Binance Smart Chain Resumes Operation Following $600 Million BNB Hack

Azeez Mustapha



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Binance Smart Chain witnessed a security breach that caused approximately 2 million BNB to be stolen, which was estimated to be around $600 million. The hack prompted the BSC (Binance Smart Chain) to be paused temporarily on October 6th. This means the deposits and withdrawals were not allowed to function.

Earlier today, the BNB chain resumed its normal operations. However, the effect is prominent in the market with about a 4% drop in the market price since the hack event occurred.

Key Binance Coin Levels to Watch: October 7

BNB coin experienced a change in market direction on the 22nd of August. The price of BNB sank further to invalidate the bullish trend line. The bearish displacement left behind an unmitigated order block formed on the 25th of August.

Binance Smart Chain Resumes Operation Following $600 Million BNB Hack
BNBUSD- Daily Chart on Binance. Source: Tradingview.

The market ascended temporarily to mitigate the bearish order block. There was a break of structure on the 19th of September. Once again, the market has ascended to fill up the gap created on the 13th of September.

 The Stochastic indicator is just moving away from the overbought region as the daily candles are also resting below the Moving Average period two hundred. The price is expected to dive below $267.0.

Binance Coin Key Levels

Resistance Levels:$338, $305, $299
Support Levels: $267, $257, $240

Total Market Capitalization:$  $946.3B
Binance Coin Market Capitalization: $8.599B
Binance Coin Volume: $1.245B
Market Rank: #5

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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