BNB Slips Below Support as Broader Crypto Market Reacts to Fed Chair’s Remarks
BNB is down more than 2% over the past 24 hours, falling to $1,073 after failing to hold key technical support around $1,095 according to CoinDesk Research’s technical analysis data model.
The drop comes as the broader crypto market reels from a wave of selling tied to shifting signals from the U.S. Federal Reserve, with the broader market slipping 4.7% based on the CoinDesk 20 (CD20) index.
The Fed cut interest rates by 25 basis points, as widely expected. But Chair Jerome Powell’s remarks that further cuts in December aren’t guaranteed shook risk assets, including crypto.
As a result, 24-hour liquidation have ballooned to over $1.1 billion according to CoinGlass data, with most of those being long positions.
For BNB,…
