BNB Drops Over 4.5% Amid Strong Dollar and Fed Rate Concerns
BNB declined over 4.5% in the last 24 hours, falling from approximately $805.7 to $766 as investors shift away from risk assets due to fading U.S. interest rate cut expectations.
Key points include:
- Selling intensified near $803 with trading volume increasing by 56% above average.
- BNB broke through short-term support levels at $789 and $777.
- The $767 level is now a critical point, absorbing heavy sell orders.
- A slight bounce to $769 was observed but buying momentum quickly diminished.
- The U.S. dollar index rose above 100 as President Trump's tariffs began taking effect.
- The Federal Reserve's preferred inflation measure, core PCE, increased by 2.8% year-over-year in June, reducing rate cut hopes for September.
- The CoinDesk 20 index dropped 5.8% in the same timeframe.
- Corporate adoption of BNB is growing, with CEA Industries planning to raise up to $1.2 billion for a large U.S.-listed BNB treasury.
- Liminatus Pharma aims for a $500 million BNB investment arm; Windtree Therapeutics targets a $700 million BNB acquisition strategy; Nano Labs purchased 128,000 BNB for its crypto treasury.