciation, though volatility typically accompanies such events.
Blockchain Investigator ZachXBT Faces Criticism Over Binance Partnership
ZachXBT, a prominent blockchain investigator known for exposing crypto frauds, is under fire after announcing a partnership with Binance to assist in tracking stolen funds on BNB Chain. The collaboration, aimed at enhancing transparency, has drawn sharp criticism from some community members who accuse ZachXBT of aligning with "the biggest and most proven manipulators in the game."
The backlash erupted after BNB Chain revealed it had enlisted ZachXBT's expertise to safeguard its ecosystem. Critics, including pseudonymous trader k1z4, labeled the MOVE hypocritical, citing Binance's controversial reputation. ZachXBT defended the decision, stating that grants from blockchain networks are essential to fund his investigative work.
