Industry’s largest cryptocurrency exchange after FTX collapse Volume, Binance has been surrounded by rumors and speculation lately. On Dec. 12, 2022, Reuters reported that U.S. Department of Justice prosecutors were investigating Binance, according to four people familiar with the matter. Moreover, while many cryptocurrencies have gained in value over the past week, Binance’s exchange token has fallen about 6.9% against the US dollar over the past seven days.
Binance’s BNB hit by speculation surrounding world’s largest cryptocurrency exchange
and FUD (Fear, Uncertainty, Doubt) following the aftermath of the recent FTX collapse. Across social media, there has been speculation about Binance’s Proof of Reserve (POR) and criticism of the company’s POR efforts.
CZ claimedthat Binance was relentlessly targeted for FUD from day one. Some of them were allegedly sponsored by large exchanges. “Few weeks go by without FUD since then. We have learned the ability to ignore them and keep building,” CZ added in his Twitter thread.
CZ’s comments claim the U.S. Department of Justice (DOJ) is investigating Binance. Following report. Reuters reported on Monday that four of his people familiar with the matter explained that DOJ prosecutors were divided over the allegations. Reuters reporter Angus Berwick wrote that a reported split among Justice Department prosecutors is “delaying the conclusion of a lengthycriminal investigation” against Binance.
Meanwhile, Binance’s exchange token BNB has taken a heavy hit from the speculation and FUD surrounding the world’s largest cryptocurrency exchange. Crypto exchange token BNB has lost 8.5% in value over the past two weeks.
TheBNB fell more than 8% against the dollar, according to seven-day data, but since recent US inflation data was released on Tuesday,BNB is currently down only 6.9% against the US dollar. This trend is the opposite of what major cryptocurrencies such asBTC and ETH have done, with both coins dropping in value on Tuesday morning (9am ET). 5-7% increase.
Despite heavy losses this week,BNB has lost crypto assets such as BTC and ETH from all-time highs Posted last year. For example, despiteBTCgaining today, the leading crypto asset is still down 74% from last year’s high (ATH). Ethereum (ETH) is down 72% from last year’s ATH, while Binance’s BNB is the crypto unit price printed on May 10, 2021. It has only fallen 60.8% since its high of $686.
What do you think of the speculation and rumors surrounding Binance? What do you think of BNB‘s recent market performance this week? Please let us know what you think about this matter.
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