Binance Hack Leads To Drop in Prices of BNB Coin

By Prashant Jha

The hack on the largest crypto exchange Binance has been the talk of the town for two days now, which led to the loss of around $40 million worth of Bitcoin. While the news of the hack did not really impact the prices of Bitcoin apart from a small price correction, the token actually breached its key market resistance to get past $6,000.

However, the hack did cause a fall in prices of the native Binance token BNB whose prices fell by 6 percent in an hour of the news broke out and the slide continued on the second day to dip the prices by 18 percent. BNB token has been performing exceptionally well since the start of 2019 and showed a steady upward trend throughout. It also achieved its all-time high price on April 30.

BNB coin is currently trading at around $18.91 at the time of writing, with a fall of 778% in the 24-hour price chart. BNB started at $6 at the start of 2019 with a market cap of around $785 million and peaked an all-time high of $26 seeing a surge of 330%.

The rise of the native token was no fluke, as the Binance network has gone under some major upgrade in recent times. Binance also launched its own blockchain migrating the native token to the mainnet, which also allowed the firm to launch their own decentralized exchange in the form of Binance DEX.

The hack on the Binance network has been contained for now, with some honest and transparent evaluation by the firm’s CEO CZ himself. Instead of starting a blame game and hiding facts, CZ chose to tackle the problem head-on and invited suggestions and help from all corners of the decentralized space. While one such suggestion of Bitcoin network re-org did not go down too well with the majority of the community, CZ was quick to clear the air that it was a mere suggestion that too not his own, and there is no such plans of re-org of the Bitcoin mainnet.