BNB Tumbles 6% Amid Inflation Fears and Rate Hike Speculation
BNB's price has fallen by around 6% in two sessions, reaching as low as $703.89 on September 10, after opening at $722.10.
The decline comes amidst concerns over inflation and rate hikes, which have put pressure on the wider crypto market, with Bitcoin down 2.5% and Ethereum losing nearly 3%.
The Federal Reserve's potential interest rate hike has fueled speculation that cryptocurrencies may become less appealing as safer alternatives become available, leading to a decrease in demand.
BNB's recent fall is significant, given its strong run from around $600 in mid-August to a high near $775. However, if it manages to hold above the $700 support level, the price may stabilize after two difficult sessions.
If BNB falls below $700, the next challenge would be the $680-$690 region, where buyers might become active and try to defend the asset's value.