Binance in Murky Waters? Analyst explains why BNB should stay above this price – NewsBTC

The past few days have been eventful for the crypto market, with $1 billion lost in market capitalization after a major crash on Thursday. In another troubling development, it appears that the world’s largest exchange, Binance, may be in some kind of trouble as a crypto analyst shares some insights on the company.
according to a X post on FridayA crypto analyst named MartyParty painted a gloomy picture for Binance and its 150 million users. The analyst started by saying that Binance Coin (BNB) has still not fallen below $212.
Like most cryptocurrencies, the value of BNB also dropped from $231.85 to $215.02, following Bitcoin’s fall on Thursday. Although the token attempted to bounce back in the market on Friday, it soon fell again but found support at the $214 price area.
there is a reason $bnb Has not fallen below $212.
Binance has one $bnb Backed loan liquidations dropped from $220 to $212 after adding margin in June.
logic:
, @cz_binance Is in self preservation mode and selling BTC from bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3h wallet… pic.twitter.com/bVD5qzpiX4
– Martyparty (@martypartymusic) 18 August 2023

MartyParty believes there is a reason BNB is finding support at these levels, away from the $212 price mark. According to the analyst, the BNB-backed loan on the Binance exchange is set to expire at $212.
Initially, the liquidation price for the said loan was $220, but it was later moved to June. Although the analyst did not disclose the exact amount of this alleged debt, it seems to be huge as he said it could lead to a “fatal margin call” for the Binance exchange upon liquidation.
According to MartyParty, Binance is currently in “self-preservation mode,” with its CEO Changpeng “CZ” Zhao selling BTC from a special wallet to buy TUSD, which in turn is expected to keep the Binance native token above $212. Investing in BNB.
Furthermore, this crypto analyst also created another interesting theory behind the alleged problem of Binance. He said that US financial regulators are reportedly selling crypto holdings to the US Marshals Service in order to forcibly liquidate Binance’s debt position and drive CZ out of the crypto industry.
Following MartyParty’s post, there have been many reactions, with some crypto users taking the analyst’s side and prompting investors to dump BNB tokens, saying that Binance is currently in the same position as the FTX exchange in 2022.
The FTX exchange collapsed in November 2022 due to events triggered by reports that Alameda Research – the trading arm of FTX – held unusually large amounts of FTT – FTX’s native cryptocurrency, similar to Binance’s BNB.
During publicity for the debacle, an insider revealed that Alameda Research was quietly collecting a loan from FTX, which was collateralized by FTT tokens.
However, on the other hand, some other crypto analysts have disagreed with MartyParty’s post, calling it false and merely aimed at spreading FUD. Alice on X is owned by a special analyst with the handle It has been told The entire report amounts to a “bizarre conspiracy theory” as the loan in question was not taken out by the Binance exchange, but rather by Venus Protocol, a lending protocol on the BNB chain.
At this time, Binance, CZ or the US government have not yet issued any statements confirming or denying analyst MartyParty’s post.
At the time of writing, BNB is trading at $215.55, down 1.59% in the last day, according to CoinMarketCap data. Meanwhile, the token has a market cap of $33.16 billion and ranks as the fourth largest cryptocurrency in the market.

Semilor Faletti is a cryptocurrency writer and analyst who works for NewsBTC and provides information about the latest developments in the world of cryptocurrency. Semilor has a known passion for covering the growing impact of blockchain technology in the global financial world, with articles featured in other major publications such as Coinmash and Bitcoinist. Beyond his professional work, Semilor has a keen interest in music and politics. She loves discovering new artists, attending music festivals and concerts, and keeping a close eye on global affairs and social justice and equality issues. You can follow Semilore on Twitter @SemiloreFaleti.
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