After this announcement, the exchange stopped accepting fresh deposits from existing users, saying that new users would not be affected; however, the existing users were allowed to trade until February 13, 2022. Following this news, BNB/USD started declining on Monday, and dropped for the day. Furthermore, the overall sentiment in the crypto market was negative on Monday, led by Bitcoin, which fell below its support level of $460,000. Bitcoin came under pressure after Elon Musk said that Bitcoin was not suitable for making payments, and that Dogecoin was a better payment method. These comments by Musk added to the negative impression of BTC/USD and dragged its prices to the downside. Being a leading cryptocurrency, Bitcoin steered the whole crypto market mood to the downside, and BNB followed suit on Monday.

Furthermore, the rising strength of the US dollar also had a negative impact on BNB/USD, as the two have a negative correlation. As a result, the greenback is moving higher on the board, ahead of the release of the US Federal Reserve meeting this week. The pivot point is at 535.03.