BNB Skyrockets to 7-Month High Amid Kalshi Futures Launch and BNB Chain Growth

The Binance Coin (BNB) has reached a seven-month high of $770 after experiencing a surge in price due to positive news from Kalshi and the growth of the BNB Chain. The token's rally comes despite the overall bearish market sentiment following yesterday's US jobs report.

BNB's price increase is attributed, in part, to Kalshi's launch of perpetual futures contracts for the asset in the US, regulated by the Commodity and Futures Trading Commission (CFTC). This move allows eligible US traders to leverage their investments up to 4.5 times.

The growth of the BNB Chain also played a significant role in the token's price surge. A report from Grayscale cited by Wu Blockchain shows that the weekly spot volume for tokenized equities peaked at almost $3 billion in August, with only 5% of the market currently deployed in on-chain finance.

The BNB Chain is among the most widely used networks for trading tokenized equities, and further US regulatory clarity could expand the use of these financial assets, Grayscale suggests. This development has contributed to the increase in demand for BNB, pushing its price above $770 for the first time since early February.