In this BNBUSD analysis, we look into the latest updates around the Binance coin and then dissect the price action on the BNBUSD weekly chart.
Direct Dollar Withdrawals No Longer Possible
Reuters – Binance.US, a popular cryptocurrency exchange, has updated its terms of use, affecting how users can withdraw U.S. dollars. According to the new terms, users can no longer directly withdraw dollars from their accounts on the platform.
If users want to withdraw U.S. dollar funds, they’ll first need to convert them into stablecoin or other digital assets. Then, they can withdraw these funds from their accounts.
This change follows an earlier suspension of dollar deposits in June. The company cited the U.S. Securities and Exchange Commission’s (SEC) harsh tactics against the crypto industry as the reason for this suspension, which made banking partners hesitant to engage with the sector. Binance.US had previously alerted its customers that banking partners might halt dollar withdrawals as early as June 13.
The SEC filed a lawsuit against Binance.US, its international counterpart Binance, and founder Changpeng “CZ” Zhao on June 5. The lawsuit alleges that they operated unregistered securities platforms. Since then, the SEC has questioned the company’s custody practices and willingness to comply with legal requests. Another setback is that Binance lost its euro payments partner last month and has yet to announce a replacement.
The recent update to the terms of use also states that U.S. dollar funds in Binance.US wallets are no longer covered by the Federal Deposit Insurance Corporation (FDIC) deposit insurance.
BNBUSD Analysis: US Puts a Stop to Direct Withdrawals
Binance Coin (BNB) against the US Dollar (BNBUSD) has been a topic of interest for many. For several months now, BNBUSD has been hovering around the significant $200 level. Despite this, we haven’t seen any considerable push from bullish investors to drive the price upwards. Similarly, there hasn’t been any substantial pressure from bearish traders to break the $200 support level. This has resulted in a somewhat stagnant trading environment for BNBUSD.
From a technical analysis perspective, the stochastic oscillator is currently in the oversold area. This indicates that the market for BNBUSD is oversold. Typically, an oversold market condition could lead to an increase in value. This case might prompt BNBUSD to test the $256 level.
However, it’s important to note that external factors can also influence the BNBUSD analysis. Recently, tensions between the U.S. Securities and Exchange Commission (SEC) and Binance have cast a shadow over BNB. This has made BNB a less appealing cryptocurrency for some investors.
Conclusion
In conclusion, this BNB analysis shows that while the Binance coin has been trading close to the $20 level for months now, various factors, such as market conditions and external influences, are affecting its performance. Potential investors should conduct thorough research and consider various factors before making investment decisions.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
