The post Nearly 10% Value Erased In Market Shake-Up appeared on BitcoinEthereumNews.com.

Binance Coin (BNB) succumbs to bearish pressure alongside other altcoins in the market. According to the latest market data, the token is down nearly 10% since last week representing a big slash in value for investors in the long-term. The huge drop is due to the current underperforming market after the major cryptocurrencies slipped with Bitcoin and Ethereum by almost 10% respectively.  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. The S&P 500 and Dow Jones fell by almost 2% respectively.  BNB is currently trading at $526. Chart: TradingView This further exacerbated the market correction within the crypto market. As of writing, the crypto market is down more than 2% in the past 24 hours. BNB was not spared, with the BNB Chain metrics falling amidst the market downturn.  Despite this, long-term investors in the token continue to remain strong despite bearish market conditions. According to CoinGlass, BNB market positions remain majority long with a…

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Filed under: News - @ August 4, 2024 9:08 pm