Binance Coin is on fire, and the latest collaboration with the UAE’s RAKBANK has become a major catalyst for the BNB price to potentially hit a record high of $1000. In addition to this strategic partnership, the token is receiving massive acceptance from investment giants like Windree Therapeutics and Nano Labs.
Interestingly, the current positive sentiment surrounding the BNB token is further bolstered by the rising network activity. The cryptocurrency’s technical analysis also suggests that BNB is poised for a major uptrend, building on the current bullish pattern.
UAE’s RAKBANK Lists BNB: Details
In the latest development, RAKBANK, one of the largest financial institutions of the UAE, has announced the availability of eight major cryptocurrencies for trading. One of the most prominent tokens among them is Binance’s BNB coin.
Following this strategic move, Binance founder Changpeng Zhao took to the X platform to announce BNB’s presence in the UAE. In an X post, he wrote, “BNB is now tradable on RAKBANK in UAE.” With this alliance, Binance Coin is poised to revolutionize the UAE’s cryptocurrency market, making it accessible to both regular users and large investors.
As the bank has launched crypto trading services on its mobile application, the BNB coin will be easily available for its customers. This underscores RAKBANK’s vision of bridging the gap between traditional finance and cryptocurrencies.
Significantly, the UAE’s crypto-friendly atmosphere, coupled with the bank’s favorable approach, opens new doors to investors in the country. It provides traders with a secure and regulated environment, where customers are free to diversify their portfolio. Via the bank’s secure digital banking interface, traders can buy, sell, or move BNB or other listed tokens with no intermediaries.
BNB Price Hits New Record Highs
On August 21, Binance Coin saw a sudden bullish resurgence, breaking record highs. Defying the broader market trends, the cryptocurrency flipped its multi-year resistance level into support and hit a new all-time high of $882.
Though the altcoin slipped slightly after touching record levels, it is still trading in the green zone, proving its potential to jump further. At the time of writing, the token is trading at $852.99, representing a 0.11% increase. Over the past seven days and thirty days, Binance Coin saw more notable upticks of 2.4% and 10%, respectively.
However, this bullish scenario is disrupted by the bearish traders. The 24-hour trading volume has dropped to a low of $2.52 billion, representing a 30.5% decrease. This signifies a major shift in the investor sentiment despite the market’s bullish conditions.
It is noteworthy that analysts and experts remain highly bullish about the altcoin despite its current fluctuations. Analysts such as Crypto King foresee BNB’s possible journey to an ambitious target of $1000. He wrote on X, “What was resistance for years is now support, setting the stage for the next leg up. The demand story is simple. CZ called it years ago with DATs, and now even TradFi is chasing exposure.”
Institutional Interest Blasts
In a notable trend, Binance Coin has seen a massive surge in corporate adoption, with more investment companies embracing it. Following the footsteps of top digital assets like Bitcoin and Ethereum, Binance Coin is gaining traction among institutional investors as they tend to diversify their portfolio and include BNB in their reserves.
For instance, Windtree Therapeutics, a NASDAQ-listed pharmaceutical enterprise, recently adopted BNB. Teaming up with Kraken, the platform launched a regulated treasury strategy built around the token. This move offers US investors to gain exposure to crypto through a publicly listed biotechnology company without engaging with the complexities of exchange trading.
Nano Labs, China’s leading Web3 infrastructure, has also made a massive investment in Binance Coin. In early July, the company announced the purchase of 74,315 BNB through the OTC (Over-The-Counter) format at an average price of $672.45.
