Binance Coin Price (BNB) is Up 12% Since Yesterday as the Crypto Market Eased From a Recent Sell-Off

The leading digital asset, Bitcoin, showcasing its sustainability above $50000, has sparked a relief rally among the majority of major altcoins.

The price of Binance coin went up by 12% in the last 24 hours. This happened as the crypto market started to recover from a recent sell-off.

The price of Bitcoin, which is the leading digital asset, went up and stayed above $50,000. This sparked a rally among the majority of major altcoins.

However, buyers need to follow this uptick in the coming sessions, or the selling pressure that has been relieved could build up again and push for a prolonged downfall.

Also Read: Crypto Market Recovers As Nikkei Stock Index Rises 12%

Binance Exchange Witnesses Record Inflow

According to the latest data from @DefiLlama, Binance recorded a net inflow of $1.2 billion in the past 24 hours.

This marks one of the highest net inflow days of 2024, indicating strong investor…

— Richard Teng (@_RichardTeng) August 6, 2024

The crypto exchange Binance recorded a net inflow of $1.2 billion in the last 24 hours. This development was highlighted by Richard Teng, the CEO of Binance, on August 6.

The inflow aligns with record trading volumes on Binance this year, further boosting the platform’s market position. Data from DefiLlama’s CEX Transparency metrics shows that Binance’s clean asset holdings now total $86.497 billion out of $100.11 billion.

This surge in capital coincides with today’s market rebound, causing the BNB price to sustain above the $400 floor.

Also Read: Bitcoin ETF Outflows Drop As US Futures Stage Strong Recovery

Binance Coin Price Hits Major Support

The BNB price witnessed a notable correction in the first week of August. Amid the market correction, this bearish reversal tumbled the altcoin’s value from $598 to $400, accounting for a 33% loss.

However, the BNB price rebounded to $481 immediately with today’s market jump, projecting its sustainability above the support trendline of a broadening wedge pattern. A long-tail rejection candle underscores the demand pressure at this dynamic support, which has held firm since March 2024.

The above is the detailed content of Binance Coin Price (BNB) is Up 12% Since Yesterday as the Crypto Market Eased From a Recent Sell-Off. For more information, please follow other related articles on the PHP Chinese website!