Binance security breach leads to BNB’s price nosediving by 6% in an hour and 18% in two days
The hack into the world’s largest cryptocurrency exchange, Binance, caused quite a lot of chaos in the crypto community, even though it was for just two days. The effect of the hack was directly seen on Binance Coin’s [BNB] price.
The performance of BNB had been nothing short of a solid bull rally. However, the price hit a ceiling April 20 and was struggling to get back up ever since. When Binance announced that the exchange’s security had been breached by hackers, who got away with Bitcoins worth $41 million, the price of BNB translated from a normal correction to a nose dive.
The price of Binance coin at press time was $18 and it had a market cap of $2.06 billion. Over 24 hours, the price collapsed by approximately 11%, whereas over 7 days the price had collapsed by ~22%.
Binance coin was priced at $6 at the start of 2019, with a market cap of only $785 million. Since this point, the price performed a massive pump, pushing the price to as high as $26, which is percentage change of ~330%.
BNB also underwent some major upgrades, with the coin migrating to its own mainnet [blockchain]. This provided a path for Binance Dex, which utilized the BNB blockchain and allowed other coins to migrate to it.
The post Binance security breach leads to BNB’s price nosediving by 6% in an hour and 18% in two days appeared first on AMBCrypto.
Be sure not to miss any important news related to Cryptocurrencies! Follow our news feed in the way you prefer; through Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). Bitcoin never sleeps. Neither do we .
Síguenos en Telegram