BNB Fluctuates Amidst Binance Rumors; Osmosis Plans for a Curve 3Pool on Cosmos

Daily Top Mover — BNB

November’s CPI print surprised to the downside, sending equities skyrocketing at the market open. The U.S. equities have substantially trimmed their gains at the market close, but all major indices ended up in green. Meanwhile, the broader cryptocurrency has followed the footstep of equities, with Bitcoin up 3.84% and Ether up 4% in the past 24 hours as of the time of writing. The top mover for today, BNB, which registered a mild 1% increase in the past 24 hours, has clearly lagged behind the movements of other top tokens on the back of a slew of negative rumors.

BNB is the native token of BNB Chain, a public and open-source blockchain with close links to the crypto exchange, Binance. BNB has experienced a big swing in price movements in the past 24 hours and has stayed at the center of the storm amidst Twitter chatter. The token price plunged in the wake of news that Binance had stopped USDC withdrawals, unnerving crypto investors over Binance’s insolvency.

Furthermore, the criticism over Binance’s proof of reserve report published by Mazars and the FUD of SEC mulling charges against Binance has also strained the upside of BNB. As Binance clarified that the USDC withdrawals would restore right after its partners resumed office, the token price pared its early losses and followed the broader market as it climbed. Nonetheless, investors should be cautious of ungrounded FUDs in the bear market and conduct due diligence before making investment decisions.

Check Out the Latest Prices, Charts, and Data for BNB/USDT!

Talk of the Town

Osmosis, the largest decentralized exchange built on the Cosmos chain, reveals plans to launch its very own Curve 3pool. Sunny Aggarwal, the founder of Osmosis, told Blockworks that the Curve 3pool would include USDC, Tether, and BUSD, which would help add stablecoin liquidity to Cosmos. As of the time of writing, Osmosis boasts a total of $1.77 million of TVL and has recently launched StableSwap, a protocol for trading stablecoins. The aforementioned protocol was part of the Osmosis v13 upgrade, which also included a governance-configurable rate limit, inter-blockchain communication protocol (IBC) transfers, and more.

Check out what else is buzzing in the crypto scene today:

Former FTX CEO Sam Bankman-Fried’s request for bail has been denied (Link)

13% of Americans Have Held Crypto, JP Morgan said (Link)

Justin Sun deploys capital to defend Tron’s stablecoin, USDD (Link)