Short selling has become more prevalent in the community as a result of the recent decline in the price of BNB coins. The recent report that auditing company Mazars was severing connections with the cryptocurrency exchange appears to have an ongoing impact on the price of BNB. Following the Fed’s hint that it will continue raising interest rates in 2023, the general sentiment in the cryptocurrency market is still gloomy. In this regard, the activity of shorting Binance BNB appears to have increased recently.
In the past, Binance’s auditing partner Mazars Group cut connections with the exchange due to criticism from the cryptocurrency community regarding asset transparency. The trading community thinks that Binance’s practices for holding and storing user assets are not entirely transparent. The price of BNB was greatly impacted by this. Following the publication of the audit report on Binance’s evidence of reserves, the exchange’s assets have been the subject of widespread criticism.
Despite the FUD surrounding asset transparency, it appears that BNB traders are opening sizable short positions. The BNB cryptocurrency has short positions of over $118,000,000, according to crypto enthusiast Caesar. With all the negative press surrounding Binance, he claimed in a tweet, traders are pouring money into it. This occurs when the price of the token has been steadily declining recently.
BNB’s price is $236.80 as of this writing, down 2.90% over the last 24 hours, according to market monitoring site CoinMarketCap. The value of the fifth-ranked cryptocurrency dropped by about 18% during the previous week.
