BNB Drops Below $750 Amidst Wider Crypto Market Sell-Off
BNB declined over 1% in the past 24 hours, briefly dropping below the $750 support level, currently holding at that point. This decline followed a rally past $760.
- The previous rally was attributed to corporate adoption and Binance product launches.
- A wider market sell-off occurred after Bitcoin fell to $112,800, resulting in $360 million in liquidations, as noted by CoinGlass.
- One day prior, BNB surpassed resistance levels of $759 and $761, with trading volume increasing by 50% above daily averages.
- This surge was partly due to Binance launching a web version of its wallet and offering Bitcoin options writing.
- Recent corporate commitments included CEA Industries' $1.2 billion fundraising plan for BNB and commitments of $500 million from Liminatus Pharma and $700 million from Windtree Therapeutics.
- Nano Labs acquired 128,000 BNB for its treasury.
- Following a local high of $769.70, BNB experienced heavy selling, indicated by a spike in volume exceeding 49,000 tokens.