More Concerns Continue to Rise as Binance Develops Proof of Reserves

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Binance develops a “proof of reserve” system in response to the FTX crisis; this innovation is aimed at using the Merkle tree to enable the verification of assets by their users. However, some financial experts have tagged this innovation as aimless since it doesn’t include liabilities.

Moreso, according to the accounting and financial experts, in Binance’s bid to improve the transparency of its reserve, red flags were exposed in the exchange’s crypto finances. The volatility of Binance Coin has decreased as a result of this report.

Key Levels To Watch – December 11

Ever since the demand zone at the 183.0 price level was reached, the market has been in an uptrend. However, the bears’ presence remains adamant as the price still makes drastic corrections to the downside at some point in the market.

More Concerns Continue to Rise as Binance Develops Proof of ReservesThe bullish order block that formed as the price was expanding upward in July 2022 is currently responsible for the continuation of the market’s uptrend.Though the market seems to be spending more of its time within the two significant levels of 300.0 and 240.0, the major trendline remains intact as it points upward.

Binance Coin Key Levels

Resistance Levels: $395.0, $361.0, $300.0
Support Levels: $240.0, $216.0, $183.0

Total Market Capitalization: $843.30B
BNB Market Capitalization: $45.27B
BNB Volume: $0.58B
Market Rank: #4

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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.