Binance Coin (BNB) Continues to Consolidate in a Bearish Outlook, Despite Growing Web3 Ecosystem and Regulatory Compliance

After teasing with a new all-time high above $700 in early June, Binance Coin (BNB) has continued to consolidate in a bearish outlook in the past few weeks.

Binance Coin (BNB) price has continued to trade within a crucial range as the crypto market consolidates in the past few weeks. Despite teasing a new all-time high above $700 earlier in June, BNB price has failed to break out of a bearish outlook. Notably, the fourth-largest cryptocurrency by market valuation continues to face stiff competition from Solana (SOL).

According to the latest crypto data, BNB price had a market capitalization of about $75.5 billion. On the other hand, Solana price had a total valuation of around $67.6 billion.

Growing Web3 Ecosystem

The Binance ecosystem has seen a lot of growth in the past year. This is despite the legal tribulations that led to the imprisonment of founder and former CEO Changpeng Zhao (CZ).

As per the latest market data, the BSC network boasts over $4.2 billion in total value locked (TVL). In addition to this, there is nearly $5 billion in stablecoins market capitalization. Some of the largest decentralized finance (DeFi) protocols on the BSC network include the lending platform Venus and the decentralized exchange (DEX) protocol PancakeSwap (CAKE).

Being an EVM-compatible chain, the BSC network has garnered a lot of attention from the Ethereum ecosystem. This is due to its reliable security, low transaction fees, and high throughput.

Regulatory Compliance

#Binance goes live in India ??Binance is now registered as a reporting entity with India's Financial Intelligence Unit, marking our 19th global regulatory milestone!Our website and app are now fully available for Indian users.

Read more ?https://t.co/samyDmwwut

Binance crypto exchange announced earlier today that it has received the necessary regulatory approval from India’s Financial Intelligence Unit (FIU) to begin offering crypto-related services immediately.

Binance and other global crypto exchanges paid a fine with the Indian regulator to be allowed to offer crypto-related services. Earlier in June, Binance made a settlement of $2.25 million with the Indian regulator, thus earning the necessary approvals.

“Our registration with the FIU-IND marks an important milestone in Binance’s journey. Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution,” said Richard Teng, Binance CEO.

What Next for BNB Price Action?

Like most crypto assets, Binance’s BNB is at a crucial juncture that will either lead to a new all-time high (ATH) soon or further capitulation ahead. As a result, we can expect BNB’s price to largely mirror that of Bitcoin (BTC) and Ethereum (ETH) in the coming weeks.

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