Binance shocked the community earlier in the week when it announced that hackers had managed to bypass the exchange’s security protocols and make off with 7,000 Bitcoins ($42 Million).
Despite the company’s SAFU fund covering the heavy loss, the value of the platform’s native currency, Binance Coin (BNB), has plummeted. So far the asset has unravelled all the way back down to the psychological $20 level even though BNB recently hit a new all-time high on April 20, at $25.49.
The asset’s decline has also been exacerbated by Bitcoin’s triumphant return above $6,000, which is currently drawing investment away from the altcoin market. BTC market dominance is now back above 57% for the first time since September 2018, and its market capital is now back to previous levels seen prior to the Bitcoin Cash war in November, last year.
Today, the #7 cryptocurrency is down a further -1.39% against the US dollar as trading confidence continues to depart from the asset. Now the asset faces even more problems as the price action heads towards the 300 SMA on the 4H cha...