Binance Coin Drops to $640 as Bitcoin Drags Other Altcoins
Binance Coin (BNB) price dropped by 2% to $640 on Friday, driven mainly by a market-wide pullback, with Bitcoin dragging overall crypto valuations lower.
The crypto market fell 2.47% to $2.34 trillion in 24 hours, driven by Bitcoin-led selling amid higher inflation and interest-rate concerns.
Bitcoin was down 5%, while BNB fell 2%; other altcoins are also bleeding. That points to market-wide selling as the clearest explanation; BNB’s smaller decline suggests it fell less sharply than Bitcoin.
The cryptocurrency market faced a severe long squeeze, with Bitcoin falling sharply to a multi-month low and triggering $1.62 billion in total liquidations over 24 hours.
Long positions totalled $1.46 billion, or 90% of the total, with Bitcoin longs alone liquidated for more than $901 million. Reflecting sell pressure in the altcoin segment, BNB is down 7.55% over seven days, which reinforces near-term weakness.
If it holds around its current $642.16 quote and Bitcoin stabilises near $69,426.86, selling pressure could ease; if both move below those reference points, further downside risk remains.
These are current-price benchmarks, not established support levels. No upcoming BNB-specific event or reliable price targets were provided. Near-term bias remains weak, but broader-market stabilisation could temper declines.
Traders are monitoring whether BNB and Bitcoin hold or fall below their current quotes, and whether the overall market cap’s decline resumes.
Crypto analysts said BNB’s drop is best explained by broader crypto weakness; the data does not establish a separate BNB catalyst. Meanwhile, Binance said it had replenished more than $6.34 billion in assets affected by the 29 October security breach.
Its 12 November reserve snapshot showed BNB balances rose 1.03% from 4 November, while USDT holdings fell 3.68%. These balances reflect customer activity at specific times; Binance said users can verify backing through cryptographic proofs.
This is cautiously positive for BNB because restored assets and expanded reserve reporting could reassure users. The breach and the drop in stablecoin balances still warrant attention.
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