Key Insights:
- BNB price reacts after Nasdaq-listed CEA Industries (BNC) leads as the largest BNB treasury globally following a $33M acquisition.
- Binance coin’s 4H chart dropped to $853, breaking the $860 support. The RSI indicated bearish momentum, as the crowd and Smart Money stayed bullish on BNB.
- A Binance Smart Chain user lost about $27M of tokens to a sophisticated phishing scam.
BNB price showed an overall bullish trend despite the price staying below its ATH of almost $900 at the time of writing. Binance coin price was up by a modest 0.28% in 24 hours. Also, the daily trading volume was at $2.54 Billion.
Institutions were increasing their exposure to BNB and its products. With this, CEA Industries is cementing its top spot among global treasuries. The news came after last week’s $100 Million pledge by Huaxing Capital.
Now operating as BNB Network Company, CEA Industries purchased 38,888 BNB tokens worth $33 million to expand its corporate treasury. The move aligns with its goal of owning 1% of BNB’s total supply by the end of 2025.
Nasdaq’s BNC Tops Global BNB Treasuries
Following July’s shift in products offered by the Nasdaq-listed firm, the company became the largest BNB treasury in the world. Their 38,888 BNB addition on September 2nd took their total to 388,888 valued at around $330 Million.
BNB Network Company CEO David Namdar believes Binance Coin holds massive, under-recognized potential. This conviction led the company to focus its treasury entirely on BNB.
Their goal is to accumulate over 1.4 million BNB by the end of 2025. Each purchase, Namdar says, brings them closer to becoming one of the largest holders of BNB globally.
BNC joined other Digital Assets Treasuries worldwide amid shifting dynamics in the financial markets. According to Yahoo Finance data, the BNC stock price fell by 3.58% despite this new approach.
The share price was $20.27 from a high of $22 on the day. This showed how sometimes news could have less impact on associated products, especially when there is no wider market synchronization.
Similarly, the acquisition was less significant on BNB’s price on the day. BNB price rose slightly, but could not reverse the existing bearish conditions at the time.
Why Could the BNB Price Still Slide Toward $840 or Lower?
On the charts, Binance coin price had tapped the $840 zone and reacted with a push toward $880. The price failed to break to this level as it reverted to an ongoing price correction.
The consolidation just above $853 resulted in equal highs, which were run through for liquidity hunts. Now, Binance Coin price looked primed for a drop back to $840 again. If the level holds, BNB price could bounce back to $880 and beyond, potentially making a new peak.
Binance coin price might revisit $820 from the weak momentum or even lower levels at $800. The bias was drawn from the RSI, which indicated bear momentum with minus 1.41 and 2.54 readings.
On the flipside, the charted support zones were potential bounce areas for the BNB price. This followed as the market sentiment was bullish for both the crowd and the Smart Money per Market Prophit data.
The uninformed traders’ sentiment reading was at 1.82, while that of their counterparts was 1.56.
Binance Smart Users Lose $27M To Phishing
Binance coin price remained sluggish even after BNC’s major acquisition. This may be linked to a recent phishing attack that drained nearly $27 million from a Venus Protocol user on BNB Chain.
The incident shook investor confidence, overshadowing bullish sentiment from BNC’s treasury move. The attack could have triggered panic among BSC users, thus leading to less trading on the BNB asset and its products.
Onchain Lens highlighted that the whale lost $27M, constituting vUSDT, vUSDC, Ripple (XRP), and Ethereum (ETH).
Venus Protocol urged its users to vote to restore security on the platform and help recover the lost funds. In conclusion, traders needed to be on the lookout for BNB’s security concerns. This, if settled, could ignite a break from the current trend.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
