The price of BNB, the digital currency of the trading platform Binance, has experienced a striking increase and has now reached the highest level since the collapse of the crypto exchange FTX, an event that also affected Binance.
This rise is mainly driven by expectations surrounding the airdrop of Portal, an innovative project in the field of cross-chain gaming.
This phenomenon seems to indicate renewed confidence in Binance, the exchange with the largest trading volume worldwide. This news sheds light on whether we are on the eve of a Binance resurrection and what this positive trend means for the future of BNB.
BNB’s remarkable comeback
BNB, the fourth largest cryptocurrency by market capitalization, has reached a new milestone by crossing the $387 mark for the first time since November 2022. With this, the currency recorded an impressive increase of 7% over the entire week.
The past year has been challenging for BNB, despite the recovery of the broader crypto market. In October last year, the coin fell to its lowest level in two years amid mounting regulatory concerns surrounding Binance. In particular, the lawsuit filed by the US Securities and Exchange Commission (SEC) against the exchange and CEO Changpeng “CZ” Zhao, questioning BNB’s status as a potential security, put pressure on the currency.
“A lot of the sentiment had to do with US sanctions that could extend beyond just the United States,” said David Shuttleworth, research partner at Anagram, in an interview via X direct messages. “In many ways, BNB’s performance is linked to that of the exchange itself. So if activity and trading volume on Binance were to decline, it could impact the broader BNB network.”
However, the situation for BNB improved following a settlement between Binance and US authorities, in which the exchange paid a $4.3 billion fine and CZ withdrew. This led to a relief rally for the token as concerns about the future of the exchange subsided among many market participants.
New impetus for BNB due to Airdrop hype
The recent rebound in the BNB price can partly be attributed to renewed activity within the ecosystem, caused by the latest airdrop frenzy that has now reached the BNB ecosystem.
Binance took an important step by introducing the cross-chain gaming platform Portal at the Binance Launchpool on Wednesday. This move offers Binance users the opportunity to benefit from the PORTAL token airdrop scheduled for February 29, while also ensuring the listing of the new token on the exchange. Users who commit their BNB tokens or FDUSD stablecoins to Portal’s liquidity pools will have a chance to participate in the airdrop.
After announcing the partnership with Portal, BNB holders moved more than $400 million worth of BNB tokens to the platform within 24 hours in anticipation of the airdrop. This significant move was spotted by blockchain intelligence firm Arkham, which released a note on Thursday.
Trade €10,000 for free and get a 10 euro bonus
Do you want to enter the crypto world and perhaps buy BNB or another crypto? Then grab your chance now with this exclusive offer! Thanks to a special deal between Newsbit and Bitvavo, one of the most accessible and user-friendly crypto exchanges in Europe, our readers receive an exclusive offer.
Create an account with Bitvavo via the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you also don’t pay trading fees on your first 10,000 euros in transactions. Register now!
Source: https://newsbit.nl/bnb-koers-op-hoogste-niveau-sinds-instorten-ftx/
