Binance Coin (BNB), the cryptocurrency that powers the Binance Smart Chain, has seen a decent 9% bounce from its recent lows.
BNB/USD was last changing hands around $247, having crashed to lows around $220 earlier this week.
The cryptocurrency was sent tumbling last week after the US Securities and Exchange Commission (SEC) sued Binance and claimed that BNB is actually an unregistered security.
That means that BNB could face significantly higher regulations in the US, if the US courts side with the SEC.
Binance Coin is still down close to 20% versus its pre-SEC lawsuit levels above $300.
If BNB bears can push the cryptocurrency below its late-2022 lows in the $220 area, that could open the door to a drop to 2022’s lows in the $180s.
But the prospect of further near-term downside for BNB means that, for those asking whether it is too late to buy the cryptocurrency, the answer is probably no.
In fact, many analysts would probably recommend staying away from BNB for the time being, given that US regulatory uncertainty faced by both the token itself (i.e. whether it is a security or not) and by its issuer Binance.
Investors looking for a better shot at near-term gains might want to consider getting a hold of some of viral new AI-powered crypto price prediction platform yPredict’s native $YPRED token. Many industry experts are predicting it may be the next best performer.
