Is Binance founder CZ’s sentence the boost BNB needed all along?
  • BNB fell more than 6% in 24 hours due to the widespread market disaster.
  • Positive comments about this coin have increased dramatically over the past 24-48 hours.

binance coin [BNB] It has suffered significant losses in the past 24 hours as the widespread market downturn has taken a toll on the Binance ecosystem’s native token.

The fourth-largest cryptocurrency by market capitalization fell more than 6% in 24 hours, data shows. coin market cap showed that.

However, on a monthly time frame, the coin performed relatively well compared to other major coins, with losses of only 6%.

That being said, BNB is likely to see healthy gains in the short to medium term as a major chapter that fueled considerable FUD for the coin in recent times has come to a conclusion.

Could this be a short-term bullish trigger?

Binance’s former boss, Qiao Changpeng, popularly known as CZ, was sentenced to four months in prison on charges brought by the US government.

The charges were felonies, including violating anti-money laundering regulations that allow illegal trading on exchanges.

The news of this announcement caused a stir in the social world. AMBCrypto analyzed Santiment data and found a dramatic spike in BNB mentions on top crypto-specific social channels.

Interestingly, positive comments regarding the coin outweighed bearish views as the weighted sentiment entered positive territory. This suggested that the market had a more favorable view of BNB’s next move.

BNB market sentiment

Source: Santiment

Futures traders don’t expect a quick rebound

BNB sentiment in the derivatives market remained bearish.

The number of traders shorting cryptocurrencies has increased significantly over the past 24 hours, AMBCrypto found using Coinglass’ long/short ratio indicator.

BNB long/short

Source: Coinglass

read binance coin [BNB]Price prediction for 2024-2025

of Open interest (OI)namely the funds invested in BNB’s active futures contracts decreased by 1.27% in the past 24 hours to $564 million.

This may be due to the overall market downturn, but if conditions improve, investment in BNB may trickle in.

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