Delicate December for Cryptocurrencies

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Binance’s own cryptocurrency BNB, has decreased in value this month by nearly 17%, reaching $245. The company’s market capitalization has decreased from a record of $116 billion at one time last year to about $40 billion now. The question of whether Binance would be vulnerable to a loss of confidence similar to Sam Bankman-FTX Fried’s exchange is at the heart of the worries. The FTT token from FTX has been classified as a security in a complaint by the US Securities Exchange and Commission. According to an analyst, FTX BNB is not listed on the majority of domestic exchanges because it might be “deemed a security by regulators.” BNB, a deflationary currency, keeps its value constant by burning its tokens all year long. According to Binance’s website, BNB is a digital token that may be used “to pay for goods and services, settle transaction fees on Binance Smart Chain, take part in exclusive token sales, and more.” BNB is listed on dozens of cryptocurrency exchanges, including KuCoin, Huobi, and OKX, according to CoinGecko, a website that provides pricing information for the digital asset market. 

Kunji research market update

Bitcoin (BTC) miners have been severely impacted by the snow storm. Core Scientific, which recently sought bankruptcy protection, said it will “participate in various power curtailments” to help stabilise the electrical system. In Texas, Riot blockchain is closing its facility due to the severe weather. The winter storm may cause some ups and down this weekend, said Neil Galloway, director of mining operations at Compass Mining, who also tweeted that its Texas locations were offline.

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