Binance Coin (BNB) Keeps the Bullish Momentum, Despite the Increasing Pressure from the Establishment to Close the Binance Exchange
Binance coin pushing higher, ignoring the war on cryptos from the big banking bosses
As we have seen in the past two months, the global establishment is trying to fight cryptocurrencies at all costs. This comes after the surge in the first several months of this year, which gave digital coins massive attention from the public, scaring the life out of the establishment, which hangs onto its power through the financial system.
It started with China cracking down on the crypto market, particularly its ban on Bitcoin mining, which started the crypto rout in May. This very much looks like a coordinated plan to take cryptos out of the picture, which will inevitably fail to materialize, since this market is mostly decentralized and will become even more so in the coming months/years.
The US regulatory body, the SEC, has started a battle with Ripple coin (XRP), while the UK’s FCA (Financial Conduct Authority) has declared war on the Binance exchange, which has it’s own crypto called Binance coin (BNB). They issued a warning to the Binance division in the UK on June 26, stating that Binance doesn’t have the permission or the required license to operate any regulated activities involving cryptocurrencies.
Barclays UK was the first to take action, saying that they are not restricting customers from using the crypto exchange, however, no payments or fund transfers to Binance will be available through their system. How is that not a restriction?
The Binance coin BNB is not paying much attention to these restrictions, as it keeps crawling higher, after bouncing off the 200 SMA (purple) on the daily chart. This moving average has been the ultimate support for about two months, since the crash in June.
The second wave of crypto selling in June didn’t push the BNB/USD under the May low, while other cryptos made new lows last month. This is a bullish sign for Binance, which has pushed above the 20 SMA (gray) and the 50 SMA (yellow) on the daily chart.
This opens the door for further gains, although the 100 SMA (green) will be the ultimate test for buyers. For now, the pressure is on the upside for Binance. I will try to buy BNB/USD if we see a pullback to the 200 SMA again soon – you can follow this on our forex signals page.
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