Record-Breaking Surge: Binance Coin Reaches New All-Time High

Record-Breaking Surge: Binance Coin Reaches New All-Time High

Binance Coin (BNB), the token of the largest cryptocurrency exchange, has risen to a new all-time high amid weeks of anticipation amid a gradual upward trend.

The well-known digital currency has broken its all-time high of $686, which it had held for more than three years. In the past few hours, a new price of $716 was reached, but at the time of writing the coin was trading at $708, up 12.5% ​​in the past 24 hours.

The rise coincides with BNB breaking above the key resistance level of $618, which had prevented it from rising further. BNB’s market capitalization is now over $100 billion, making it the fourth-largest cryptocurrency by market capitalization, surpassing companies such as UBS Group AG (NYSE:UBS), Dell (NYSE:NYSE:DELL) and Starbucks (NASDAQ:NASDAQ:SBUX).

Interestingly, this new all-time high was reached after Binance founder and former CEO Chanpeng Zhao, also known as CZ, was sentenced to four months in prison on Monday. He is serving his sentence in a federal prison in California for violating the Bank Secrecy Act (BSA), to which he pleaded guilty in April this year.

Bitcoin and Crypto Markets Rebound

Meanwhile, more than $880 million flowed into U.S.-listed exchange-traded funds (ETFs) on Tuesday, led by Fidelity, according to preliminary data released on Wednesday.

Bitcoin rose above $71,000 in the last few hours after the data was released, up 3% in the last 24 hours.

Fidelity’s FBTC fund saw $378 million in inflows, the highest among its peers. BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) followed with $270 million, while the well-known Grayscale Bitcoin Trust (BTC) (NYSE:GBTC) received $28 million.

The day was the highest inflow since March and the second-highest overall since the launch of 11 Bitcoin ETFs in January.

Recent inflow activity has picked up on generally optimistic sentiment after a cloudy few weeks from mid-April to early May, during which there were days when large ETFs such as BlackRock’s IBIT fund saw zero inflows or outflows, Bloomberg analyst Eric Balchunas said.

The increase in activity follows the recent approval of an Ethereum ETF in the U.S. and positive crypto sentiment due to the ongoing U.S. presidential election campaign.

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