Crypto Updates

Binance In Murky Waters? Analyst Says Why BNB Must Stay Above This Price

Binance

The last few days have been eventful for the crypto market following a major crash on Thursday that resulted in the loss of $1 billion in market cap. In another unnerving development, it appears that Binance, the world’s largest exchange, may be in some form of trouble as a crypto analyst shares some insight on the company.

Binance To Record Heavy Losses If BNB Trades Below $212, Analyst Says

According to an X post on Friday, a crypto analyst with the name MartyParty painted a rather gloomy picture for Binance and its 150 million users. The analyst began by stating there was a reason the Binance Coin (BNB) is yet to fall below $212. 

After Bitcoin tumbled on Thursday, BNB, like most cryptocurrencies, also plummeted in value, falling from $231.85 to $215.02. Although the token did attempt a market rebound on Friday, it soon fell again but found support at the $214 price zone. 

MartyParty believes there is a reason why BNB is gaining support at these levels away from the $212 price mark. According to the analyst, the Binance exchange has a BNB-backed loan set to liquidate at $212. 

Initially, the liquidation price for the said loan was $220, but it was later shifted in June. Although the analyst didn’t reveal the exact amount of this supposed loan, it seems massive as he stated it could lead to a “fatal margin call”  for the Binance exchange upon liquidation. 

According to MartyParty, Binance is presently in “self-preservation mode” with its CEO Changpeng “CZ” Zhao selling BTC from a particular wallet to purchase TUSD, which in turn is invested in BNB to keep the Binance native token above $212. 

In addition, this crypto analyst also made another interesting theory behind Binance’s supposed problem. He stated that US financial regulators are allegedly selling crypto holdings of the US Marshals Service in order to forcibly liquidate Binance’s loan position and kick CZ out of the crypto industry. 

Crypto Community Reacts To Worrying Post On Binance

Following MartyParty’s post, there have been multiple reactions, with some crypto users siding…

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