Ripple victory did not significantly change Binance’s downward trend.
Because nobody likes a deceiver, traders in the crypto market are displaying a pessimistic outlook towards Binance’s native coin, BNB, particularly in the derivatives market. Over the weekend, the open interest-weighted funding rate for Binance’s BNB coin turned negative. This indicates that traders who are speculating on a decrease in price are willing to compensate those who anticipate gains in order to maintain their bearish positions on the cryptocurrency.
Binance, which holds the title of the world’s largest crypto exchange in terms of trading volume, has recently come under intense regulatory scrutiny. Regulatory authorities from Australia, Europe, and the United States have all been tightening their oversight on the exchange. The US Securities Exchange Commission (SEC) has leveled the most severe allegations against Binance and its CEO, Changpeng Zhao, including allegations of mishandling user funds and providing false information to financial regulators.
