Binance Smart Chain Resumes Operation Following $600 Million BNB
Login

Binance Smart Chain Resumes Operation Following $600 Million BNB Hack

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:


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

You can purchase Lucky Block here.  Buy LBLOCK

NoteLearn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News