Binance USD (BUSD) Price Prediction

In its recent announcement, Binance said it will support pNetwork (PNT) recovery plan and BNB (BEP20) airdrop for pGALA (BEP20) holders. Prior to that pNetwork protocol mined over $1 billion in out-of-the-box pGALA tokens on BNB Chain.On November 8, Binance announced that it will support pNetwork multi-link routing protocol implementing a BNB (BEP20) recovery plan and for pGALA (BEP20) holders.#币安 将支持pNetwork（PNT）恢复计划，为pGALA（BEP20）持币用户空投 #BNB（BEP20）#Binancehttps://t.co/5aq6FArZwk投资有风险，请谨慎交易 pic.twitter.com/o9LZdUzvbI— 币安Binance中文频道 (@binancezh) November 8, 2022 The pGALA token (BEP20) is defined as the GALA token deposited into Binance via the BNB Smart Chain (BEP20) network between 2022-11-03 19:49 (UTC) to 2022-11-07 08:00 (UTC) is eligible to receive the BNB airdrop. As stated in the pNetwork (PNT) recovery plan, the final snapshot time will be 2022-11-07 08:00 (UTC).As updated in an earlier Coincu News article, pNetwork mined over $1 billion in pGALA tokens off-chain on BNB Chain due to cross-chain bridge misconfiguration and made a profit by selling it on PancakeSwap.However, after confusing the community when the project’s GALA token suddenly dropped by 30%, the project has corrected them to be behind this hack. Because the project noticed that the pGALA pool on PancakeSwap showed signs of being unsafe and decided to attack the vulnerability itself to prevent bad guys from taking advantage.

Crypto market leaders bitcoin (BTC) and ether (ETH) shed their relative calm and faced selling pressure early Tuesday as FTT, the native token of cryptocurrency exchange FTX, nosedived to 21-month lows on lingering concerns regarding trading firm Alameda's balance sheet. At 4:30 UTC, bitcoin traded 4.3% lower on the day at $19,700, while ether changed hands at $1,480, representing a 5.5% decline, CoinDesk data show. FTX's FTT token tanked 20% to $17, the lowest since February 2021, extending the past week's 13% slide. Options data showed renewed demand for bearish put options tied to bitcoin and ether. The bearish shift in sentiment perhaps reflects investor fears that the ongoing FTX-Alameda drama may lead to Terra-like crypto collapse contagion. A call option gives the purchaser the right, but not the obligation, to buy the underlying asset at a predetermined price on or before a specific date. A put option gives the right to sell. "We have seen renewed demand for downside protection after the the negative news flow related to FTT," Patrick Chu, director of institutional sales and trading at over-the-counter crypto derivatives tech platform Paradigm, told CoinDesk. "Short dated skew in particular has moved in favor of puts as we have seen downside protection in both BTC & ETH with strong demand for end Nov / Dec expiries," Chu added. Both short-term and long-term bitcoin call-put skews, measuring prices for bullish calls relative to puts, have turned lower from zero this week. The one-week skew has dropped from -1% to -12%, the lowest since late September, according to digital assets data provider Amberdata. In other words, puts are back in demand. A similar pattern is observed in ether call-put skews. The one-week ether call-put skew has dropped to nearly -20%, indicating strongest bias for bearish puts since mid-September.

According to Binance data, FTT price has fallen below $18 and is now trading at $17.90 BUSD, down 19.62% in 24 hours.