BNB Plummeting After Binance Hack As Bitcoin and Alts ETH, LTC, BCH Recuperate

Bitcoin [BTC] which was looking to break down late on Tuesday due to the Binance Hack news seems to be holding its price strongly. Post the update, Bitcoin fell by 2% in about 12 hours, however, as soon as the reassurance from Binance’s CEO, CZ was delivered, the price started to recover.

The price of Bitcoin [BTC] at 11: 45 Hours UTC on 8th May is $5917. It is trading 0.46% (<0.5%) lower on a daily scale.

BTCUSD
BTC/USD 4-Hour Chart on Coinbase (TradingView)

Also Read: Binance Hack: CEO Advises Users to Update Security Settings To Safeguard Funds

Why is Binance [BNB] Coin Falling?

Binance [BNB] Coin was the biggest loser in the top ten cryptocurrencies by market capitalization. The price of BNB at Hour UTC on 8th May 2019 is. It is trading 7.75% lower on a daily scale.

BNBUSD
BNB/USD 4-Hour Chart on Binance (TradingView)

Reportedly, during a previous scam involving SYS coin that occurred in July 2018, Binance offered a rebate in the form of Binance coin.

For all other Binance users, we will offer a 70% rebate on the trading fees received from you (does not include referrals) between 2018/07/05 – 2018/07/14. The rebate will be given in the form of BNB calculated using the closing price on 2018/07/14.

Hence, rumors of a possibility that the #safu Funds under Binance’s internal insurance scheme are allocated in Binance [BNB] Coin have been doing the rounds on Twitter. However, CZ confirmed that in a tweet that,

“We have enough BTC to cover.”

Also Read Binance Hack Update – Binance Not Pursuing Rollback Approach But Community Remains Shouting

The total market capitalization of the cryptocurrency market dropped slightly by 1.96% on a daily scale. Ethereum [ETH], Litecoin [LTC], Bitcoin Cash [BCH], Cardano’s ADA and Stellar (XLM) plummed by around 3%, the drop can be attributed to the FUD created by the Binance Exchange.

Total Mcap
Total Market Capitalization of Cryptocurrencies

Furthermore, as Bitcoin [BTC] continued to hold above $5850, the market dominance of Bitcoin over the cryptocurrency markets has increased by nearly a percent. The total market dominance of Bitcoin [BTC] at press time is 56.3%.

Do you think a pullback is coming or Bitcoin is getting stronger with time? Please share your views with us. 

Summary

Crypto-Market Update: BNB Plummeting After Binance Hack As Bitcoin and Alts ETH, LTC, BCH Recuperate

Article Name

Crypto-Market Update: BNB Plummeting After Binance Hack As Bitcoin and Alts ETH, LTC, BCH Recuperate

Description

Bitcoin [BTC] which was looking to break down late on Tuesday due to the Binance Hack news seems to be holding its price strongly. Post the update, Bitcoin fell by 2% in about 12 hours, however, as soon as the reassurance from Binance’s CEO, CZ was delivered, the price started to recover. 

Author

Nivesh Rustgi

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CoinGape

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



Nivesh Rustgi

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