BNB Token Sees 2.25% Price Dip Amid $2.7B Turnover and ETF Developments
BNBUSDT experienced a 2.25% price decline over the past 24 hours, currently trading at 762.17 USDT according to the latest Binance data. The price movement is attributed to several factors: despite promotional activities by Binance such as fee discounts and Launchpool opportunities for BNB holders, exchange data indicates reduced BNBUSDT inflows and limited spot buying. Additionally, while Grayscale’s BNB ETF filing and inclusion in the GDLC ETF contributed to bullish sentiment earlier in the week, recent technical patterns and broader market volatility have led to increased selling pressure. Trading volume remains robust, with over $2.7 billion in 24-hour turnover and BNB ranked as the fourth largest cryptocurrency by market capitalization, maintaining a circulating supply of approximately 136.36 million coins.
Bitcoin Might Challenge $58K Support Level Amid Deteriorating On-Chain Indicators: Expert Analysis
Bitcoin (BTC) struggled to recover from a substantial drop, facing further potential losses, according to Alex Thorn, research head at Galaxy Digital. Thorn attributed this to weak momentum, macroeconomic instability, and lack of catalysts. He noted that 46% of Bitcoin's circulating supply is 'underwater', meaning it last moved on-chain at higher prices. The possibility of Bitcoin testing the lower end of the $70,000 range or even the high-$50,000 area in the coming weeks or months has increased. This is associated with a significant gap in on-chain ownership between roughly $82,000 and $70,000. Furthermore, crypto analyst Doctor Profit revised his projected bottom for BTC to a lower range between $54,000 and $44,000 due to the market outlook changing following the sell-off and loss of crucial technical support levels.