Nicholas Merten, a popular trader, pointed to an altcoin project. He mentioned that the altcoin in question is “on the edge of the abyss” compared to the others. Here are the details…
Nicholas Merten is desperate for this altcoin project
Widely followed crypto analyst Nicholas Merten says that while Binance Coin (BNB) is doing relatively well compared to other altcoins, it appears to be on the verge of collapse. In a new video update, the DataDash host tells 511,000 YouTube subscribers that the fear, uncertainty, and suspicion (FUD) surrounding Binance has contributed to BNB’s recent recession. The analyst used the following statements:
BNB, one of the strongest players throughout 2021 and 2022, check it out monthly or weekly. It just looks lousy. It looks like it’s ready to fall off a cliff here. Higher lows and higher highs have no upward momentum… People are worried that BNB could potentially be listed as a security, preventing it from being listed on many US exchanges.
Analyst’s thoughts on Binance FUD
The analyst pointed out that they have been very tactful about Binance FUD (fear, uncertainty and doubt). “I don’t know if most of these FUDs are real or justified. I don’t see any problem with withdrawing your money from exchanges.” he added. But at the same time, he noted that Binance sided with Coinbase in many ways. In other words, he stated that Binance fits the definition of “decent exchanges” you can always trust, like Coinbase and Kraken.
Merten also warns of a bearish trend in the stock markets, which is putting pressure on crypto. He warns that the S&P 500, which is often associated with price action in crypto assets, is preparing for a potential 2008-style drop. The analyst used the following statements:
It looks like we’re going right back to see if the S&P 500 can sustain the 200 weeks it did before. If it fails to hold this support range, you have a great thesis to bring with it not just a March 2020 crash, but potentially a 2008-style crash as well. …Maybe it won’t be as brutal as 2008. Maybe it won’t be as brutal as the dot.com bubble. I’m not here to say that. Still, I’m here to say that the charts at least show us that we’re going to suffer more.
The CEO of the stock exchange also made statements about the FUD.
Meanwhile, as we reported on Kriptokoin.com, Binance CEO shared a blog post about the panic about the stock market. Binance has released a lengthy statement in response to “recent media and community questions” regarding the company’s financials following the collapse of rival crypto exchange FTX. In the article published on Binance’s Chinese blog, “FTX crashed due to misuse of user assets. A healthy company will not be destroyed by a tweet,” he said.
Binance also pointed to a recent Reuters article in the article titled “Facing FUD.” He has responded to allegations that his financial situation is a “black box”. The firm wrote that as it is not a publicly traded company, it “does not need” to disclose detailed information about its financial situation. Binance has stated that it is self-sufficient and “financially healthy”. He said there was “no need for external financing and no external investors”. He added that “it has no intention of going public at this stage.”
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