Crypto
BNB Soars to Near $800 Amid Crypto Rally
BNB has reached new heights after briefly pushing above $800 during Monday's crypto rally.
The token is trading near $787, up about 1.8% over the past 24 hours, and has been bolstered by a broader market rebound.
A strong surge in Bitcoin, which rose more than 6%, contributed to the uptick in BNB, as well as other major altcoins like XRP, Solana, and Ethereum.
The move is largely attributed to investors seeking higher-beta assets due to falling oil prices, lower Treasury yields, and improving risk appetite.
Furthermore, a broad short squeeze helped accelerate the move, with more than $1 billion in crypto positions liquidated over the past day, mostly tied to shorts.