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The native token of world's largest cryptocurrency exchange Binance, BNB, has finally broken through a level that many have considered impossible for years. Setting a new all-time high at $903 before settling just under that line, this move instantly placed BNB back at the center of the market conversation.
Adding to the moment, Binance founder Changpeng Zhao, or CZ as he is better known online, reacted to the all-time high with a post that was as laconic as it was provocative.
His saying "wake me up when it's ____ digits" left the crypto audience to fill in the blank themselves, and it was definitely was enough to amplify speculation that four-digit territory is now in sight for Binance Coin.
The all-time high break came as Binance revealed a new partnership with Franklin Templeton. For those not familiar, it is one of the most established asset managers on Wall Street, with $1.62 trillion in assets under management.
Triggers behind Binance Coin (BNB) price's all-time high
From now on, according to the announcement, Binance and Franklin Templeton will team up to create a blockchain-based investment product — a step that ties BNB more directly to traditional finance at a time when much of the capital flow has been focused on Bitcoin ETFs and Ethereum funds.
The wider market picture also added its own layer of support for the BNB breakout. Just two hours ago, it became known that U.S. producer inflation data landed stronger than forecasts, sparking appetite for risk assets.
Against that, BNB’s push through $900 felt less like an isolated spike and more like part of a synchronized rebound going on across the crypto market this week.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team