BNB tumbled over 6% in the 24-hour period owing to broader market bloodbath.
The positive commentary around the coin increased dramatically in the last 24–48 hours.
Binance Coin [BNB] suffered substantial losses in the last 24 hours, as the broader market downturn took its toll on the native token of the Binance ecosystem.
The fourth-largest cryptocurrency by market cap tumbled over 6% in the 24-hour period, data from CoinMarketCap showed.
According to AMBCrypto’s analysis of Santiment’s data, the mention of BNB on top crypto-focused social channels surged dramatically.
The number of traders shorting the crypto increased considerably in the last 24 hours, AMBCrypto spotted using Coinglass’ Long/Shorts Ratio indicator.
Read Binance Coin’s [BNB]Price Prediction 2024-25 The Open Interest (OI), or the money invested in active futures contracts of BNB, dropped 1.27% in the last 24 hours to $564 million.
While this might be due to the broader market downturn, BNB could see investments trickling in once the sentiment improves.
Due to the general market carnage, BNB fell more than 6% in a 24-hour period.
The last 24 to 48 hours have seen a sharp rise in positive commentary surrounding the coin.
In the last day, Binance Coin [BNB] saw significant losses as the ecosystem’s native token was negatively impacted by the general market decline.
According to CoinMarketCap data, during the course of the day, the fourth-largest cryptocurrency by market capitalization fell by more than 6%.
But when looking at a month-to-month basis, the coin did much better than other top coins, with losses of only 6%.
But, given that a significant chapter that had recently generated a lot of negative press for the coin has come to an end, BNB may see some healthy gains in the short to medium term.
A transient bullish inducement?
For the charges brought against him by the U.S., Changpeng Zhao, also known as CZ, the former boss of Binance, received a four-month prison sentence. S. the administration.
Serious accusations were made, including breaking anti-money-laundering regulations that permitted illegal transactions on the exchange.
Social media was ablaze with excitement after the announcement. Santiment’s data was analyzed by AMBCrypto, and the results showed a sharp increase in BNB mentions on popular crypto-focused social media channels.
It’s interesting to note that when weighted sentiment moved into the positive range, positive comments about the coin outnumbered negative ones. This implied that the market had a more optimistic assessment of BNB’s upcoming actions.
Futures traders are not expecting a significant recovery.
The bank maintained its negative outlook for the derivatives market.
Using Coinglass’ Long/Shorts Ratio indicator, AMBCrypto observed a significant increase in the quantity of traders shorting the cryptocurrency over the past day.
View the [BNB]Price Prediction 2024–25 for Binance Coin.
After falling 1.27 percent in the previous day to $564 million, the amount invested in BNB’s active futures contracts is known as the Open Interest (OI).
Although the market as a whole may be to blame for this, BNB may see investments start to come in when things start to look up.
