Post-Binance hack: BNB continues to drop, down 10%

09 May, 2019
by Joeri Cant
Price Action
Post-Binance hack: BNB continues to drop, down 10%

Binance native coin, BNB, had a strong rally with the coin rising 300% since the beginning of 2019, but the recent Binance hack seems to have a severe impact on its price.

In the first four months of 2019, Binance Coin outpaced the rest of the cryptocurrencies, breaking its own previous all-time high price of $24.50 established in January 2018.

The price of BNB, however, crashed earlier in the week, as investors reacted negatively to the shocking news of the massive Binance hack, which saw over $40 million gone up in smoke.

The BNB coin has since continued to drop and is down close to 10% on the day, with the price slipping to around $19.

BNB/USD chart provided by Tradingview

Investors appear to remain cautious to trade in BNB and seem to be struggling with the idea of putting more money into the coin, in the aftermath of the Binance hack.

In the midst of all this, most of the altcoins are suffering and continue to bleed hard, simply due to the fact that Bitcoin’s market dominance has only grown since the beginning of 2019.

Although Binance Coin may have been leading the pack in steep price gains since the beginning of the year, BNB is now experiencing, what seems to be, a potentially severe correction as Binance security reputation took as well a painful hit.

For the obvious reasons, BNB, is one of the hot topic talking points on Twitter, most of them not overly positive.

Do you think BNB could go even lower? Let us know in the poll below.

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Poll

Can BNB rebound from this?

(8 votes)

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