BNB blasts higher by more than 13% as cryptos rally
The value of Binance Coin (BNB) has experienced a notable surge, as it is currently trading at $309.83, with a 24-hour trading volume of $1,448,739,161. This represents an impressive increase of 13.00% in the past 24 hours and a 7.85% increase over the last seven days.
BNB rises 13% as Binance adapts
The market capitalization of BNB, based on its circulating supply of 160 million BNB, is currently valued at $49,282,559,059. These figures highlight the growing popularity and demand for Binance Coin among investors and traders in the cryptocurrency market.
Recently big banks like silvergate and SVB have experienced a crackdown leading to their demise.
In light of recent developments in the stablecoin and banking industries, Binance has announced its decision to convert the remaining $1 billion Industry Recovery Initiative funds from BUSD to native cryptocurrencies such as BTC, BNB, and ETH.
This conversion will involve some on-chain fund movements to ensure complete transparency. By converting these funds to native cryptocurrencies, Binance is positioning itself to adapt to the rapidly evolving cryptocurrency landscape while remaining committed to providing full transparency to its users.
Binance CEO, Zhao, has hinted at the possibility of purchasing banks in response to the recent issues faced by crypto-friendly banks. In a tweet, he shared a 2022 news story that suggested Binance was considering the purchase of a bank.
However, he stated that he is still determining if the timing is suitable for the exchange to move forward with such an acquisition. This move may indicate Binance’s efforts to expand its services beyond the crypto industry, allowing it to become more integrated with traditional financial systems.
Nevertheless, Zhao’s cautious approach suggests that Binance is taking a measured approach to its expansion and growth strategy.
BNB/USD indicator technical analysis
BNB price is on an upward trend after an extended bearish move that has lasted almost a month. The price has formed a bullish pin bar that signifies a change in the market’s direction.
At the time of writing, the price of BNB is trading above the support zone. If the price continues on the uptrend, the price might reach the previous resistance at $334.
BNB is also trading above the 200-day moving average. However, the 50-day moving average is strong. If the market should surpass the level, a push to the upside will be inevitable. Besides, the relative strength index indicates a solid bullish move above the 50-level mark.
Binance is not the only cryptocurrency exchange looking to expand into the traditional financial sector. Kraken has also expressed its plans to establish a bank, as previously reported by BeInCrypto.
However, banks that are friendly towards cryptocurrency have faced greater scrutiny in light of FTX’s collapse. The recent failures of SVB and Silvergate have only intensified this scrutiny on such institutions.