BNB Plummets After Hack Against BNB Chain

As might be expected, BNB is today's poorest performer after the hack against the BNB Chain.

It's been a tough day for Binance Coin, which is down sharply following yesterday's hack against the BNB Chain. This comes as bitcoin continues to trade around the $20,000 level, making it one of today's worst performers.

The crypto market is currently facing slight declines, with the market cap settling at approximately $950 billion. However, most other larger-cap alts are still doing well, indicating that the market may rebound soon.

BNB Chain Exploited, BNB Drops

It's been a rough day for the cryptocurrency community, as one of the biggest exchanges has been hit with a major hack. Binance has announced that it is halting the entire Binance Smart Chain following an exploit that saw an attacker steal roughly $600 million worth of BNB. This is a huge blow to the community, and it will be interesting to see how things play out in the coming days.

It is clear that the BNB Chain network attack has had a significant impact on the value of the BNB token. Despite the network now being resumed, BNB has dropped significantly in value, by 4%. This is likely due to the larger-cap alts also being affected by the attack. It is important to monitor the situation closely to see how BNB recovers in the coming hours and days.

It looks like most of the larger-cap altcoins are down slightly today. This includes Ethereum, Ripple, Cardano, Solana, Dogecoin, Polkadot, and Shiba Inu. It's been a tough few weeks for the crypto markets, so hopefully this is just a temporary dip and we'll see prices rebound soon.

It's been a tough day for crypto investors, with most major coins and tokens seeing significant losses. Tron, Uniswap, and OKB are among the few exceptions, with each seeing only modest gains.

The cryptocurrency market has seen a significant decline in the past 24 hours, with the total market capitalization of all assets falling from $1.1 trillion to $950 billion. This represents a loss of approximately $15 billion in value for the market as a whole. Cryptocurrencies have been incredibly volatile in recent months, and this latest decline is sure to cause concern for investors.

Cryptocurrency Market Overview. Source: Quantify Crypto
The cryptocurrency market is in a period of transition. After a long period of dormancy, prices are beginning to move once again and investors are taking notice.

Bitcoin Remains Calm at $20,000

The situation for Bitcoin has started to change after the UN urged the US Fed to stop hiking the interest rates as it could worsen the global recession. The primary cryptocurrency has struggled to maintain $19,000 after a few consecutive dips below that level, but this new development could help it turn things around.

Bitcoin is on the move again, this time jumping to a two-week high of $20,500. Although it failed to continue north from there, it didn't get rejected as quickly or violently as it has in the past, and has remained above or around $20,000 since. This latest move could be the push that takes bitcoin over the $20,000 mark and into new territory.

There's been no real movement in the past 24 hours, with BTC still standing at around $380 billion in market capitalization. Its dominance over altcoins has also remained steady at around 40%.

BTCUSD. Source: TradingView
The BTCUSD market looks promising, with strong support at around $9,000 and a bullish trendline forming.

It is unfortunate that the Binance Coin has dropped 4% following the hack of the BNB Chain. This is a serious security breach that could have implications for the cryptocurrency exchange. We hope that Binance will take the necessary steps to ensure that this does not happen again.