Data from Cointelegraph Markets Pro and TradingView tracked fresh intraday lows of $16,743 for BTC/USD on Bitstamp.

The pair surprisingly fell nearly 3% early in the day, compounding losses, which immediately followed one-month highs.

Persistent concerns about the largest global exchange, Binance, have clouded the mood, and these come despite the best efforts of its CEO, Changpeng Zhao, to dispel what he calls a “FUD.” As Cointelegraph reported, longtime cryptocurrency traders have been similarly skeptical about the veracity of the “craziest rumors” surrounding the cryptocurrency exchange sector.

However, the markets refused to give them a break, and beyond Bitcoin, warnings about the fate of the internal Binance token increased

BNB/USD fell near $240 on the day, marking its lowest since July.

Noted trader and analyst Matthew Hyland acknowledged, “BNB has nothing but air underneath it”:

“As the third largest volatile cryptocurrency, if it crashes here it will drag the entire crypto market down with it.”

BNB/USD 1-day candle chart (Binance). Source: TradingView
The move fueled a long-term bearish traders plan, as Il Capo of Crypto has already called for a bottom below $50.

The pressure around Binance itself increased on the day, with a Proof of Reserves report being taken down by auditor Mazars Group, who added that it would not work with crypto industry clients.

Meanwhile, in a Twitter confrontation, Chang publicly mocked a post from outspoken TV personality Jim Kramer, who said he “would trust my money in the draft kings more than I would in him.”

“Now we are safe!” Zhang replied.

Crypto drops along with US stocks
Related: Santa Claus Bitcoin Rally Unlikely, According to Chain and Derivatives Data

Other than cryptocurrencies, US stocks saw another poor performance at the open, with the S&P 500 down about 1.4% at the time of writing.

For Mike McGlone, chief commodity strategist at Bloomberg Intelligence, the situation wasn’t as bad as it might seem.

“A natural retracement can feel like a breakdown — the tendency for correlations to snap into a 1-to-1 when stock market decline is a factor for all assets in 2023, especially commodities,” he wrote in part of a comment alongside an explanatory note. Schedule.

Bloomberg Spot Commodity Index vs. S&P 500 Annotated Chart. Source: Mike McGlone / Twitter
Earlier, however, McGlone had warned that the market was showing potential parallels to the run-up to the Wall Street Crash of 1929.