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

BNB's price recently plummeted by 7.8% to $940, breaking through significant support levels due to a wave of selling pressure following its inability to maintain resistance at $1,020. This decline coincided with a 72% increase in trading volume, indicating that major holders were liquidating their positions amidst wider market turmoil, with the CoinDesk 20 index dropping as much as 5%. Notably, Bitcoin fell below $104,000, leading to about $1.4 billion in liquidations across the crypto market, predominantly affecting long positions. Despite the overall downturn, privacy coins like DASH and Zcash outperformed, with DASH seeing a 56% increase. Analysts are now watching to see if BNB can hold above technical levels of $940 to avoid further losses, as it faces resistance at the $1,000 mark.

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