Crypto Bulls Wrestle Back Control of BNB after Binance’s $40 Million Hack

By CCN: Binance, the leading cryptocurrency exchange in terms of volume, suffered a massive blow on May 7 when hackers ran away with 7,000 bitcoins. At the time, the total haul was valued at roughly $40 million. Binance CEO Changpeng “CZ” Zhao was quick to reassure their user base by stating that the exchange will cover the damages through the Secure Asset Fund for Users, or SAFU. Nevertheless, some Binance Coin (BNB) holders panic-sold under the assumption that CZ would dump BNB to pay for the damages. They were wrong. In this article, we show how Binance Coin remains unfazed by the recent 7,000 bitcoin hack.

Binance Coin Maintains Parabolic Run Against Tether (USDT)

On the day of the hack, BNB plunged by 6.89% against USDT as it opened at 22.2018 and closed at 20.6602. The bleeding continued until May 10 when the market dropped to as low as 18.30 for a total loss of 17.57% due to the hack. Since then, the BNB market has been incredibly bullish.

Binance Coin chart

Binance Coin in the pedal to the metal mode even after the hack | Source: TradingView

A look at the daily chart shows that the pullback from the hack was nothing but a setup for a big comeback. Bulls resumed the parabolic run on May 10 and have not looked back since. On its way up, it converted former resistance of 24 into support. On May 25, Binance Coin even made a fresh high against Tether at 35.4888.

From the low of the hack, BNB is up by 90% against USDT. More importantly, it looks like the ascent is not going to stop soon.

Binance Coin Looks Awfully Strong Against Bitcoin

Binance Coin performed poorly against bitcoin following the security breach. On May 7, it opened at 386,230 satoshis (0.0038623) and closed at 353,680 satoshis (0.0035368) for an 8.43% drop. The plummet continued until May 11 when the market nosedived to 276,450 satoshis (0.0027645). All in all, Binance Coin suffered a 28.42% loss against bitcoin due to the theft.

Binance Coin BTC chart

Binance Coin recovering nicely after the hack against bitcoin | Source: TradingView

In the chart above, you see how the bulls used the drop to convert former resistance of 280,000 satoshis (0.0028) into support. Once that level was cemented, Binance Coin went on a strong V rally and climbed as high as 436,050 satoshis (0.0043605) on May 24. That’s a staggering growth of more than 57.73% from the low of 276,450 satoshis (0.0027645) on May 11.

In addition, Binance Coin appears to be forming a large symmetrical triangle on the daily chart. This pattern suggests a continuation of the current bullish trend. If our read is correct, the crypto might go as high as 500,000 satoshis (0.005) in the next few weeks.

Bottom Line

The hack may have stalled Binance Coin’s run against Tether and bitcoin. Nevertheless, the crypto remains unfazed. It has not only managed to recover all losses, but it also skyrocketed against both USDT and BTC. Bears should closely reconsider their position or risk getting slaughtered.

Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.

Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.



Crypto Bulls Wrestle Back Control of BNB after Binance’s $40 Million Hack 1
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 42,350.00
ethereum
Ethereum (ETH) $ 2,883.95
cardano
Cardano (ADA) $ 2.26
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 341.57
xrp
XRP (XRP) $ 0.926572
solana
Solana (SOL) $ 131.14
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 29.08
dogecoin
Dogecoin (DOGE) $ 0.206417
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 42,350.00
ethereumEthereum (ETH)
$ 2,883.95
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 508.78
litecoinLitecoin (LTC)
$ 149.17
bitcoinBitcoin (BTC)
36.080,93
ethereumEthereum (ETH)
2.457,04
tetherTether (USDT)
0,851970
bitcoin-cashBitcoin Cash (BCH)
433,47
litecoinLitecoin (LTC)
127,09
bitcoinBitcoin (BTC)
30,902.16
ethereumEthereum (ETH)
2,104.38
tetherTether (USDT)
0.729685
bitcoin-cashBitcoin Cash (BCH)
371.25
litecoinLitecoin (LTC)
108.85

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin42,191 0.05 % 1.90 % 12.59 %
Ethereum2,864.6 0.17 % 2.76 % 16.43 %
Cardano2.250 0.40 % 5.66 % 5.12 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Binance Coin341.53 0.29 % 5.16 % 17.00 %
XRP0.9233 0.05 % 3.25 % 14.17 %
Solana130.98 0.01 % 6.74 % 23.00 %
USD Coin0.9997 0.19 % 0.59 % 0.40 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2055 0.23 % 3.75 % 15.05 %

bitcoin
Bitcoin (BTC) $ 42,350.00
ethereum
Ethereum (ETH) $ 2,883.95
cardano
Cardano (ADA) $ 2.26
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 341.57
xrp
XRP (XRP) $ 0.926572
solana
Solana (SOL) $ 131.14
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 29.08
dogecoin
Dogecoin (DOGE) $ 0.206417