BNB price soared amid institutional adoption and broader crypto market recovery targeting $900.
Crypto exchange Binance, on Friday announced that it has partnered with Spanish bank BBVA.
Clients can now hold their crypto assets at Spain’s second-largest bank instead of on the crypto exchange.
The move will enable retail and institutional investors to gain more confidence in crypto adoption. Traditional finance (TradFi) has shown massive demand for crypto exposure amid the favorable regulatory environment.
Crypto exchange Binance has teamed up with Spanish bank BBVA, Financial Times reported on August 8. Customers can now keep assets safe in the bank instead of the crypto exchange.
BBVA bank became one of the few independent custodians for the world’s largest crypto exchange. The bank will hold traders’ money in US treasuries that Binance accepts as margin for trades.
The exchange moved to reduce risks as many institutions planned to buy crypto assets and hold them in their corporate treasuries.
Crypto exchanges have made substantial improvements since the FTX collapse in 2022. The major crypto news comes after BBVA expanded Bitcoin and Ethereum trading and custody services for retail investors via its app.
Also, the bank asked its private banking clients to allocate up to 7% of their portfolios to crypto assets
Bitcoin and Ethereum investment demand continued to rise in the European Union after the Markets in Crypto-Assets Regulation (MiCA) implementation.
The bank has also announced plans to launch tokenized forms of traditional investments such as funds and bonds in the future.
The Trump administration’s policies in support of the crypto industry influenced global financial institutions to increase crypto exposure.
Bullish sentiment pushed prices of crypto assets such as Bitcoin to record highs and trading volumes to surpass previous highs.
Notably, companies such as Nasdaq-listed CEA Industries, 10X Capital, and Nano Labs announced strategies to hold BNB worth billions in their corporate treasuries.
BNB price jumped nearly 3% in the past 24 hours, with the price trading at $790 during writing. The 24-hour low and high were $765.52 and $790.98, respectively.
Furthermore, the trading volume saw a more than 25% increase in the last 24 hours, indicating a significant rise in interest among traders. It happened amid a broader crypto market recovery.
Popular analyst Ali Martinez, in an X post, predicted BNB price to move higher as it is in the discovery phase after hitting a new ATH. It also has one of the strongest year-to-date performances.
Traders’ confidence in BNB remained high as it resisted market volatility, while other crypto assets were down 20-40% after hitting ATH this year.
In the daily timeframe, the price was moving comfortably above the 50-SMA, 100-SMA, and 200-SMA at the time of writing.
Whereas, the Relative Strength Index (RSI) climbed to 58.08, signaling potential for a further upside move to $900.
CoinGlass data showed mixed trading activity in the derivatives market. At the time of writing, the total BNB futures open interest jumped more than 1.30% to $585.69 million in the last 24 hours.
However, 4-hour BNB futures open interest on Binance and OKX were down 0.02, 0.30%, but increased by 0.72% on Bybit.
This signals that derivatives traders remain cautious over a sudden rally in BNB price.
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