Binance Coin In Turmoil: Nearly 10% Value Erased In Market Shake-Up
04 Agosto 2024 - 3:30PM
NEWSBTC
Binance Coin (BNB) succumbs to bearish pressure alongside other
altcoins in the market. According to the latest market data, the
token is down nearly 10% since last week representing a big slash
in value for investors in the long-term. The huge drop is due to
the current underperforming market after the major cryptocurrencies
slipped with Bitcoin and Ethereum by almost 10% respectively.
Related Reading: Stacks (STX) Drops 23%, But Recent Devs Might Slow
The Trend Despite the recent regulatory turmoil between the
Securities and Exchange Commission and Binance, BNB still shows
some strength as it maintains its top four spot, topping SOL and
XRP. Binance Coin Market Vs Macroeconomics The early half of
August is held in high regard by both crypto finance and
traditional finance investors as major economic indicators are set
to be announced. With the past six indicators flashing red or
neutral, it remains to be seen whether the next few will be bullish
for the broader financial world. But last week, the Federal
Open Market Committee held against lowering interest rates as
inflation was still “somewhat elevated.” However, this opened the
road to September rate cuts as the inflation slows, helping the
market gain gradual ground in the long run. Although the
market remains somewhat optimistic for the September cut, it has
since faded as the broader market slips as investor anxiety remains
high. The S&P 500 and Dow Jones fell by almost 2%
respectively. This further exacerbated the market correction
within the crypto market. As of writing, the crypto market is down
more than 2% in the past 24 hours. BNB was not spared, with the BNB
Chain metrics falling amidst the market downturn. Despite
this, long-term investors in the token continue to remain strong
despite bearish market conditions. According to CoinGlass, BNB
market positions remain majority long with a slight uptick in the
short position takers. However, derivative contracts
featuring BNB took a dip with the open interest dropping by a
significant margin. Although the token follows the broader
market, BNB still remains a strong investment despite the hostile
market conditions. Related Reading: Solana Rebound: SOL To Hit $260
Despite Continuous Dip, Analyst Says Crucial BNB Level Remains But
For How Long? The hostile market environment is slowly dying down
but with the current uncertainties within the macroeconomic side of
things, it remains to be seen whether the BNB bulls can continue to
stem the tide. Keeping aside price, having a majority of long
positions for the token is advantageous for the bulls as it helps
maintain investor confidence in the token. Despite this, the bulls
have a long way ahead. Stabilizing the price around the $514
price range should be their number 1 priority. A bearish
breakthrough on this level will lead to more bleeding, which might
flip investors from long positions to short positions. If
held successfully, BNB bulls have a strong jump-off point to retake
the late-July levels of $558. Featured image from Pexels,
chart from TradingView
Binance Coin (COIN:BNBUSD)
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Binance Coin (COIN:BNBUSD)
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