#Crypto2025Trends Binance Exchange's BNB Token Leads Broad Crypto
The giant crypto exchange Binance's in-house token, BNB, led a broad rebound in digital-asset markets on Tuesday after CEO Changpeng "CZ" Zhao announced a plan to rescue billionaire Sam Bankman-Fried's rival FTX exchange from the throes of a blockchain-era deposit run.
The CoinDesk Market Index, which tracks a basket of 162 digital assets, jumped about 4.8% in a little over an hour.
Most cryptocurrencies were plunging earlier in the day as fears spread that FTX might be facing liquidity issues; data showed that the balance of bitcoin on the FTX exchange had plunged by 99% to literally 1 BTC (worth about $20,000).
Crypto markets sharply rebounded after Bankman-Fried, FTX’s CEO, and Zhao – in a Twitter feud over the past few days – tweeted that their firms reached a deal.
BNB jumped 20% after the announcement and was changing hands at $362 as of press time. The token has outperformed the broader crypto market, up 11.5% in the last 24 hours. The CMI is still down 1.9% over the past 24 hours.
Bitcoin (BTC) surged above $20,000 and was changing hands around $19,766, down 4.5%, but still up from a low around $19,300 earlier in the day. Ether (ETH) popped 6% in an hour, recently trading around $1,500.
FTX's exchange token, FTT, bounced after the announcement but was still down 34% over the past 24 hours.
On April 21, the price of its native BNB coin surged 3% as markets reacted to Binance’s confirmation of the $1 billion deal to purchase the assets of the defunct crypto lender, Voyager. Among other on-chain indicators, the spike in trading activity across the BNB chain network signals a potential shift from the recent bearish outlook.
The volume of daily transactions on the BNB network has spiked toward $200 million for the first time since early February.
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