CNBC cryptocurrency analyst Ran NeuNer has seen the possibility of Binance Coin (BNB) benefiting most from the recent Bitfinex Exchnage’s Saga that has caused the cryptocurrency market to loose enormously in the last few hours.
At some point today, Bitcoin dropped below $5,000 loosing over $8 billion within few minutes, before making a surprising come back in the face of other digital assets whose values are nothing to write home about.
While the market slump appears unabated, Binance Coin (BNB) remains unperturbed in the face of Bitcoin reddish condition. This prompted the prominent CNBC analyst to conclude that Binance Coin has the potential of benefiting enormously from the ongoing saga.
I suspected that BNB would gain in all of this! pic.twitter.com/FmDgzRJo6s
— Ran NeuNer (@cryptomanran) April 26, 2019
As at the time of writing, Binance Coin (BNB) is changing hands at $23.12 USD with 1.56% gain in the last 24 hours. Binance Coin, being the only digital currency with green in the top 10 , has gained 5.12% and 7.58% against BTC and ETH respectively.
20% of the BTC and ETH held by Bitfinex has been withdrawn. Regardless of whether they win the court case , major damage has been done to their business.
— Ran NeuNer (@cryptomanran) April 26, 2019
Bitfinex, which analysts see as the reason behind the sudden cryptocurrency price slump, received a lawsuit from the New York Attorney General’s office. The exchange is facing charges bordering on mismanagement of $850 million in Tether funds.
According Ran NeuNer, 20% Of BTC and ETH held by Bitfinex has been withdrawn in the last 24 hours. According to The Block, the crypto exchange has made around $90 million withdrawals from its cold wallet.
The CNBC host said: “20% of the BTC and ETH held by Bitfinex has been withdrawn. Regardless of whether they win the court case, major damage has been done to their business.”
How Bitffinex’s Financial Issue Impacts Bitcoin (BTC) Price Negatively
The trending face-off between Bitfinex exchange and Tether is unlikely to see resolution as it has already left an historic negative impact on Bitfinex with at least 89 million dollars of BTC withdrawn from the battered exchange after it allegedly covered a loss of $850 million.
Bitcoin (BTC) and a few numbers of other cryptocurrencies were not left unaffected as they experienced price drop in the middle of the incident.
Bitcoin (BTC) was the notable victim of the incident. As soon as the issue was revealed to the general public by the New York State Attorney General, BTC then experienced a drastic fall from relatively $5,500 to $4,900 within three hours. Although Bitfinex exchange swiftly cantered the allegation, claiming that the New York AG’s court filings were written in ‘bad faith’ and ‘riddled with false assertions’.
They further deny the loss of $850 million from Crypto Capital and instead claim the funds have been “seized and safeguarded.”
Despite Bitfinex’s effort to calm the storm by denying the capital allegation, the deed had already been done as reports claimed that more than 650,000 ETH was withdrawn by customers from the exchange.
Although case is still on going, but if later proven to be true, entire crypto sphere will share the implication.
