Binance coin update: BNB retreats after a stellar growth on Fetch.ai token sale

Binance CEO stops the panic about large BNB transactions.
BNB retreats below $10.00 in sync with the market.

Tanya Abrosimova Independent Analyst

The market got agitated by large BNB transactions between Binance wallets. A twitter whale alert service registered an abnormal transaction to the tune of nearly $10M

"911,032 $BNB ($9,875,586.88 USD) transferred from #Binance to Unknown wallet”.

It was followed by large transactions in ETH and BTC, which made users wonder what was going on.

Meanwhile, the head of Binance tried to calm down the community by retweeting his own old message, where he explained the nature of the transactions.

"We will be moving some funds between our cold wallets. A tell-tale sign of a new cold wallet on Binance is two small transfers from and BACK TO an existing wallet, then a large transaction. No need to be alarmed. Funds are #SAFU.”

While the funds may be “SAFU,” Binance experienced problems with a system overload amid a sharp sell-off on the cryptocurrency market on Sunday. Some users experienced delays during the system auto-scaling.

At the time of writing, BNB is changing hands at $9.74, down 4% on a day-over-day basis. The cryptocurrency has been moving in sync with the rest of the market; however, it received additional support due to Finance DED launch and Fetch.ai token sale that was sold out in ten seconds.

Author

Tanya Abrosimova

Independent Analyst

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