Crypto-Market Update: 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.

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 12: 00 Hour UTC on 8th May 2019 is $20.59. It is trading 7.75% lower on a daily scale.

BNB/BTC 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 tweeted that,

Source: Twitter

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 (CoinMarketCap)

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. 

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