13% Increase: BNB Stock Soars as Cryptocurrency Market Booms

The value of Binance Coin (BNB) has seen a significant increase, 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 last 24 hours and an increase of 7.85% over the past seven days.

BNB stock is up 13% as Binance adjusts

The market cap of the National Bank of Bahrain, based on a circulating supply of 160 million BNB, is currently $49,282,559,059. These figures highlight the growing popularity and demand for Binance coin among investors and traders in the cryptocurrency market.

Recently, major banks like Silvergate and SVB have been hit by a killer campaign that has led 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 of BUSD Industry Recovery Initiative funds into native cryptocurrencies such as BTC, BNB, and ETH.

This transfer will include some on-chain movements of funds to ensure full transparency. By converting these funds into native digital currencies, Binance is positioning itself to adapt to the rapidly evolving cryptocurrency landscape while maintaining its commitment to providing full transparency to its users.

Binance CEO Zhao has hinted at a possible bank buyout in response to recent issues with crypto-friendly banks. In a tweet, he shared a 2022 news story that indicated that Binance was considering buying a bank.

However, he stated that he is still determining whether the timing is right for the exchange to proceed with such an acquisition. The move could signal Binance’s efforts to expand its services outside the crypto industry, allowing it to become more integrated with traditional financial systems.

However, Zhao’s cautious approach indicates that Binance is taking a measured approach to its expansion and growth strategy.

BNB/USD Technical Analysis

BNB price is in an upward trend after an extended downward movement that lasted for about a month. The price has formed a bullish pin bar which indicates a change in the market direction.

At the time of writing, BNB price is trading above the support area. If the price continues in the uptrend, the price may 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 breaks the level, a push to the upside is inevitable. Besides, the RSI is indicating a strong upward movement above the 50 level mark.

Binance is not the only cryptocurrency exchange looking to expand into the traditional financial sector. Kraken has also expressed plans to create a bank, as previously reported by BeInCrypto.

However, cryptocurrency-friendly banks have faced greater scrutiny in light of FTX’s collapse. The recent failures of both SVB and Silvergate have intensified scrutiny of such organizations.