Binance Coin (BNB) succumbs to bearish pressure alongside other altcoins out there. In keeping with the latest market data, the token is down nearly 10% since last week representing a giant slash in value for investors within the long-term. The massive drop is on account of the present underperforming market after the most important cryptocurrencies slipped with Bitcoin and Ethereum by almost 10% respectively. 

Despite the recent regulatory turmoil between the Securities and Exchange Commission and Binance, BNB still shows some strength because it maintains its top 4 spot, topping SOL and XRP. 

Binance Coin Market Vs Macroeconomics

The early half of August is held in high regard by each crypto finance and traditional finance investors as major economic indicators are set to be announced. With the past six indicators flashing red or neutral, it stays to be seen whether the following few will probably be bullish for the broader financial world. 

But last week, the Federal Open Market Committee held against lowering rates of interest as inflation was still “somewhat elevated.” Nevertheless, this opened the road to September rate cuts because the inflation slows, helping the market gain gradual ground in the long term. 

Although the market stays somewhat optimistic for the September cut, it has since faded because the broader market slips as investor anxiety stays high. The S&P 500 and Dow Jones fell by almost 2% respectively. 

BNB is currently trading at $526. Chart: TradingView

This further exacerbated the market correction inside the crypto market. As of writing, the crypto market is down greater than 2% prior to now 24 hours. BNB was not spared, with the BNB Chain metrics falling amidst the market downturn. 

Despite this, long-term investors within the token proceed to stay strong despite bearish market conditions. In keeping with CoinGlass, BNB market positions remain majority long with a slight uptick within the short position takers. 

Nevertheless, derivative contracts featuring BNB took a dip with the open interest dropping by a big margin. 

Although the token follows the broader market, BNB still stays a robust investment despite the hostile market conditions.

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Crucial BNB Level Stays But For How Long?

The hostile market environment is slowly dying down but with the present uncertainties inside the macroeconomic side of things, it stays to be seen whether the BNB bulls can proceed to stem the tide. 

Keeping aside price, having a majority of long positions for the token is advantageous for the bulls because it helps maintain investor confidence within the token. Despite this, the bulls have a good distance ahead. 

Stabilizing the value across the $514 price range needs to be their #1 priority. A bearish breakthrough on this level will result in more bleeding, which could flip investors from long positions to short positions. 

If held successfully, BNB bulls have a robust jump-off point to retake the late-July levels of $558. 

Featured image from Pexels, chart from TradingView