Bitcoin dips well under the $17,000 threshold, while concerns over the largest global exchange Binance and its native token BNB hinder the crypto market
Today, Bitcoin has bottomed at new intraday lows of $16,743, trading at $16,797 at the moment of writing. As Binance’s proof of reserves report was deleted by the auditor, the crypto community fears BNB might drag the whole market down.
Earlier today, Mazars Group, known for its proof-of-reserve audit services for crypto companies, removed Binance audits from its site. Moreover, the auditing firm declared they will temporarily pause their work with all of their crypto clients globally. Other large auditing firms are also “currently unwilling to conduct a PoR for a private crypto company,” raising red flags about the exchanges’ transparency.
Following the news, BNB/USD trading pair fell to nearly $240 on the day, one of its lowest levels since July. Despite the Binance CEO Changpeng Zhao (CZ) repeatedly claiming all the “craziest rumours” are just media FUD, many long-time traders remained sceptical.
As the largest crypto assets were affected, the total crypto market volume over the last 24 hours decreased 5.05% to $41.58B.
Besides cryptocurrencies, the traditional US stock market displayed another weak performance. At the day’s opening, the S&P 500 was down around 1.4%.