BNB Drops Below $950 as Market Sell-Off Deepens, Privacy Coins Surge

BNB's price fell 7.8% to $940, breaking major support levels amid a significant market sell-off driven by heavy institutional trading. This decline followed the token’s inability to surpass the resistance at $1,020, coupled with a 72% spike in trading volume, indicating larger investors were exiting their positions. With BNB previously holding above $1,000, the break below this psychological barrier signals bearish pressure, pushing it further down during a broader cryptocurrency market downturn that saw the CoinDesk 20 index drop by as much as 5%. While most cryptocurrencies followed Bitcoin's downward trend, privacy coins like DASH and Zcash experienced substantial gains, suggesting a market rotation into less traceable assets. Analysts are now monitoring BNB’s ability to maintain support above $940, as failure to do so could lead to further losses in the short term.

Source 🔗