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binance coin crypto altcoin bitcoin
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Leading Crypto Altcoin May Drop 40% If Support Fails

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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Although Bitcoin has had a stellar year thus far, 2019 has not been a strong year for the altcoin market. Only two out of the thousands of altcoins on the crypto market were able to outperform Bitcoin over the first half of the year.

However, one of those top performers is in trouble of retracing much of the gains it experienced this year, falling as much as 40% if the next support level fails, according to one crypto analyst.

Crypto Analyst: Binance Coin at Risk of a 40% Drop

2019 has been the year of Bitcoin, but also the year of Binance. Or at least the first half of the year was.

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During the first half of 2019, Binance made announcement after announcement, debuted a DEX, launched margin trading, and so much more. Between the constant positive media attention, and the Binance Launchpad platform for IEOs utilizing the native crypto token of the exchange, driving up demand, the altcoin called Binance Coin’s value skyrocketed as a result.

Related Reading | Binance Turns Two: A Look Back at The Young Crypto Unicorn 

But come June things began to become less rosy for the crypto market poster child. Binance revealed it will soon be closing its doors to United States-based investors – a subset of crypto investors that make up the lion’s share of the market. The move is to comply with global financial market regulators, who do not want American citizens trading certain crypto assets that may be deemed securities or fall under specific regulatory guidelines.

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Instead, Binance will close trading and deposits for these customers, and usher them into a new US-based Binance exchange with only 29 altcoins and Bitcoin under consideration for inclusion.

The uncertainty around the future value of Binance Coin, how it is implemented in the US platform, if at all, and many other unanswered questions remain, and it’s causing the value of Binance Coin to drop. One crypto analyst says that if support doesn’t hold in BNB price charts, Binance Coin could fall an additional 40% from current prices.

https://twitter.com/teddycleps/status/1171490955511222274?s=21

Binance Coin has been among the strongest performers in 2019, outperforming both Bitcoin and Litecoin to be the best performing crypto asset in the market. Outside of these three crypto-assets, though, the rest of the altcoin market has been bleeding out.

Related Reading | PSA: Only 48 Hours Remain for US Crypto Investors to Trade on Binance 

Much of the selloff in altcoins is due to crypto investors no longer willing to take the regulatory risk associated with some of the more exotic altcoins found on Binance and other platforms. The fear is these altcoins cannot be sold in some jurisdictions, essentially rendering them worthless to some investors. Rather than get caught holding permanently heavy bags, investors have been dumping alts in favor of the more regulatory friendly Bitcoin and Litecoin.

Tags: altcoinsBinanceBinance Coinbitcoincrypto
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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