Binance Coin May Drop to $600
Binance Coin (BNB) has declined by 3.7% this week, trading at $666.50, aligning with the broader cryptocurrency market where Bitcoin (BTC) is down 2.8% to $91,598. Risky assets, including cryptocurrencies, are under pressure as the S&P 500 index has dropped 2.0% since last Friday, driven by tighter borrowing costs in the U.S. Additionally, rising oil prices are fuelling inflationary concerns, further weighing on high-risk investments.
Binance Coin does have a positive fundamental driver, as its token burn programme continues to reduce supply. In Q1 2025, more than 1.5 million BNB, worth approximately $1.08 billion, is expected to be burned. This reduction in circulating supply should have a positive impact on BNB’s value over the long term.
However, in the short term, Binance Coin remains susceptible to Bitcoin’s price movements. If BTC falls below the key support level of $89,000-$90,000, BNB could face additional selling pressure, potentially declining further to $600.00.
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