Why BNB, Binance Chain Coin, price is falling today

BNB Price Crash reason 7th June: The price of BNB, the native crypto of Binance Chain, fell around 8 percent in the last 24 hours.

bnb price today
BNB price news today. Representative image

BNB Price Crash News: The price of BNB, the native crypto of Binance Chain, fell around 8 percent in the last 24 hours. In the last 7 days, BNB price has decreased by 11.31 per cent. At the time of writing, BNB price was $2.84, down 7.53 percent, according to data on CoinMarketCap.

Interestingly, BNB was one of the few coins that witnessed sharp price jump while all other coins were falling recently (read details here). The sudden fall in BNB price may have come as a surprise to many crypto investors and traders. So what is the reason behind the current fall in BNB price?

The immediate reason behind the fall in BNB price may be the launch of an investigation by US SEC against Binance’s native token. The Commission is probing whether Binance has broken the US securities law.

“Binance Coin(BNB) has been on a downtrend since the last couple of days as the US S.E.C. launched an investigation against Binance’s native token. The commission is probing Binance Holdings Ltd. in connection with breaking the U.S. securities law. The hourly chart for BNB has broken below the triangle pattern,” analysts at WazirX Trade Desk shared in a note.

Immediate support for BNB

An immediate support for Binance coin is expected at the $221 level, according to the analysts.

Extreme fear in crypto

The downtrend in BNB has been going on for the last couple of days. It accompanies a general negative trend in the overall crypto markets. In fact in the last 24 hours, the global crypto markets have once again crashed to $1.22 trillion while the prices of several top cryptos including Bitcoin, Ethereum, Cardano, Solana and XRP have fallen (read details here). The general negative trend and a prevailing “extreme fear” sentiment in the market may also be pushing the BNB price down further.

BNB, Binance Coin Price in INR

On Indian exchanges, BNB was trading at $23,301 at the time of writing.

(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)

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First published on: 07-06-2022 at 10:16 IST