BNB Climbs 3.5% as Fed Rate Cut Bets Fuel Rally

BNB increased by over 3.5% in the last 24 hours, aligning with broader crypto market gains amid expectations of a Federal Reserve rate cut.
The token's price rose from $1,017.44 to above $1,050, breaking key resistance levels due to a drop in U.S. private payrolls, indicating possible Fed policy easing.
Derivatives markets predict a near certainty of a 25 basis point rate cut later this month.
BNB bounced off the $1,020 support level and surpassed the $1,035 resistance, with trading volume exceeding the 24-hour average.
The broader crypto market moved up by 2.25%, as indicated by the CoinDesk 20 (CD20) index.
BNB outperformed the wider market partly due to BNB Chain reducing its minimum gas fee to 0.05 Gwei.
Kazakhstan’s Alem Crypto Fund selected BNB as its first investment asset, aiming to build long-term digital asset reserves.
BNB experienced a brief security incident when its X account was hacked, resulting in a loss of about $13,000 before resolution.