BNB crypto price has been in a strong bearish trend in the past few weeks.
Binance is facing significant regulatory concerns.
The company exited the Netherlands and is facing a crackdown in the US and the UK.
Binance Coin price crawled back slightly during the weekend as investors attempted to buy the dip. The BNB token rose to a high of $245, which was higher than this month’s low of $221. It remains sharply below the year-to-date high of $351.
Binance outflows continue
Binance Coin is one of the leading cryptocurrencies in the world with a market cap of over $37 billion. It is a leading coin that powers the BNB ecosystem, which is a platform that powers the decentralized finance (DeFi), metaverse, and the non-fungible token (NFT).
BNB coin is known for its association with Binance, the biggest crypto exchange in the world. Binance has made several headlines in the past two weeks. It is facing a major investigation by the Securities and Exchange Commission (SEC).
Most recently, Binance announced that it was exiting the Dutch market. The company has announced that it is not accepting new customers from the country. The statement added:
“No further purchases, trades or deposits will be possible. We encourage users to take appropriate action by withdrawing assets from their Binance accounts.”
Binance is also facing investigations in France, the second-biggest economy in Europe. Most importantly, the firm decided to cancel it registration in the UK, where it is also facing significant regulatory concerns.
As a result, data shows that the company’s assets have dropped in the past few weeks. According to DeFi Llama, Binance has lost over $80 million in assets in the past 24 hours. It has lost over $4.4 billion in the past 30 days.
Further, the BNB Chain has seen its DeFi total value locked (TVL) drop by more than 23% in the past 30 days. It now has a TVL of over $5.17 billion, making it the third-biggest chain in the world after Ethereum and Tron.
Binance Coin price prediction
The daily chart shows that the BNB price has been in a bearish trend in the past few days. As it dropped, the coin dropped below the important support levels at $298.4 and $265.6, respectively. The two were the lowest levels on April 3rd and March 10 of this year.
Binance Coin has dropped below the 25-day and 50-day moving averages. It has also formed what looks like a bearish pennant pattern. Therefore, the BNB price will likely have a bearish breakout as sellers target the next support at $200.