- BNB price has been in a tight range in the past few days.
- Binance Chain had a major $570 million hack this week.
The BNB price retreated for the third day straight as investors focused on the latest big hack and strong America’s jobs numbers. It dropped to a low of $281, which was much lower than this week’s high of $300. Its market cap dropped to about $45 billion, which was much lower than its all-time high of near $90 billion.
BNB Smart Chain hack
The biggest crypto-related story this month was news that the BNB Smart Chain was a victim of a major hack. Hackers managed to steal crypto tokens worth over $570 million, in one of the biggest hacks of the year.
According to the Financial Times, this hack targeted the BSC Token Hub, which is a bridge between two Binance systems. The paper estimated that hackers had stolen over $2 billion worth of cryptocurrencies by the end of July. That was double what they sold in the same period last year during the crypto bull run.
The BNB price did not drop much because of the work going on to retrieve the funds. The developers have already discovered most of these funds. As such, investors believe that the hack will not have a major impact on the network, at least in the short term.
Learn more about how to buy BNB Coin.
For starters, BNB Smart Chain is different from Binance. On the one hand, Binance is an exchange that enables people to buy and sell cryptocurrencies. BNB Smart Chain, on the other hand, is an Ethereum rival that allows developers to build decentralized applications (dApps).
It has been used to build dApps in all industries like finance, gaming, and non-fungible tokens (NFTs). Some of the best-known dApps in the ecosystem are PancakeSwap, Venus, and Alpaca Finance among others.
BNB price also declined because of the strong American jobs data. With the unemployment rate at 3.5%, analysts believe that the Federal Reserve will continue hiking interest rates.
BNB price prediction
The daily chart shows that the BNB price has been in a consolidation phase in the past few weeks. In this period, it is hovering at the 25-day and 50-day moving averages. It is also slightly below the important resistance level at $336.5, which was the highest level on August 11. BNB has also formed what looks like an inverted head and shoulders pattern.
Therefore, the coin will likely remain in this range for a while and then have a bullish breakout. This view will be confirmed if it manages to move above the resistance at $336.
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