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BNB Shows 5% Raise Against Declining Market

Fri, 06/10/2022 - 16:07
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Gamza Khanzadaev
BNB outperforming market, boosted by major partnership news
BNB Shows 5% Raise Against Declining Market
Cover image via unsplash.com

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Binance Coin (BNB) reacted with a rapid rise in quotes on the news that Binance has entered into a strategic partnership with crypto payment provider TripleA. At the moment, the coin, which had been trading underwater for a lengthy period after scandalous news about the SEC's investigation and accusations of assisting money laundering, experienced a sharp surge of 5%.

The boost came from the news that Binance, which for a long time was looking for a gateway to the global payment systems markets, found it in TripleA, a Singapore-based e-commerce company, which has connections to a user base of more than 300 million people through its intermediaries.

The news apparently inspired investors to buy so much that it allowed BNB to overcome the important level of $295 per token. This is the same level that the coin was trying, but could not reach again in recent days, breaking through it on the bad news.

Source: TradingView

No mercy

Nevertheless, after breaking through an important level, the price of BNB did not manage to hold onto it and rushed back under it. In traders' terms, there was a false-break. It is not excluded that Binance Coin (#BNB) will continue to test $295, especially when the investigations have calmed down a bit and are safely forgotten by most market participants.

It is also noteworthy that the surge in quotes occurred amid the falling off of the rest of the cryptocurrencies after the publication of news about record inflation in the U.S. Inflation is a scary thing but, at the time of writing, Binance Coin (BNB) has not avoided the terrible fate and also dropped back down.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.