In addition, the current US Securities and Exchange Commission (SEC) chair Gary Gensler, has recently announced its departure effective on January 20, coinciding with Donald Trump’s presidential inauguration. This could pave the way not only for further capital injection into the Binance Coin, but also open a range of new investment vehicles such as the surging crypto exchange-traded fund (ETF) market led by Bitcoin and Ethereum (ETH). Key Levels To Watch As Binance Coin Approaches $800 BNB’s market cap has surged in tandem with its price, reaching approximately $93 billion before the recent 17% price increase, which pushed its market cap to over $112 billion. This price action has been accompanied by a notable increase in trading volume, which rose 14% in the last 24 hours, totaling just over $5 billion, according to CoinGecko data.
Related Reading: Analyst Says Dogecoin Price At $1.3-$1.5 Is Still Possible, Here’s Why Year-to-date, BNB has delivered remarkable gains of 235%, especially following a significant downturn earlier in 2023 when the token fell to around $203. This decline was largely attributed to regulatory challenges faced by Binance, including charges of money laundering against the company and its former CEO, Changpeng Zhao (CZ), which ultimately led to CZ stepping down. Although trading volumes on the exchange dropped in response, optimism has resurfaced, particularly with anticipated regulatory changes under the incoming administration of Donald Trump in 2025.
Related Reading: Cardano Next In Line After XRP? ADA Price Targets $4.88 In Epic Breakout Crypto analyst Ali Martinez previously highlighted a critical price point, suggesting that a weekly close above $662 could set BNB up for a significant move towards $1,630. Interestingly, Binance Coin closed the past week just above this mark at $663, which implies a further surge of approximately 110%, which would represent a major milestone for the token in the coming months.
The story "BNB Surges 18% To Hit Record High Close To $800: Is Further Growth On The Horizon?" has 504 words across 74 sentences, which will take approximately 3 - 5 minutes for the average person to read.
Which news outlet covered this story?
The story "BNB Surges 18% To Hit Record High Close To $800: Is Further Growth On The Horizon?" was covered 1 days ago by NewsBTC, a news publisher based in United Kingdom.
How trustworthy is 'NewsBTC' news outlet?
NewsBTC is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United Kingdom and publishes an average of 6 news stories per day.
It's most recent story was published 8 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
