BNB Hits ATH After Presale Launch for Binance-Chain’s Store-of-Value Token & Spot ETF Rumors
While the founder of Binance begins his federal prison sentence of 4 months, the US Government’s newly approved infrastructure for the Binance crypto ecosystem is reigning supreme. The BNB coin has hit a new All-time High, just after the launch of the token presale for “Bitnance ($BTN)”, the BEP-20 alternative to Bitcoin.
The new ATH for $BNB coin is now $720.67 [USD]. This was set yesterday, June 6th of 2024.
Prior to this, the native coin to the world’s biggest crypto exchange, would stagnant at a high of around $650 before falling back down in a correction. Twice before 2024, this has happened.
There are numerous theories to why the price of $BNB coin is going up.
The foremost obvious, traders are expecting a spot ETF approval for the Binance Coin as soon this year. After Ethereum’s approval, many expect the coins BNB, SOL, XRP, and LTC will have similar fates.
The sudden explosion in price could also be attributed to Binance’s recent resuming of credit card purchases , at least those by Visa and Mastercard. This news broke just today, but was in the works for over a week, and could possibly indicate a whale investor getting the news earlier than the public.
A third reason being hypothesized by investors is Binance-Chain’s new BEP-20 token “Bitnance ($BTN).” The token presale was launched for the blockchain’s new version of Bitcoin ($BTC).
CryptoNews, InsideBitcoin , ICOHolder , and other media publications have begun pointing out to investors that the Binance-Chain has its own store-of-value token on the horizon. It will rival Bitcoin, offering the same anti-inflation metrics to help traders retain value while fiat currency falls in value. However, with Binance-chain having little to not trading fees, it
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