Summary
- The SEC recently took steps to raise standards in the cryptocurrency industry, leading to a decline in the value of Binance Coin (BNB).
- At the time of writing, BNB is trading at $289.57, representing an 11.60% drop over the past week.
- BNB saw its highest-ever value of $24.91 in early 2018 and later dropped to around $6 by the end of 2018 before increasing again.
SEC Raises Standards on Crypto Exchanges
The recent collapse of FTX is not the only thing sending cryptocurrencies south. The Securities and Exchange Commission (SEC) has taken steps to raise standards in the industry for digital assets. This has led to a decrease in prices for popular cryptocurrencies like Binance Coin (BNB). At present, the price is approximately $289.57, with a 24-hour trading volume worth about $1,508,451,678. That represents a 6.10% decrease from yesterday and an 11.60% drop over the last seven days. There are currently 160 million BNB coins in circulation with a total market capitalization of close to $46 billion dollars.
Price Movement for Bitcoin and Ethereum
On February 10th both Bitcoin (BTC) and Ethereum (ETH), two major cryptocurrencies experienced dips in their values as well. Bitcoin dropped 3.87%, trading at around $21,850 while Ethereum decreased 5.5%, trading at roughly $1547 during that same period..
History of BNB Coin Value
Binance Coin or simply called BNB was initially offered through an Initial Coin Offering (ICO) back in 2017 when it was valued at around 10 cents per coin since then it has seen quite some growth following demand for its services and products provided by Binance exchange platform which has seen its popularity grow significantly over time this eventually saw it rise up to hit an all time high price point of 24 dollars 91 cents back early 2018 later on it experienced a dip down towards six dollars by late 2018 but yet again came back up due to huge demand and grew even more until March 2021 when it hit its peak at 686 dollars however lately it’s been going down further still falling 56 percent from that peak bringing its current market value close to 290 dollars per coin as we speak today .
Factors Behind Recent Decline
Several factors might have contributed towards this sudden fall including uncertainty among investors as they don’t know how regulations may affect crypto markets while SEC warning against unregulated exchanges also played their part but perhaps most importantly Bitcoin’s price slump could be one major reason behind this steep decline given that most altcoins seem to follow BTC’s movement when it comes down or goes up so if BTC falls many other altcoins will likely follow suit which could explain why we’re seeing such bearish moves being made throughout crypto space right now .
< h2 >Conclusion
In conclusion , it seems like we might be entering into a bearish market as indicated by continuous drops from various digital currencies , including binance coin . However , given that bnb saw unprecedented gains earlier this year prior to this recent slump , there is still hope that things will start looking better soon after investors gain more confidence within crypto markets .