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Crypto Bulls Wrestle Back Control of BNB after Binance’s $40 Million Hack

Kiril Nikolaev
Updated
Binance Coin (BNB) is up by 90% against USDT and 57% against bitcoin since the hack in which 7,000 bitcoins were stolen from the exchange. | Source: Shutterstock
Binance Coin (BNB) is up by 90% against USDT and 57% against bitcoin since the hack in which 7,000 bitcoins were stolen from the exchange. | Source: Shutterstock

By CCN: Binance, the leading cryptocurrency exchange in terms of volume, suffered a massive blow on May 7 when hackers ran away with 7,000 bitcoins. At the time, the total haul was valued at roughly $40 million. Binance CEO Changpeng “CZ” Zhao was quick to reassure their user base by stating that the exchange will cover the damages through the Secure Asset Fund for Users, or SAFU. Nevertheless, some Binance Coin (BNB) holders panic-sold under the assumption that CZ would dump BNB to pay for the damages. They were wrong. In this article, we show how Binance Coin remains unfazed by the recent 7,000 bitcoin hack.

Binance Coin Maintains Parabolic Run Against Tether (USDT)

On the day of the hack, BNB plunged by 6.89% against USDT as it opened at 22.2018 and closed at 20.6602. The bleeding continued until May 10 when the market dropped to as low as 18.30 for a total loss of 17.57% due to the hack. Since then, the BNB market has been incredibly bullish.

Binance Coin chart
Binance Coin chart

Binance Coin in the pedal to the metal mode even after the hack | Source: TradingView

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A look at the daily chart shows that the pullback from the hack was nothing but a setup for a big comeback. Bulls resumed the parabolic run on May 10 and have not looked back since. On its way up, it converted former resistance of 24 into support. On May 25, Binance Coin even made a fresh high against Tether at 35.4888.

From the low of the hack, BNB is up by 90% against USDT. More importantly, it looks like the ascent is not going to stop soon.

Binance Coin Looks Awfully Strong Against Bitcoin

Binance Coin performed poorly against bitcoin following the security breach. On May 7, it opened at 386,230 satoshis (0.0038623) and closed at 353,680 satoshis (0.0035368) for an 8.43% drop. The plummet continued until May 11 when the market nosedived to 276,450 satoshis (0.0027645). All in all, Binance Coin suffered a 28.42% loss against bitcoin due to the theft.

Binance Coin BTC chart
Binance Coin BTC chart

Binance Coin recovering nicely after the hack against bitcoin | Source: TradingView

Read the full story on CCN.com.