Bitcoin (BTC<\/a>) looked set to ditch $17,000 after the Dec. 16 Wall Street open as United States equities continued to fall.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> tracked new intraday lows of $16,743 for BTC\/USD on Bitstamp.<\/p>\n The pair had abruptly dived nearly 3% earlier in the day, compounding losses, which immediately followed one-month highs.<\/p>\n Ongoing concerns over largest global exchange Binance pervaded the mood, these coming despite the best efforts of CEO, Changpeng Zhao, to dispel what he called<\/a> \u201cFUD.\u201d As Cointelegraph reported<\/a>, longtime crypto traders were similarly skeptical of the credibility<\/a> of the \u201ccraziest rumors\u201d about the crypto exchange sector.<\/p>\n Nonetheless, markets refused to give them a break, and beyond Bitcoin, warnings increased over the fate of Binance\u2019s in-house token, BNB (BNB<\/a>).<\/p>\n BNB\/USD fell to near $240 on the day, marking its lowest levels since July.<\/p>\n \u201cBNB has nothing but air below it,\u201d popular trader and analyst Matthew Hyland acknowledged<\/a>:<\/p>\n \u201cAs the 3rd largest non-stable crypto, if it crashes here it\u2019s going to drag the whole crypto market down with it.\u201d<\/p><\/blockquote>\n The move fed into bearish traders\u2019 longer-term plan, with Il Capo of Crypto notably already calling for a bottom below $50<\/a>.<\/p>\n Pressure increased around Binance itself on the day, with its proof of reserves report deleted<\/a> by auditor Mazars Group, which added that it would no longer work with crypto industry clients.<\/p>\n In a square-off on Twitter, meanwhile, Zhang publicly ridiculed a post from outspoken television personality Jim Cramer, who said<\/a> that he \u201cwould trust my money more in Draftkings than i would binance.\u201d<\/p>\n \u201cNow we are safe!\u201d Zhang responded<\/a>.<\/p>\n Related:\u00a0Bitcoin Santa Claus rally unlikely, according to on-chain and derivatives data<\/a><\/em><\/strong><\/p>\n Beyond crypto, U.S. stocks saw another weak performance at the open, with the S&P 500 down around 1.4% at the time of writing. <\/p>\n For Mike McGlone, senior commodity strategist at Bloomberg Intelligence, the situation was not as bad as it may seem.<\/p>\n \u201cNormal Reversion Can Feel Like a Crash – The propensity for correlations to gravitate to 1-to-1 when the stock market declines may be a primary factor for all assets in 2023, particularly commodities,\u201d he wrote<\/a> in part of commentary alongside an explanatory chart. <\/p>\n Earlier, McGlone nonetheless cautioned that the market was displaying potential similarities<\/a> to the period before the 1929 Wall Street Crash.<\/p>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/4852c037-fa06-44a9-9f56-c54cfa8f9441.png\")
Analyst: $240 BNB \u201chas nothing but air below it\u201d<\/h2>\n
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Crypto limps lower with U.S. stocks<\/h2>\n
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