February 22, 2024

Changpen Zhao commented on BNB price drop

Changpen Zhao commented on BNB price drop

Changpeng Zhao, CEO and founder of the Binance exchange, stated that he does not know the reasons why the price of Binance Coin(BNB) is down more than 50% from its all-time high.

Zhao explained that, in fact, new services such as margin trading, peer-to-peer (P2P) and futures trading made the last quarter “very productive.”

The CEO is not sure why the price of BNB has plummeted over the past few months. Among the possible reasons, he noted a drop in the price of BTC. He said:

There are many possible reasons, although none of themnot significant. Yes, the price of BTC has fallen. And regardless of the success of the exchange, the price of BNB really decreased. The behavior of prices in the cryptocurrency market is quite difficult to explain.

According to a post published on October 17thBinance also burned 2,061,888 BNB coins on a quarterly basis for approximately $ 37 million. Currently, there are 185,474,825 coins in circulation. The exchange intends to carry out regular burning of coins until there is 100,000,000 BNB left.

Based on materialscointelegraph.com