Is Binance the Cause of the Ongoing Altcoin Collapse?…Story and ACT Plunge 20% Intraday

Uk Jin

Summary

It was reported that altcoins Story and ACT plunged 20% intraday.
It was stated that Binance Futures Exchange significantly impacts token price fluctuations.
Investors are concerned that large position liquidations on Binance worsen the situation.

Amidst investor anxiety due to the previous day's collapse of Mantra (OM), some altcoins also showed a sharp decline intraday, raising concerns. There are claims that the cause of such drastic price fluctuations lies with the world's largest exchange, Binance.

On the 14th (local time), the cryptocurrency-focused media outlet BeInCrypto reported that Story (IP) and ACT experienced a sudden 20% drop intraday.

BeInCrypto pointed to Binance Futures Exchange as a factor causing these occurrences. The media explained, "On this day, a large volume of futures trading for Story and ACT was executed on Binance," adding, "When futures trading is concentrated like this, Binance Futures Exchange acts as a major indicator, which can significantly impact token prices."

BeInCrypto further added, "The decline in Story and ACT tokens on this day was also due to a chain liquidation of large positions on Binance Futures Exchange."