BNB Falls After ‘Prosecution’ Reports: Will It Reclaim $300 Again?

Vinod Dsouza
Source: Pixabay

Reuters reported on Monday that the U.S. Department of Justice (DOJ) is split over charging Binance for a series of violations. The violations include unlicensed money transmission, money laundering conspiracy, and criminal sanctions violations.

However, Binance hit back at Reuters calling their report “wrong”. Binance called out Reuters for deliberately attacking the trading platform and also taking aim at the law enforcement officers.

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“Reuters has it wrong again. Now they’re attacking our incredible law enforcement team. A team that we’re incredibly proud of, they’ve made crypto more secure for all of us. Here’s the full statement we sent the reporter and a blog about our remarkable law enforcement team,” tweeted Binance.

In other words, Reuters engaged in creating FUD (fear, uncertainty, and doubt) against Binance, the leading crypto exchange in the world.

Also Read: US Government charges Sam Bankman-Fried with Money Laundering, Fraud

BNB Falls in Price After ‘Prosecution’ Reports

How To Stake BNB?
Source: Ethereum World News

The Reuters report managed to cause damage to BNB’s prospects in the indices despite Binance calling their report false. BNB is on a downward spiral since Monday and continued slipping on Tuesday as it’s down nearly 6% in the day’s trade.

The crypto had reached its monthly high of $291 hours before the Reuters report and was inching to breach the $300 mark. The report derailed BNB from touching $300 and sent it in a backward direction.

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BNB might find it hard to spike in price in the next three weeks and reach the $300 mark by the end of the year. The CPI report is set to be out on Tuesday and the Feds are most likely to announce an interest rate hike on Wednesday.

These two factors could drag the stock and crypto markets down making BNB reaching $300 a difficult task to achieve. It is advised to wait and watch how the markets react to the CPI data and the Feds announcement before taking an entry position in BNB.

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At press time, Binance Coin (BNB) was trading at $265 and is down 5.8% in the 24 hours day trade. It is also down 60.8% from its all-time high of $686, which it reached in May 2021.