TLDR
- BNB token climbed to an all-time high of $1,370 on Monday despite a weekend market crash that liquidated $19 billion across crypto exchanges
- Binance users criticized the exchange for technical problems during the crash, but co-founder Yi He said platform performance remained stable
- The exchange compensated affected users with $283 million in funds following the technical issues during market volatility
- BNB Chain processed a record 26 million transactions in one day and leads DEX trading with $675.9 billion in volume
- Technical analysts predict BNB could reach $2,000 based on price correlation patterns with gold and strong ecosystem metrics
Binance Coin set a new all-time high of $1,370 on Monday. The price milestone came as the broader cryptocurrency market recovered from a weekend crash that liquidated $19 billion in positions.
The BNB token showed strength compared to other major cryptocurrencies. Data from CoinMarketCap confirmed the new price record following the weekend’s market turbulence.
Users of the Binance exchange raised concerns during the liquidation event. Traders reported technical difficulties accessing their accounts and closing positions during the market downturn.
One trader posted on social media that Binance systems went down during the crash. The user stated they could not exit futures positions while prices fell rapidly.
Binance co-founder Yi He addressed the complaints directly. She stated the allegations were inaccurate and that broader market forces caused the liquidation cascade.
Yi He shared data showing Binance’s forced liquidation ratio remained at normal levels. The platform’s liquidation volume relative to total trading stayed within typical ranges during the event.
Binance Addresses Technical Concerns
Some platform features experienced temporary slowdowns during peak volatility. Yi He confirmed that certain modules had brief performance issues.
The exchange’s core trading infrastructure continued operating throughout the crash. Spot matching engines, contract systems, and trading APIs maintained functionality according to Binance’s statement.
Binance announced a $283 million compensation package for users. The funds went to traders who experienced issues during the weekend’s market movement.
Industry observers questioned centralized exchange reporting practices. Hyperliquid CEO Jeff Yan suggested some platforms underreport liquidation data.
Yan explained that exchanges may bundle multiple liquidation orders into single reports. This practice could lead to liquidation figures being understated by large margins.
Market maker Wintermute moved $700 million in Bitcoin to Binance hours before the crash. Crypto analyst Merlijn The Trader documented the large transfer ahead of the price decline.
Network Activity Supports Price Growth
BNB Chain achieved a new transaction record with 26 million daily operations. The network also captured the leading position in decentralized exchange trading volume.
Network improvements implemented in May boosted performance metrics. Block times decreased to 0.75 seconds while transaction fees dropped to 0.05 Gwei.
These upgrades attracted more users and developers to build on BNB Chain. The token surpassed XRP in total market capitalization during its recent rally.
Former Binance CEO CZ has promoted ecosystem projects on social media. His posts drove trading activity to platforms like PancakeSwap and new token launches.
YZi Labs committed $1 billion to support developers building on BNB Chain. The founder fund aims to accelerate ecosystem expansion.
Network data from Nansen shows $675.9 billion in DEX volume on BNB Chain. This represents a 1,309% increase over seven days.
The platform hosts 10.8 million active users currently. Smart money wallets contributed $395,000 in net inflows to BNB Chain projects.
Analyst EGRAG Crypto identified correlation between BNB and gold prices. BNB broke above a multi-year resistance level in February after four years of consolidation.
The analyst projects BNB could reach $2,000 following gold’s price trajectory. Another analyst noted the token’s chart structure suggests further upside potential.
BNB traded near $1,270 at press time with 24-hour trading volume down 20%.
