China Renaissance Backs BNB With $100M Allocation; Is $1k Binance Coin Close?

• Hong Kong–listed financial group China Renaissance has added BNB as its proprietary digital asset, with an initial purchase of $100 million.
• On Friday, the crypto market experienced a sudden surge as Fed Chair Jerome Powell hinted at possible interest rate cuts, albeit in a cautious manner. 
• A bullish breakout from an ascending triangle pattern sets the Binance coin price for a $1,000 target. 

On Friday, August 23rd, the Binance Coin price recorded a sharp jump of over 7% to reach a new high of $898.15. Subsequently, the asset market cap bounced to $124.1 billion, and the 24-hour trading volume is at $3.17 billion. This jump followed the broader crypto market recovery after Fed Chair Jerome Powell gave a tepid indication of possible interest rate cuts ahead. However, the BNB price gained additional movement amid the increasing institutional adoption and potential breakout from key resistance. Is it a rally to a $1,000 close?

China Renaissance Becomes First HK-Listed Firm to Back Binance Coin

On August 23rd, Federal Reserve Chair Jerome Powell delivered a cautious message at the Fed’s annual symposium, hinting at possible interest rate cuts ahead but stopping short of a clear commitment.

Powell acknowledged that policymakers face a high level of uncertainty, noting that “the balance of risks appears to be shifting” between the Fed’s dual mandate of full employment and stable prices.

However, his remarks were enough to drive a sharp surge in the broader market, including cryptocurrency. Following the momentum, the Binance coin hit a new high of $898.15 during Friday’s U.S. market hours.

The BNB price gained further traction as China Renaissance (CR), a Hong Kong-listed financial institution, announced a strategic partnership with YZi Labs to add BNB as its proprietary digital asset. As part of the deal, CR will purchase $100 million worth of BNB in its initial allocation, with plans to promote BNB adoption across its extensive partner network.

Holding BNB will secure CR’s direct participants in blockchain activity, including transaction fees and governance on the BNB chain. The company plans to work with industry players to design compliant BNB-based fund structures for traditional investors. 

YZI Labs will provide strategic support and supply CR with a vetted pipeline of projects, infrastructure providers, and custody partners within the BNB Chain. Following the initiative, China Renaissance can actively engage in validator operations, stable integrations, and tokenization of traditional assets using BNB-based technology.

Such initiatives could elevate BNB’s credibility in regulated finance and drive institutional demand to support further price recovery.

Also Read: Will Bitcoin Price Hold $110k Floor as Whales Absorb Speculators’ Sell-Off?

Binance Coin Gives A Major Breakout From Bullish Triangle

Over the past three weeks, the Binance coin price has shown a slow yet steady recovery within the formation of an ascending triangle. Typically, the chart setup is characterized by a firm horizontal resistance and an ascending support trendline, which maintains the higher-low formations in price as a sign of building bullish momentum.

As the broader crypto market witnessed a steep correction in recent weeks, the BNB coin price struggled to drive a high-momentum recovery and faced a bearish reversal from the overhead trendline around $870.

With today’s jump, the Binance coin offers a bullish breakout from the pattern’s resistance, signaling the aggressive nature of buyers to drive the price higher. A sharp uptick in the exponential moving average (20, 50, 100, and 200) accentuates the bullish sentiment in the market to drive a stable recovery. If the pattern holds true, the compressed code drives a 12% surge to hit the $1000 psychological level.

As the Binance coin enters new territory, the traditional pivot laws indicate potential resistance at $916, followed by $963, before the price hits the potential target.

On the contrary, if price fails to hold the breached trendline at $895, the sellers could force a bearish pullback towards the $850 mark and invalidate the bullish pattern.

Also Read: Ethena Price Trades at $0.64 as Market Awaits Bull Flag Breakout