Why Is BNB Price Surging While Almost The Entire Cryptocurrency Market Is In The Red? Here’s Why
The post Why Is BNB Price Surging While Almost The Entire Cryptocurrency Market Is In The Red? Here’s Why appeared on BitcoinEthereumNews.com.
Interestingly, BNB defied the general decline in the cryptocurrency market by making gains even as major cryptocurrencies like Bitcoin and Ethereum experienced losses. Over the past 24 hours, Bitcoin and Ethereum have fallen by 0.73% and 1.51% respectively following the release of a new Consumer Price Index (CPI) report that revealed that inflation in the United States rose for the fourth consecutive month in January. The latest CPI data showed that U.S. consumer prices rose 3% annually in January, up from 2.9% in December. That was the biggest increase since June and beat economists’ expectations. Monthly inflation rose 0.5%, the most in two years, compared with 0.4% the month before. Rising food and energy costs have been the primary contributors to this rise in inflation, while also raising concerns about slow progress in controlling consumer price inflation. In addition, President Trump’s imposition of new import tariffs has added further uncertainty to the economic outlook. Despite the market-wide decline, BNB is up over 2% in the past day and has gained around 12% in the past week. Nansen analyst Aurelie Barthere highlighted the recent strong growth in on-chain metrics for BNB Smart Chain (BSC) as a possible factor behind BNB’s resilience. “BSC’s fee revenues have increased by 114% in the last seven days, while blockchains like Solana, Ethereum, and Base have seen negative growth,” Barthere said. A major factor fueling this growth could be the recent 60-day pause announced two days ago in Binance’s legal battle with the U.S. Securities and Exchange Commission (SEC). On Monday, Binance and the SEC jointly requested a U.S. court to halt legal proceedings for 60 days. According to the court filing, the request was made in light of the SEC’s newly formed task force dedicated to developing a clear regulatory framework for cryptocurrencies. Further building…
Filed under: News - @ February 13, 2025 1:27 am