DISCLAIMER: I am not a financial advisor. All contents on this blog are solely my own personal views and for Cryptocurrency Trading education/entertainment purposes only. Cryptocurrency Trading is very risky. Losses can exceed deposits. Enter with discretion.
Just this morning while I am monitoring my daytrading or scalping the XRP against the BNB in Binance exchange, I suffered some major drawdowns with my recent trading positions. I have to find out the reasons at least. News always do effects on stocks' price even cryptocurrencies.
I asked myself, why is that the BNB's price suddenly on sell onslaught? I immediately browse the news over and boom presto! Gotcha, found it.
We head over to the Binance's native cryptocurrency, the BNB or Binance Coin which is currently sitting at top 7 spot according to market capitalization.
The BNBUSDT hourly chart tells it all! Just this morning the BNBUSDT's intraday price open was at 29.8696 then went as low as 28.8289!
In fact it is on a 3 day losing streak.
This concerns me a lot because it damages my XRPBNB scalping and cost me some XRPs just for today.
The BNB is also one of my favorite cryptocurrencies along with the XRP. I have been doing cryptocurrency scalping in Binance lately, check how I do it:
I am performing well in the last days earning some XRPs for myself via scalping the BNB coins but today stressed me out.
I just hope that Binance along with its famous CEO Changpeng Zhao can find ways in resolving this recent issue. The Binance exchange is one of the most liquid in terms of trading volume per daily basis. It is popular among cryptocurrency traders. Apparently, according to Zhao, he is denying all the charges with the said "Tai Chi" entity adding his company is complying all crypto regulations and laws.
With that said, read the full news article for more details here:
The only utility that the BNB token offer right now is that its reducing the exchange fees when using BNB in trades as low as 0.0750%. This value is already a big help for huge trading volumes and attracts crypto traders in using the Binance exchange. So I guess all BNB markets have suffered this carnage at the moment. That includes XRP as well.
Once again, please do read my disclaimer above at all cost!
Stay tune for more updates.
Thanks a lot for reading my article for today.
God bless!
