CoinDesk 2025-05-31 10:10:59

BNB Down 4% as Global Trade Tensions Overshadow SEC Victory

Binance Coin (BNB) dropped nearly 4% over the past 24 hours, rattled by renewed global trade tensions and broad market volatility that overshadowed positive regulatory news. The token fell from $672.53 to a low of $646.27, with selling accelerating during high-volume trading hours as traders reacted to macroeconomic developments. News Background President Trump’s announcement of new tariffs on Canada and Mexico reignited fears of a trade war, sending shockwaves across financial markets. The crypto market wasn’t immune, with BNB underperforming despite the SEC’s voluntary dismissal of its lawsuit against Binance and founder Changpeng Zhao. That case, which had alleged Binance facilitated trading of unregistered securities, had hung over the exchange for nearly two years. BNB Chain saw an active week with BSC recording 1.93 million daily active users and opBNB surpassing 2 million. Total weekly trading volume hit $69.75B, while TVL stands at $10.5 billion. Key projects launched include UpTop (DeFi), Volare Finance (options trading), and WeApe by Wello (stablecoin payments). The chain also launched an incentive program for real-world assets, went live with its AI Bot, and activated the Maxwell Hardfork on testnet for faster block times. The BNB AI Hack announced winners for its latest batch, and the Featured Activities Series now offers upward of $60,000 in rewards on DappBay. Price-Action Technically, BNB established a high-volume resistance zone around $669.68 after repeated failures to sustain bullish momentum. A second wave of selling hit during the midnight hour, with volume spiking to 81,409 units as prices broke below the $650 support level. Although BNB has managed a modest recovery from its cycle lows, forming potential support between $646-$648, the overall trend remains bearish with lower highs and lower lows. Technical Analysis Recap BNB fell from $672.53 to $646.27, a 3.91% decline over the 24-hour period. Most dramatic selling occurred at 16:00 with volume spiking to 100,471 units, establishing key resistance at $669.68. Additional selling pressure hit at midnight, with volume reaching 81,409 units as prices fell below $650. A modest support zone formed between $646-$648, though the broader trend remains bearish. The hourly chart shows higher lows forming an ascending support trendline, suggesting a short-term bullish attempt that could stall further downside. As global trade tensions weigh on risk assets, BNB’s resilience will be tested as traders weigh regulatory clarity against macroeconomic headwinds. Disclaimer: Portions of this article were generated with the assistance of AI tools and reviewed by CoinDesk’s editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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