BNB Drops Amid Market Jitters and Profit-Taking Surge

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BNB, the native cryptocurrency of Binance, has dropped nearly 2 percent in the past 24 hours, settling around $680 after briefly approaching $700. The pullback reflects growing investor caution and profit-taking across the digital asset market, especially after Bitcoin briefly crossed the $120,000 mark.

The broader sell-off comes amid renewed inflation concerns. The Consumer Price Index rose 2.7 percent in June, up from 2.4 percent in May, according to the Bureau of Labor Statistics. While the current administration has described the trend as part of an economic recovery, rising costs are increasing pressure on many working Americans. The latest inflation figures have fueled nervousness among investors in risk-sensitive assets, including cryptocurrencies.

BNB traded within a narrow $23 range during the session, fluctuating between $698.72 and $675.47, based on CoinDesk Research. Significant buying activity near the lower end of the range suggests some investors are viewing the dip as a buying opportunity. More than 134,000 tokens changed hands at the session low, indicating accumulation by value-seeking traders.

Technically, BNB remains in a downtrend. Resistance between $690 and $695, a former support area, continues to hold, signaling persistent selling pressure. However, short bursts in trading volume, including over 1,600 tokens exchanged within four minutes, suggest that larger market participants may be preparing for a possible rebound.

The recent volatility coincides with BNB’s eighth anniversary. Binance also completed a $1 billion token burn, reducing the circulating supply in a move typically interpreted as bullish over the long term.

Additionally, BNB Chain has joined the Ondo Global Markets Alliance, a consortium aiming to bring tokenized versions of traditional financial instruments onto blockchain networks. These include U.S. stocks, exchange-traded funds, and investment funds. The initiative highlights the ongoing effort to bridge traditional finance with decentralized ecosystems, although regulatory uncertainty may limit near-term institutional participation.