Binance: Will Bicasso NFTs be the catalyst to BNB’s recovery? Examining…

• Binance has launched another free NFT minting event, which was met with overwhelming demand and claimed within five hours.
• Despite recent legal troubles, BNB is recovering from a dip in price earlier in the week.

Binance [BNB] has made another bold move in the exciting world of AI-infused NFTs, and the initial response is worth a second glance. Despite recent setbacks, the world’s leading cryptocurrency exchange is determined to carve out a presence in the NFT marketplace. 

Read Binance Coin’s [BNB] Price Prediction 2023-24

Binance NFTs for everyone!

On 29 March, Chanpeng Zhao [CZ] shared some exciting news with the community. The much-anticipated Binance Bicasso was officially open again for free mints. CZ announced that there were 100,000 mints available, and they would be distributed on a first-come, first-served basis.

Later in the day, CZ shared an update on the mints, revealing that all 100,000 mints had been claimed in just five hours. It was much faster than the anticipated 12-hour timeframe, highlighting the overwhelming demand for Binance Bicasso NFTs. 

Annnnnd… voilà ! ?
100k NFTs minted in 5 hours only (instead of 12h anticipated)! https://t.co/ZxgromOoUM

— CZ ? Binance (@cz_binance) March 29, 2023

Binance NFT transfer volume shows consistent volume

According to data provided by Santiment, there has been consistent activity in the Total NFT trade Volume in USD, even after the launch of the Binance Bicasso platform in March. The chart showed that the trade volume has remained steady. It saw a peak of $2.34 million and a volume of $1.3 million at the time of writing.

Source: Santiment

The Binance lawsuit and insider trading accusations

Unfortunately, Binance has been facing some legal troubles in recent weeks. One significant development was the news of a lawsuit filed against the exchange by the Commodity Futures Trading Commission (CFTC). The lawsuit alleged that Binance violated the commission’s digital assets and derivatives trading regulations. 

In addition to the CFTC lawsuit, there were reports of insider trading at the exchange. While the alleged insider trading details are not yet clear, these reports are concerning and could lead to further legal and regulatory action against the exchange. It’s worth noting that Binance has denied any wrongdoing in both cases.

BNB’s recent price move

A closer look at Binance’s (BNB) price action on a daily timeframe showed that the cryptocurrency was recovering from a dip earlier in the week. At the time of writing, BNB was trading at around $317 with a profit of over 1%, suggesting that investor sentiment is improving.

Source: TradingView

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One indicator supporting this view was the Relative Strength Index (RSI) line, which had crossed the neutral line. The RSI indicated that the buying pressure on BNB was increasing, potentially driving the price higher in the short term.

Overall, Binance’s move into the NFT market is prudent, and it could help offset some of the negative attention the exchange has received in recent weeks. However, it remains to be seen how successful the Binance Bicasso platform will be and whether it will impact the broader NFT market.