BNB Tops $800 as Fed Rate-Cut Odds Fall; Altcoins, NFTs See Mixed Gains
Cryptocurrency markets showed mixed performance as economists trimmed July Fed rate-cut odds, prompting risk-on shifts into higher-beta assets and NFTs. Binance Coin (BNB) led gains, topping $800 on ongoing token burns and robust exchange revenues, while Bitcoin (BTC) hovered near $60,000 and Ether (ETH) steadied around $3,500. Altcoins displayed divergent moves: Solana (SOL) rose over 4%, Shiba Inu (SHIB) climbed around 6.5%, whereas Dogecoin (DOGE), Cardano (ADA) and XRP retreated 4–5% on profit-taking. NFT trading volumes climbed 18% week-on-week, and average floor prices jumped 12%, driven by renewed interest in blue-chip collections. Traders in cryptocurrency markets cited lighter US macro data, a softer dollar and sticky inflation as catalysts, and are eyeing upcoming CPI releases and Fed minutes for direction. Analysts warn that any hawkish Fed signals could trigger reversals in cryptocurrency markets amid elevated on-chain activity.
Bullish
The news is bullish for BNB, as it highlights strong token burns and exchange revenues that propelled BNB above $800. Positive momentum in cryptocurrency markets, coupled with a risk-on shift into higher-beta assets and NFTs, supports further upside in BNB. Although profit-taking affected memecoins and some altcoins, the macro backdrop of trimmed Fed rate-cut odds and a softer dollar sustains buying interest. In the short term, BNB’s break of a key resistance level may attract momentum traders, while in the long term, continued token burns and healthy exchange performance underpin growth prospects.