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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Binance Coin (BNB) Forms Bearish Pattern, But Fundamentals Look Strong

Jake Simmons
Jake Simmons
2 years ago
3 mins read
Binance Coin BNB

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In the wake of FTX’s collapse, many eyes focused on the now undisputed largest cryptocurrency exchange in the world, Binance. Due to an opaque proof of reserves, the withdrawal of accounting firm Mazars, and a bank run on the exchange, the Binance Coin (BNB) suffered a temporary loss of trust and excessive price losses.

Slowly and gradually, however, investors seem to be regaining confidence in Binance. The BNB price has risen 9.3% over the last seven days, reaching $301 at press time.

Although there was some positive news from Binance yesterday and today, the BNB price is facing a bearish pattern on the weekly chart. The pattern usually predicts a trend reversal and shows three peaks, with the two outer ones close to each other and the middle peak being the highest.

The left shoulder forms when investors drive the price up, and then temporarily lose their enthusiasm. The head builds up when enthusiasm reaches its peak. The right shoulder forms when the price rises again, but does not reach its previous peak before falling again.

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The head of the BNB weekly chart was formed in the week when FTX filed for bankruptcy. In the following weeks, the price fell before BNB experienced a recent rally thanks to the generally bullish market sentiment. With this, BNB is in a crucial scenario.

If BNB breaks the neckline at $210 to the downside, the chart pattern could validate and BNB could see a downtrend within the next few weeks, pushing the price toward $153.

Binance Coin BNB USD
BNB seeing a head-and-shoulders pattern, weekly chart | Source: BNBUSD on TradingView.com

Binance Coin Counts On Strong Fundamentals

There are also good fundamental reasons to be bullish on the BNB price. The crypto exchange announced its 22nd quarterly burn today. As part of it, the exchange has burned 7,181.03 BNB via the Pioneer Burn Program, which was equivalent to about $617 million.

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In total, Binance has now burned approximately 2.06 million BNB. With the latest quarterly burn, the exchange has burned about 1.28% of all BNB in circulation, which is the highest in almost two years. This shows that Binance’s trading business is again doing better than in previous months.

#Binance completes 22nd quarterly #BNB burn!

🔥 2.06m #BNB has been burned 🔥 pic.twitter.com/21v9R7H78K

— Binance (@binance) January 17, 2023

In other bullish news, the exchange yesterday launched a new off-exchange custody service that allows institutions to access trading and investment products within the exchange ecosystem without having to deposit collateral directly on the exchange:

We’re excited to announce the official launch of our off-exchange settlement solution, Binance Mirror. Through Mirror, institutions can deploy their liquidity on Binance while their assets remain secured in our segregated cold storage.

As the exchange explained, assets in Binance Mirror account for more than 60% of all assets secured in the custody product. With the new service, the exchange could hope for increased adoption by institutions that previously did not want to take the risk of third-party custody, but at the same time want to access the most liquid exchange in the market.

According to the exchange, the adoption of Binance Mirror increased significantly in the last quarter of 2022 with a 67% increase in assets mirrored from Binance Custody to the exchange.

Featured image from Satheeshsankaran / Pixabay, Chart from TradingView.com

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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