Crackdown on Binance is widening as Italian regulator Consob said Binance Group companies are not authorised to provide investment services and activities in Italy. The country’s market watchdog said joining a string of global regulatory moves against the cryptocurrency exchange.
“The past 24 hours witnessed a massive sell-off across cryptocurrency markets. The ‘crypto fear and greed index’ tracks the sentiment across the crypto markets. It showed that extreme fear prevailed across the spectrum,” said Edul Patel, CEO and Co-founder of Mudrex.
“Most of the cryptos were under severe selling pressure. Traded volumes shot up, and prices tanked. Although BTC managed to stay afloat above the $31,000 mark, altcoins faced the wrath of the bears,” he added.
Beside this, China’s share of global Bitcoin production power fell sharply even before a recent crackdown by authorities on cryptocurrency mining, research by the University of Cambridge showed.
China has long been the centre of global cryptocurrency mining, an energy-intensive process. Many Bitcoin miners in China use fossil fuels, including coal, stoking concerns over Bitcoin’s environmental footprint.
Tech View byZebPay Trade Desk
BNB is the native token of Binance which is the world’s largest and fastest-growing exchange. One of the leading altcoins, BNB, has been range-bound this week, trading in the range of $300-$340. BNB has a market dominance of 4 per cent, ranking third among core cryptos in terms of market cap.
As Binance as an exchange continues to grow and remains the leading exchange globally, BNB’s appreciation is likely soon, and in the long run, this could be a key driver of BNB’s ROI portfolio.
After surging almost by 51 per cent from the recent low of $225, BNB resisted at $340 and corrected by 14.5 per cent, making the weekly low of $290. Technically, on the daily time frame the asset has taken support at $290 and the lower longer shadow indicates buying around these levels.
BNB has started to move up and is trying to form a ‘Higher Top Higher Bottom’ pattern. The asset has a strong resistance at $345. Hence, to further rally it needs to trade and close above the resistance of $345.
Major Levels
Support: $290, $251
Resistance: $345, $380
Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)