The hack into the world’s largest cryptocurrency exchange, Binance, caused quite a lot of chaos in the crypto community, even though it was for just two days. The effect of the hack was directly seen on Binance Coin’s [BNB] price.
The performance of BNB had been nothing short of a solid bull rally. However, the price hit a ceiling April 20 and was struggling to get back up ever since. When Binance announced that the exchange’s security had been breached by hackers, who got away with Bitcoins worth $41 million, the price of BNB translated from a normal correction to a nose dive.
The price of Binance coin at press time was $18 and it had a market cap of $2.06 billion. Over 24 hours, the price collapsed by approximately 11%, whereas over 7 days the price had collapsed by ~22%.
Binance coin was priced at $6 at the start of 2019, with a market cap of only $785 million. Since this point, the price performed a massive pump, pushing the price to as high as $26, which is percentage change of ~330%.
BNB also underwent some major upgrades, with the coin migrating to its own mainnet [blockchain]. This provided a path for Binance Dex, which utilized the BNB blockchain and allowed other coins to migrate to it.
The bull rally for BNB ended when Binance was hacked. Hence, the FUD surrounding BNB seems to be real as prices are tanking, leading to the end of a parabolic move.
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