Binance Coin Dips 26%, Triggers $9M in Liquidations
The Essentials in Brief
The past week has been a challenge for Binance Coin (BNB) as a significant price drop led to record liquidations. This trend reflects the general market decline and leaves BNB holders in a difficult situation. With a significant loss of over 26% within six days and a sharp increase in liquidations, the question arises as to what is next for BNB.
A Look at the Price Decline of BNB
The price decline of BNB began on July 31 with an initial drop of over 2%, which dropped the price to about $576. Over the following six days, BNB continuously lost value, resulting in a total loss of over 26%. The largest daily loss was recorded on August 5, when the price fell by 6.48% to about $464. Despite a slight increase of over 3% at the current time, the bear market for BNB remains strong.
Record Liquidations for BNB
The recent price drop in BNB led to a significant increase in liquidations among traders. According to data from Coinglass, the total volume of BNB liquidations reached nearly $9 million, marking the highest level since April. Long positions were particularly affected, with over $6.8 million of the total volume, suggesting that many traders had hoped for a price stabilization or increase.
Negative Sentiment around BNB
The current state of BNB’s funding rate at -0.0170% suggests a predominantly bearish market sentiment. This negative funding rate shows that sellers dominate the market and holding long positions is more expensive than short positions. Despite the slight recovery in the BNB price, the market sentiment remains predominantly negative.
Our Assessment
The recent developments around BNB clearly show how volatile the crypto market can be. The record liquidations and the ongoing price decline underline the need for traders to be cautious and closely monitor market dynamics. Although a slight price improvement is recorded, the sentiment remains negative, which calls for further caution. For investors and traders, it is important to keep an eye on current trends and data in order to make informed decisions.
Sources: Coinglass, TradingView
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