The post BNB Price Eyes $1000 Rally as Osprey Trust Drives Institutional Interest appeared on BitcoinEthereumNews.com.

Following Powell’s hawkish speech on Wednesday, the cryptocurrency market witnessed a surge in selling pressure. Bitcoin, the pioneer digital asset, dropped to the $100k level while most major altcoins, including Binance coin, experienced a renewed correction trend. However, the recent BNB price shows potential for a quick rebound amid the bullish reversal pattern and the recently announced Osprey BNB Chain Trust. According to CoinGecko data, the Binance coin price trades at $668, with a 24-hour loss of 3.7%. Consecutively, the asset’s market cap stands at $100.12 Billion, with trading volume wavering at $2.5 Billion. Key Highlights: The recently launched Osprey BNB Chain Trust should bolster institutional and retail interest in Binance coins. In the weekly chart, the BNB price shows the completion of a classic reversal pattern called inverted head and shoulder. The $690 level, as the neckline of the InH&S pattern, stands as key support for buyers to retain the prevailing uptrend. Osprey Funds Launches First US-Listed BNB Trust Osprey Funds, LLC has announced the launch of the Osprey BNB Chain Trust, which is now publicly quoted on the OTCQX Best Market. This marks a significant milestone as it becomes the first publicly quoted fund in the United States to be based on BNB, the native cryptocurrency of the BNB Chain ecosystem.  The development underscores a growing institutional interest in blockchain-based assets and highlights BNB’s expanding role in the financial markets. The trust offers a structured investment vehicle for those looking to gain exposure to BNB without direct ownership of the token. The trust attracting a wider audience and increased confidence among investors would drive demand pressure on BNB price. BNB Price Post-Retest Rally Eyes $1200 Amid Reversal Pattern Over the past two weeks, the Binance coin has struggled to sustain above the $760 level, driving a sideways action…

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Filed under: News - @ December 19, 2024 5:29 pm