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As Rumors Surround Binance Exchange, Investors Worry about BNB Price

  • In recent times, Binance has come under intense scrutiny by selling off Bitcoin assets to maintain the value of BNB. In response, it generated demand for BNB.
  • Binance CEO, active as a user named X (previously on Twitter). However, an evaluation of his posts and responses on social media platform shows that CZ is doing his best to avoid responding to the accusations.
  • The weighted sentiment of BNB dropped so low on August 18th that it reached unprecedented levels. Weighted sentiment indicates the level of interest in the cryptocurrency by measuring unique social volume around an asset.

The unanswered criticisms towards Binance exchange and CEO CZ have raised concerns for BNB coin, causing the weighted sentiment to hit an all-time low.

Negative Comments Increase About Binance Exchange

Binance

Binance and its native cryptocurrency Binance Coin (BNB) rarely have an unquestionable week. Although the exchange and BNB are at the forefront of crypto market attention, the interest is not entirely positive.

Due to these issues, Binance and BNB have been among the fastest rising topics in the market. According to Santiment, one of the main reasons why BNB has been involved in most discussions is concerns about support for price movement.

Recently, Binance has been under intense scrutiny by selling off Bitcoin assets to maintain the value of BNB. In response, it generated demand for BNB. Additionally, Binance’s suspension of SEPA payments has raised questions about regulatory compliance and reputation.

However, all eyes of the ecosystem’s major players are on one person; Binance’s outspoken CEO Chanpeng Zhao (CZ). Previously, COINOTAG reported that many analysts accused CZ of manipulating the market and doing so to “save” BNB.

While there is no concrete evidence for these claims, CZ has unusually refrained from publicly responding to this issue. Binance CEO, active as a user named X (previously on Twitter). However, an evaluation of his posts and responses on social media platform shows that CZ is doing his best to avoid responding to the accusations. However, this lack of clarity has affected BNB elsewhere.

Criticisms Continue

For example, the weighted sentiment of BNB dropped so low on August 18th that it reached unprecedented levels. Weighted sentiment indicates the level of interest in the cryptocurrency by measuring unique social volume around an asset.

At the time of writing, the weighted sentiment of BNB was -3,578. This indicates that the general market is concerned about avoiding interaction or trading with BNB.

BNB-weighted-sentiment

While CZ continues to maintain his silence despite the criticisms, other analysts have not stopped condemning Binance’s CEO. The latest criticisms came from renowned trader Peter Brandt. Brandt referred to Binance and its CEO as a “global scam” in response to Mike Alfred’s criticism of CZ. He also did not spare BNB, referring to the coin as a “cheap fiat.”

Meanwhile, there has been an increase in Open Positions in BNB. Open positions represent the total number of outstanding derivative contracts for an unfulfilled asset. Therefore, the rise in this metric indicates that traders are injecting liquidity into BNB contracts.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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