- Zhao Chanfeng will remain in the United States
- BNB continued to trend with the market as it continued to fall.
Recent court documents show that Chanpeng Zhao, the former head of Binance (BNB), is facing a challenge with US authorities.
However, despite Zhao’s difficulties, BNB’s price showed notable resilience and pointed its way.
Former Binance CEO Stays Grounded
Recent court documents show that former Binance leader Chanpeng Zhao has denied requests to travel outside the United States.
The request through his lawyer was for Zhao to be allowed to travel to the United Arab Emirates for a close colleague’s surgery and hospitalization. Some details in the article have been redacted to maintain confidentiality.
Specifically, the court documents mention that Zhao provided Binance assets to guarantee profits. His legal team values his net worth at $4.5 billion as of Binance’s last funding round two years ago.
Despite these substantial suggestions, the judge denied the request, citing concerns that Zhao was a flight risk.
The judge pointed to his considerable wealth, family living in the UAE and prominent status in the country as contributing factors in the decision.
Meanwhile, apart from Zhao’s legal troubles, BNB has also faced difficulties. However, these do not appear to be related to the situation involving Zhao.
Binance Coin Facing Challenges
Contrary to the assumption that BNB was influenced by Zhao’s challenge, a closer analysis of the trend shows that this was not the case.
AMBCrypto’s research into BNB’s recent performance shows that the current downward trend is consistent with broader market trends.
Over the past four days, BNB has experienced a continuous downward trend. This resulted in an overall loss rate of over 8%. At the time of writing, it is trading at around $290, reflecting a 0.7% change.
Source: Trading View
However, BNB remained above the short-term moving average (yellow line). This means that despite the decline, the price momentum remains relatively favorable, at least for now.
However, a continued downward movement could eventually push it below this level. Additionally, at the time of writing, the short-term moving averages were trending below the neutral line of the Relative Strength Index (RSI).
This indicates a bearish trend for BNB at the time of this writing.
Read Binance Coin (BNB) Price Prediction for 2023-24
Double-digit decline in volume
Santiment’s Binance Coin trading volume trends showed a consistent level of trading activity. Despite the decline in trading volume over the past 24 hours, it still remains over $1 billion.
As of this writing, that amount stands at over $974 million. According to CoinMarketCap, this represents a decline of more than 13% in trading volume compared to the previous period.
Source: Santiment