BNB Price Drops 3.4% as Bitcoin Slides Below $65,000 Amid Rising Geopolitical Tensions
Over the past 24 hours, the price of Binance Coin (BNB) has fallen by 3.4%, now trading at $554. This decline comes as Bitcoin dipped below the $65,000 mark, driven by escalating geopolitical tensions between Israel and Iran. Despite the broader market downturn, Binance continues to expand its global presence, having recently secured regulatory approval from Argentina’s National Securities Commission (CNV).
Can Binance’s Regulatory Success Prevent BNB From Falling Below $500?
Binance, the world’s largest cryptocurrency exchange by trading volume, recently celebrated its 20th global regulatory achievement by registering as a Virtual Asset Service Provider (VASP) in Argentina. This designation grants Binance full access to offer its mobile and web services to users in the country, cementing its role as a licensed cryptocurrency provider.
Argentina’s VASP approval follows similar regulatory victories in Kazakhstan, India, and Indonesia, allowing Binance to fortify its regulatory standing worldwide.
Guilherme Nazar, Binance’s Head of Latin America, emphasized, “Argentina is a key market for Binance. We remain committed to working closely with authorities to develop the industry in the most secure and sustainable manner, benefiting both the crypto community and society at large.”
This regulatory compliance underscores Binance’s mission to provide a secure, transparent, and trustworthy crypto ecosystem. It also may enhance demand for BNB, the platform’s native cryptocurrency.
Meanwhile, former Binance CEO Changpeng Zhao (CZ) was released from U.S. federal custody on September 27, 2024, after serving a four-month sentence for failing to implement adequate anti-money laundering (AML) measures at Binance.
BNB Coin Faces 4% Decline Before Possible Reversal
Amid heightened geopolitical concerns, BNB has dropped sharply from $618 to $554, marking a 13.2% decline. This bearish momentum has negated the $600 breakout seen in late September, giving sellers greater control over the asset’s price.
With ongoing sell pressure, BNB may fall another 4%, potentially testing the 200-day exponential moving average (EMA) at $530. This level, which aligns with an ascending trendline established in August 2024, could serve as a critical support point for a reversal.
A bullish rebound from this support could see BNB rally by 11.8%, reattempting the $600 barrier and aiming for $721. However, should BNB break below the trendline, bearish momentum could accelerate, pushing the price down toward $471.
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