BNB Drops Nearly 4% Amid Renewed Global Trade Tensions
Market Overview
- Binance Coin (BNB) dropped nearly 4% in 24 hours, from $672.53 to $646.27.
- Increased selling pressure was noted during high-volume trading due to global trade tensions.
News Background
- New tariffs announced by President Trump on Canada and Mexico raised concerns of a trade war.
- Despite the SEC dismissing its lawsuit against Binance, BNB underperformed.
- The lawsuit had been ongoing for around two years, alleging trading of unregistered securities.
- BNB Chain reported 1.93 million daily active users and total trading volume of $69.75 billion last week.
- Key projects launched include UpTop, Volare Finance, and WeApe by Wello.
- An incentive program for real-world assets was launched along with an AI Bot and the Maxwell Hardfork on testnet.
- The BNB AI Hack announced winners for its latest round, with rewards exceeding $60,000 available on DappBay.
Price Action
- BNB established resistance at $669.68 after failing to maintain bullish momentum.
- Volume peaked at 100,471 units during significant selling at 16:00.
- A second wave of selling occurred at midnight, with volume at 81,409 units as prices fell below $650.
- Support formed between $646-$648, but overall trend remains bearish with lower highs and lows.
- Hourly chart indicates potential short-term bullish attempts amid broader bearish trends.
BNB's resilience is under scrutiny as traders balance regulatory news against global economic pressures.