Sage D. Young
Sat, June 10, 2023 at 1:00 AM GMT+5
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BNB-USD
-9.42%
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In trading, timing is everything and it
appears that some traders put in well-timed sell orders for BNB tokens, ahead
of the massive SEC crackdown against crypto exchange Binance on June 5.
A surge in aggregated sell orders of about
125,000 BNB worth $37 million hit the BNB/USDT order book on Binance at 11:45
p.m. UTC on June 4 and 1:45 am UTC on June 5 in the lead-up to the U.S.
Securities and Exchange Commission (SEC) suing Binance, data from TradingView
shows.
BNB’s open interest, the total number of
outstanding derivative contracts held by investors, also increased in the first
nine hours of June 5 by nearly $30 million, according to Coinalyze, which also
occurred before the 11:15 am news of the SEC alleging Binance commingled
customer funds and operated an unregistered securities exchange.
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