The huge drop is due to the current underperforming market after the major cryptocurrencies slipped with Bitcoin and Ethereum by almost 10% respectively. Related Reading: Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend Despite the recent regulatory turmoil between the Securities and Exchange Commission and Binance, BNB still shows some strength as it maintains its top four spot, topping SOL and XRP. Binance Coin Market Vs Macroeconomics The early half of August is held in high regard by both crypto finance and traditional finance investors as major economic indicators are set to be announced.
With the past six indicators flashing red or neutral, it remains to be seen whether the next few will be bullish for the broader financial world. But last week, the Federal Open Market Committee held against lowering interest rates as inflation was still "somewhat elevated.” However, this opened the road to September rate cuts as the inflation slows, helping the market gain gradual ground in the long run. Although the market remains somewhat optimistic for the September cut, it has since faded as the broader market slips as investor anxiety remains high.
According to CoinGlass, BNB market positions remain majority long with a slight uptick in the short position takers. However, derivative contracts featuring BNB took a dip with the open interest dropping by a significant margin. Although the token follows the broader market, BNB still remains a strong investment despite the hostile market conditions.
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