Binance Coin spikes nearly 13% after reopening, sets new ATH at $27

www.chepicap.com 2019-05-16 04:00
Reading time: ~2 m

News has just broken that Binance has reopened its doors following the 7000 BTC hack and the market has reacted immediately. Interestingly, Bitcoin slipped by around $100 as Binance Coin surges nearly 13%.

Binance Coin slipped slightly following the news of the hack on May 8. BNB was trading at $21.82 before dropping to $19.89. The coin recovered quickly, however with its price returning to around $21.24 several hours after the news.

The week in which Binance was down, BNB remained fairly steady, trading in the region of $19 and $24. Now, with the news that Binance has officially opened its doors again, BNB saw an almost immediate spike from $23.62 to $25.70 and it's only kept going. BNB is currently up 12.42%, trading at $27.25 at the time of writing, according to figures from Binance.

BNB was already seeing some gains prior to the reopening. Once CZ announced trading had resumed, Binane Coin saw an unsurprising surge as traders are keen to cash in on Bitcoin’s recent price gains. 

BNB/USD chart provided by Tradingview

Even before Binance reopened, BNB was pushing new highs:

🔥 $BNB has reached almost $26, showing a new ATH.https://t.co/M3OUIwamA5@binance @cz_binance pic.twitter.com/5VVJrTYMus

— ICO Drops (@ICODrops) May 15, 2019

Several traders took to Twitter to share their thoughts on BNB's price action once the exchange had reopened. The Crypto Dog stated, “I think BNB is going to enter price discovery (new all-time highs) in the next 24 hours.”

I think $BNB is going to enter price discovery (new all time highs) in the next 24 hours.#ihaveabag pic.twitter.com/2vDF6cc6AU

— The Crypto Dog📈 (@TheCryptoDog) May 15, 2019

A similar sentiment was put forward by other traders:

$BNB is the one that will fly true the roof after @binance will open trading again. $btc

— GKasp (@GKasputis) May 15, 2019

Watch out for the pump next week $bnb pic.twitter.com/diFM3F2kMQ

— Brahma (@Bhramma5) May 9, 2019

And it appears as if the traders were correct: 

I didn't even have time to check #BNB price. #BUIDL!

— CZ Binance (@cz_binance) May 15, 2019