The BNB price has dropped from its key support of $700. Price has been steadily moving down today. The trading volume of BNB has increased by a mammoth 120% in the past 24 hours.
Earlier in the Asian trading session, BNB was trading around $710. However, as the West Coast trading market opened, the price plummeted to $674. This sharp drop represents a big loss for BNB holders
According to CoinMarketCap data, BNB has seen a sudden increase in volume for the last two days. In the last 24 hours, BNB has observed an overall volume of more than $5 billion.
CoinGlass shows that volume for BNB perpetual has also increased significantly. Today the volume has crossed $2.71 billion, while yesterday it was only $1.55 billion.
There have been reports about Binance selling a significant portion of its Bitcoin and Ethereum reserves. However, the exchange has called it an internal movement for funds management. The news has still made a slight impact to the BNB price, as it has been down since these rumours started.
Also Read: Binance Denies Selling Assets Amid Reserve Decline Rumors
