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Bitcoin Targets $16.7K Amid Fears BNB May ‘Drag the Entire Crypto Market Down’

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bitcoin (BTC) seemed to give up $17,000 after the December 16 Wall Street open as US stocks continued to fall.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Analyst: $240 billion ‘there’s nothing but air underneath’

information from Cointelegraph Markets Pro And the TradingView A fresh intraday low of $16,743 follows for BTC/USD on Bitstamp.

The pair surprisingly fell nearly 3% early in the day, compounding losses, which immediately followed one-month highs.

Persistent concerns about the largest global exchange, Binance, have clouded the mood, and these come despite the best efforts of the CEO, Changpeng Zhao, to dispel what he said. Call “Food.” As Cointelegraph mentionedCrypto traders have been around for a long time similarly skeptical of the credibility One of the “craziest rumors” around the cryptocurrency exchange sector.

However, the markets refused to give them a break, and after Bitcoin, warnings increased about the fate of Binance’s internal token, BNB (BNB).

BNB/USD fell near $240 on the day, marking its lowest since July.

Renowned Trader and Analyst Matthew Hyland: “BNB has nothing but air underneath it” I confess:

“As the third largest volatile cryptocurrency, if it crashes here it will drag the entire crypto market down with it.”
BNB/USD 1-day candle chart (Binance). Source: TradingView

The move fueled a long-term bearish traders plan, as Il Capo of Crypto has already called for Bottom is under $50.

The pressure around Binance itself increased on the day, with The Proof of Reserves report has been deleted by auditor Mazars Group, who added that it would not work with crypto industry clients.

Meanwhile, Zhang publicly mocked in a Twitter confrontation a post from outspoken TV personality Jim Kramer, who He said that he would “trust my money more to the dyeing kings than I would to him.”

“Now we are safe!” chang answered.

Crypto is down with US stocks

Related: A Bitcoin Santa Claus rally is unlikely, according to both chain and derivatives data

Other than cryptocurrencies, US stocks saw another poor performance at the open, with the S&P 500 down about 1.4% at the time of writing.

For Mike McGlone, chief commodity strategist at Bloomberg Intelligence, the situation wasn’t as bad as it might seem.

“Natural retracement can feel like a breakdown — the tendency for correlations to gravitate to 1-to-1 when the stock market goes down could be a factor for all assets in 2023, especially commodities.” books In part of the comment next to the explanatory graph.

Bloomberg Spot Commodity Index vs. S&P 500 Annotated Chart. Source: Mike McGlone / Twitter

Earlier, McGlone nevertheless warned that The market was displaying potential similarities to the period leading up to the Wall Street Crash of 1929.

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.