Binance Coin Surges 15% as Binance Secures $2 Billion Investment

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Binance Coin (BNB) is back in the spotlight, this time for a major price jump. The token surged 15% in just two days, fueled by a massive $2 billion investment from an Abu Dhabi-based firm, MGX. This news has sparked excitement among investors, with many believing this could be the start of a stronger rally towards its ATH.

BNB Price Sees Strong Recovery

Just days ago, BNB was struggling after a market-wide crash pushed its price down to $511.85. However, in the last 48 hours, things have changed. The token has jumped nearly 15% and gained another 6% today, reaching $580.88. Its market cap now stands at $82.75 billion, with a trading volume of $1.84 billion.

Even though BNB is still 30% away from its all-time high of $793.35, the recent rebound has restored hope among investors. The biggest boost comes from MGX’s $2 billion investment, which could drive the price even higher in the coming days.

Key Reason Behind BNB Price Rise

The biggest reason behind BNB’s sudden price increase is the $2 billion investment from MGX, a well-known technology investor from Abu Dhabi. This is one of the largest investments ever made in a crypto company, and it was paid entirely in stablecoins, adding further trust to Binance’s financial stability.

The investment has sparked a wave of buying activity. In just one day, BNB’s trading volume jumped to $1.84 billion, while Open Interest increased by nearly 6% to $734.93 million. 

Additionally, options Open Interest surged 19.79%, reaching $11.96 million. These numbers suggest growing interest from both retail and institutional investors.

BNB – Is $650 the Next Target?

BNB has seen an impressive 13.44% jump in just four 12-hour candles, showing strong momentum. The price recently bounced back from $507, and if bulls keep pushing, the next key level to watch is $612.

If the weekly closing price stays strong, buyers could take control, possibly driving BNB toward $650. Right now, the RSI is in a neutral zone (30-70), suggesting the market is steady but ready for a move.

On a larger scale, BNB is hovering near the $580 support level, making the next few days crucial for its future direction.

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Yes, BNB is a profitable investment for the long term. With initiatives such as auto-burn, numerous projects, and growing prominence, we could find it bearing fruits.

What is the all-time low price of Binance Coin (BNB)?

The all-time low price of Binance Coin was $0.09611 on August 01, 2017.