BNB plummets 9.2% amidst wider crypto downturn after Binance charges

BNB’s bull run has finally stopped after recording constant gains since early September.

BNB declined by 9.2% in the past 24 hours and is trading at $236 at the time of writing. The asset’s 24-hour trading volume soared by 60%, reaching $2.55 billion. Data shows that BNB is still the fourth-largest cryptocurrency, with a $35.8 billion market cap. 

The asset did, however, witness a small recovery in the past few hours — after declining to a local low of $225.

According to a post by Santiment, BNB’s social dominance skyrocketed after Binance CEO Changpeng Zhao announced to leave the exchange as part of a settlement with the U.S. DoJ. 

Moreover, according to Santiment, traders are still long on BNB despite the market’s U-turn. However, if short positions increase, a price recovery is expected.