BNBUSD Analysis: US Puts a Stop to Direct Withdrawals
In this BNBUSD analysis we look into the latest updates around Binance coin and then we dissect the price action on the BNBUSD weekly chart.
Direct Dollar Withdrawals No Longer Possible
If users want to withdraw U.S. dollar funds, they’ll need to convert these funds into stablecoin or other digital assets first. These can then be withdrawn from their accounts.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 raised questions about the company’s custody practices and its willingness to comply with legal requests. In another setback, Binance lost its euro payments partner last month and has yet to announce a replacement.
BNBUSD Analysis: Technical Outlook
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 significant 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 potentially lead to an increase in value. In this case, it 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.
In conclusion, this BNB analysis shows 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. As always, 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.