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BNB Recently, Binance’s native token, BNB, set a new record—its price reached as high as $1,370, making its market value exceed $181 billion. This made BNB the third-largest asset in the entire crypto market. On the 13th, BNB increased in value by 15.22% in a single day, quickly recovering from the decline seen a few days earlier, when its value dropped by nearly $19 billion. However, the crypto market is highly volatile, and after reaching its peak, BNB’s price fell slightly, currently sitting at around $1,237. These fluctuations are both exciting and stressful—truly the normal “roller coaster” experience of the crypto market.
There are three key factors that contributed to BNB’s soaring price.
BNB was able to break through historical records due to three main factors:
● First, Binance implemented compensation measures worth approximately 43 billion yen, which helped restore investors’ trust quickly.
● Second, an investment bank in China established a special fund for BNB, amounting to approximately 91.2 billion yen. This showed strong support from institutional investors, further increasing buying pressure on BNB.
● Third, the overall recovery of the macro-market also played a positive role in supporting BNB’s price.
These factors combined to make BNB perform much better than major cryptocurrencies like Bitcoin (BTC), with trading volumes also increasing by approximately 73%.
BNB surpassed its previous high set on October 6th within just one week, demonstrating its strong ability to recover from market fluctuations.
Negative news didn’t hinder the rise in BNB’s price.
On October 11, there were significant market fluctuations, resulting in the loss of value for many cryptocurrency tokens. In response, the cryptocurrency exchange Binance announced early today (13) that it had paid $283 million in compensation to affected users to cover their losses. Binance apologized to the affected users and explained that the incident was caused by a “global macroeconomic event” that occurred on Saturday morning. The sudden market shock led to large-scale sell-offs by both institutional and individual investors, causing a significant decline in the crypto market. Three assets on Binance’s platform—the Ethena stablecoin USDe, Binance-backed Solana staking tokens BNSOL, and Wrapped Beacon staking tokens WBETH—experienced severe value losses. USDe was supposed to be pegged to $1, but its value dropped to $0.66 on Binance’s platform, causing shock in the market. Binance stated that the compensation would be given to users who used USDe, BNSOL, or WBETH as contract, leverage, or collateral during the period from 05:36 to 06:16 Eastern Time on October 11. Additionally, due to delays in internal transfers and asset redemption during the volatile market period, some users were unable to maintain their margin levels in time. Binance will also provide compensation to these users. It is worth noting that most of the “victims” did not approve of Binance’s handling of the situation, citing numerous doubts. Nevertheless, Binance’s tokens still reached new highs during this difficult period.
