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Binance Coin Price Boosted by $1 Billion Reserves

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by Giorgi Kostiuk

4 hours ago

The price of Binance Coin (BNB) continues to gain momentum, reaching $648. The increase in institutional reserves and positive market dynamics are fueling this growth.

Overall Growth of Binance Coin

BNB is trading at $648, with a modest increase of 0.45% over the day. The price rise correlates with the general trends in the altcoin market, particularly in the treasury sector.

Impact of Institutional Investments

Nasdaq-listed firm Nano Labs announced plans to create a $1 billion Binance Coin reserve. This has sparked interest among institutional players seeking greater exposure to BNB.

Technical Analysis and Market Trends

On June 16, BNB initiated a golden cross, which historically precedes a bullish trend. Current price behavior mirrors that of October 2024 when a similar setup occurred.

The growth of Binance Coin is supported by rising reserves and positive market sentiments. Current technical indicators suggest the potential for further gains.

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