the value of Binance coin (BNB) has seen a remarkable boom, as it stands currently trading At $309.83 USD, with 24 hours a day trading amount of $1,448,739,161. This is an impressive increase of 13.00% in the past 24 hours and 7.85% increase over the last seven days.
BNB stock is up 13% as Binance adjusts
the market Capitalization of BNB, based on rolling supply of 160 million BNB, is currently with a value of $49,282,559,059. These numbers highlight its growing popularity demand for Binance coin between investors and traders in cryptocurrency market.
newly big banks like Silvergate and SVB have been subjected to a crackdown leading until their demise.
in light of Recent developments in the stablecoin and banking industries, at Binance announced that it decision To convert the remaining $1 billion in Industry Recovery Initiative funds from BUSD to native Cryptocurrencies such as BTC, BNB, and ETH.
This conversion will include some onChain of money transactions ensure complete Transparency. By transferring this money to native Cryptocurrency Binance is preparing to adapt to the rapidly evolving cryptocurrency landscape while maintaining its commitment to provide full transparency to its users.
Binance CEO Zhao has hinted at this possibility of Buy banks in In response to recent issues faced Cryptocurrency friendly banks. In a tweet, he shared 2022 news story Which suggested that Binance was considering purchase of a bank.
However, he stated that he was still determining if the timing was right for exchange for move forward with Such an acquisition. this move It may refer to Binance’s efforts to expand its services beyond the crypto industry, allowing it to become more compact with traditional financial systems.
However, Zhao’s cautious approach suggests that Binance is taking a measured approach to its expansion and growth strategy.
BNB/USD Technical Analysis
BNB price He is on upward trend yet extended bearish move which lasted nearly a month. the price A bullish pin bar shape indicates change in the market’s direction.
on time of writingthe price of BNB is trading above the support region. if it was price continuous on upside, f price It may reach the previous resistance at $334.
BNB is also trading above 200 days moving middle. However, the 50 days moving Medium is strong. if it was market should Exceeding the level, push to the top will be inevitable. Besides, the RSI is indicating a strong bullish trend move Above the level 50 mark.
Binance is not the only cryptocurrency exchange looking to expand into traditional financial section. I have Kraken also Express it plans to establish a bankas previously reported by BeInCrypto.
However, crypto-friendly banks do have it faced Further checking in light of FTX breakdown. recent failures of SVB and Silvergate have both ramped up this scrutiny on such institutions.
