BINANCE COIN LOSES ITS POSITION
The hacking of the world’s largest cryptocurrency exchange Binance provoked not only a flurry of discontent among the cypto community representatives, but also led to a drop in the value of the BNB (Binance Coin), which is the coin of Binance.
Recall that as a result of the attack on the trading platform more than 7000 bitcoins worth almost $41 million were stolen. the Main digital assets of the BNB platform began to fall in price almost immediately after the administration of Binance posted a message confirming the attack and theft of user funds.
Since the beginning of 2019, the BNB coin showed a steady growth, reaching its maximum in April. The main drivers of growth in the value of the asset were the launch of the network of exchange Binance Chain and the transition of many projects to this blockchain.
However, after the hacker attack, investors began to aggressively sell the coin of the trading platform because of the fear that the hacking could happen again. During the last two days since the attack, the rate of Binance Coin has fallen by almost 20%.
On Friday, may 10th, the coin fell in price for several hours by 9% to $19. The market capitalization of the crypto currency sank to $2,810 billion. Note that in early January BNB was trading at $6, and by the end of April this token soared to $26 (+330%).
According to experts, the rapid growth in the value of the asset once again proved its precarious position in the market, as only one hacker attack led to a fall in the BNB rate. And the option that the cryptocurrency falls to the January mark is not excluded, if the pressure on the Binance platform continues increase.