Crypto Crash: 5 Biggest Losers

4. Binance Coin (BNB)

Binance Coin was launched by Binance, the world’s largest crypto trading platform, through an initial coin offering (ICO) in June 2017. It was initially priced at 20,000 coins being worth 1 Bitcoin (BTC). This cryptocurrency is used as a token to buy, sell, trade and pay fees on the Binance cryptocurrency exchange. Apart from this, it can be used for a wide range of applications within the Binance DeFi (decentralized finance) ecosystem, and has gained popularity in recent years. In 2021, Binance Coin gained roughly 1,344%, as compared to the 455% jump for Ethereum and a 73% gain for Bitcoin.

The market selloff has not spared Binance Coin (BNB), and it has lost 62.65% in the year to date as of June 19. One Binance Coin trades at a value of $198.04, as compared to $528 at the start of the year. With 163.27 million coins in circulation, the cryptocurrency stands at a market cap of $32.34 billion.

Binance CEO Changpeng “CZ” Zhao recently stated that despite many competitors introducing job cuts and hiring freezes, Binance had the resources to expand hiring and increase its M&A (merger and acquisition) activity to take advantage of and leverage the upcoming ‘crypto winter’ to the maximum. In an indirect reference to Crypto.com and other platforms splurging on marketing promotions and sponsorships, he noted that Binance avoided spending on stadium naming rights and Super Bowl ads, and currently has 2,000 roles open to drive its growth during this industry downturn.