BNB, Binance & Bitcoin Are On The Brink
Dear readers,
The bitcoin crab market has been tumultuous—chopping up and down in a narrow range, completely directionless. Among the tumult has been some unusual price action, but not from BTC, instead from an illiquid “crypto” token that was spun up by the world’s largest exchange that services this industry.
Binance Coin, BNB, a token created by its namesake that functions as the common stock equivalent for the questionably incorporated enterprise, has a market capitalization of only $32 billion yet has performed remarkably well and even in line with the granddaddy of them all in BTC.
So, who is buying, and why are they buying?
Chances are, it’s Binance, and they’re doing it so that they can live to die another day. Let’s discuss the latest state of affairs in the Binance saga and what it all means for bitcoin as the macro horizon darkens.
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We’ve extensively covered the evidence and our analysis supporting Binance being the man behind the curtain selling user funds to prop up BNB:
SEC Sues Binance & Coinbase For Breaking US Securities Law, Shocking Absolutely Nobody
Bitcoin Pukes 15% & SpaceX Sells Its $373 Million Holdings: TBL Weekly #58
Today, we’ll dissect the latest developments as we see them, including the potential collapse of BNB, taking Binance with it and bitcoin’s price along for the one-way ride, at least temporarily.
First things first—Binance may be on the brink yet again.