- Binance Coin (BNB) has fallen to its lowest value in over a year following the recent crypto market crash.
- Market observers speculate that Binance may have prevented BNB's value from falling below a certain threshold.
- #BNB was #trading above $240 range before the #market crash, but it dropped to a yearly low of $215 on August 19.
- BNB's price decline can be attributed to various factors including regulatory issues, decreased on-chain activity on Binance Smart Chain (BSC), and a drop in DeFi activities on the BSC.
- Binance CEO Changpeng 'CZ' Zhao stated that market forces determine BNB's price in response to speculation about Binance defending the price from falling below $212.
- This isn't the first time #Binance has been accused of propping up BNB's price.
- BNB's #price slightly gained 0.18% on the day, trading at $216.40 at the time of writing.
