Binance: Will Bicasso NFTs Be the Catalyst for BNB’s Recovery? Investigating…
- Binance has launched another free NFT redemption event, which was met with overwhelming demand and claimed within five hours.
- Despite recent legal issues, BNB is recovering from a drop in price earlier this week.
Binance [BNB] has made another bold move into the exciting world of AI-infused NFTs, and the initial response is worth a second look. Despite recent setbacks, the world’s leading cryptocurrency exchange is determined to create a presence in the NFT market.
Read Binance Coins [BNB] Price prediction 2023-24
Binance NFTs for everyone!
March 29, Chanpeng Zhao [CZ] shared some exciting news with the community. The much anticipated Binance Bicasso was officially reopened for free coins. CZ announced that there were 100,000 coins available and they would be distributed on a first-come, first-served basis.
Later in the day, CZ shared an update on the coins, revealing that all 100,000 coins had been claimed in just five hours. That was much faster than the expected 12-hour timeframe, highlighting the overwhelming demand for Binance Bicasso NFTs.
Annnnnd… voilà! 🎉
100,000 NFTs minted in just 5 hours (instead of the expected 12 hours)!— CZ 🔶 Binance (@cz_binance) March 29, 2023
Binance NFT transfer volume shows consistent volume
According to data provided by Santiment, there has been consistent activity in Total NFT trading volume in USD, even after the launch of the Binance Bicasso platform in March. The chart showed that trading volume has remained stable. It saw a peak of $2.34 million and a volume of $1.3 million at the time of writing.
Source: Sentiment
The Binance Lawsuit and Allegations of Insider Trading
Unfortunately, Binance has faced some legal issues in recent weeks. A significant development was the news of a lawsuit filed against the exchange by the Commodity Futures Trading Commission (CFTC). The lawsuit alleged that Binance violated the commission’s rules for trading in digital assets and derivatives.
In addition to the CFTC lawsuit, there were reports of insider trading at the exchange. Although the alleged insider trading details are not yet clear, these reports are concerning and could lead to further legal and regulatory action against the exchange. It is worth noting that Binance has denied any wrongdoing in both cases.
BNB’s latest price movement
A closer look at Binance’s (BNB) price action on a daily time frame showed the cryptocurrency recovering from a drop earlier in the week. At the time of writing, BNB was trading at around $317 with a gain of over 1%, suggesting that investor sentiment is improving.
Source: TradingView
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One indicator that supported this view was the Relative Strength Index (RSI) line, which had crossed the neutral line. The RSI indicated that the buying pressure on BNB was increasing, which could potentially drive the price higher in the short term.
Overall, Binance’s move into the NFT market makes sense and may help offset some of the negative attention the exchange has received in recent weeks. However, it remains to be seen how successful the Binance Bicasso platform will be and whether it will impact the wider NFT market.
