BNB Surges to $713 as Pasteur Hard Fork Boosts Network Capacity

The Binance Coin (BNB) price surged by 2.59% to $713 on August 27, following the successful completion of the Pasteur hard fork on the BNB Chain two days earlier.

The network upgrade introduced several key improvements, including BEP-682, which fixed cross-chain vulnerabilities, and BEP-695, which enhanced governance security by stripping old keys of their rights. The update also increased the number of transactions per second to 2,324, representing an 88% boost.

Notably, the BNB price has seen a significant increase since the upgrade, rising from $688 on August 25 to $713 at the time of writing. This growth is accompanied by an uptick in open interest, which reached $1.14 billion, its highest level since June 2.

The weighted funding rate and long/short ratio also indicate a bullish bias in the derivatives market, with more long accounts than short ones opened on BNB. The RSI reading of 59 supports a bullish outlook for Binance Coin, suggesting that bulls are tightening their grip and potentially leading to further gains.