BNB price plunged 3.4% in the last 24 hours to currently trading at $554. The renewed selling pressure follows the Bitcoin crash below $65000 as geopolitical tension between Israel and Iran escalates. Despite the broader market pullback, Binance further expanded its global reach by recently securing regulatory approval from Argentina’s National Securities Commission (CNV).
Will Binance’s Latest Regulatory Win Shield BNB Price From a $500 Breakdown?
Binance, the largest cryptocurrency exchange service by trading volume, has recently achieved its 20th global regulatory milestone by registering as a Virtual Asset Service Provider (VASP) in Argentina. This move enables Binance’s mobile and web applications to be fully accessible to users in Argentina, as the exchange is now officially registered as a licensed crypto service provider in the country.
VASP approval followed the recent registrations in Kazakhstan, India, and Indonesia, allowing Binance to strengthen its regulatory foothold across the globe.
Guilherme Nazar, Binance’s Head of Latin America, says, “Argentina is a key market for Binance. We will continue to work closely with the authorities to develop the industry most sustainably and securely for the benefit of the crypto community and society as a whole.”
Thus, Binance’s compliance with regulatory authority accentuates its efforts to deliver a more robust, secure, and transparent crypto ecosystem, naturally surging the demand pressure in BNB price— its native cryptocurrency.
Former Binance CEO Changpeng Zhao (CZ) was released from a U.S. federal prison on September 27, 2024. He had served a four-month sentence for failing to implement adequate anti-money laundering (AML) measures at Binance.
BNB Coin Hints 4% Drop Before Major Reversal
Amid the geopolitical tension, the BNB price shows a notable fall from $618 to $554, accounting for a 13.2% loss. The bearish turnaround invalidates the $600 breakout from late September, strengthening the seller’s grip over this asset.
With sustained selling, the Binance coin price could plunge another 4% to retest the 200-day exponential moving average at $530. This support, currently coinciding with an ascending trendline intact since August 2024, could act as a suitable line for reversal.
The bullish reversal will keep the near-term trend bullish as buyers continue to accumulate at market dips. Thus, the BNB price could rebound 11.8% to rechallenge the $200 barrier and chase $721.
However, if the BNB price breaks below support trendline, the bearish momentum will accelerate for a prolonged downfall to $471.
Frequently Asked Questions (FAQs)
Binance recently achieved its 20th global regulatory milestone by securing approval from Argentina’s National Securities Commission (CNV)
The $530 level serves as a critical accumulation zone for BNB, supported by the 200-day exponential moving average (EMA) and an ascending trendline
The ongoing geopolitical tension between Israel and Iran has contributed to renewed selling pressure in the cryptocurrency market
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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