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📈 Binance Coin (BNB) Surges 15% in 24 Hours, BSC Tokens Jump up to 60%!

Binance Coin (BNB) has surged by 15% over the last 24 hours, reaching $722 — a significant milestone amid the recent market volatility. This spike is largely attributed to renewed investor confidence following a temporary pause in the SEC lawsuit against Binance.

Additionally, tokens within the Binance Smart Chain (BSC) ecosystem — such as PancakeSwap’s CAKE — have seen gains of up to 60%.

🔍 Key Highlights:
SEC Lawsuit Pause: The temporary halt in SEC legal proceedings has positively influenced investor sentiment.
BSC Ecosystem Growth: Binance Smart Chain recently announced a roadmap that includes faster block times and gas-free transactions.
Rising Investor Interest: BNB and its ecosystem are attracting increasing interest from retail and institutional investors.

#BTC☀
Bitcoin traded above $66,000 on Friday following the release of lower-than-expected inflation data, which supports the U.S. Federal Reserve's monetary easing policy. Such price levels have not been seen since late July,"Today's lower-than-expected personal consumption expenditure (PCE) numbers have strengthened the dovish sentiment sparked by last week's rate cut, fueling optimism that inflation pressures are cooling faster than anticipated," 21Shares crypto research strategist Matt Mena said in an email sent to The Block.Mena noted that this recent inflation data creates a favorable backdrop for bitcoin and the wider cryptocurrency market. "Investors are gravitating toward risk assets, anticipating a more accommodative Fed stance moving forward, and bitcoin had already anticipated today's positive news and effectively front-ran it," he explained.The 21 Shares analyst said that this supportive environment is likely to bolster risk assets like bitcoin, enhancing investor confidence and setting the stage for a potential retest of the $68,000 to $70,000 range.Positive inflation data supports Fed rate pivotThe U.S. personal consumption expenditure (PCE) data for August, the Federal Reserve's preferred measure of inflation, moderated more sharply than expected last month to 2.2%, down from 2.5%. This marks the lowest level since 2021. Although the core PCE report rose slightly to 2.7% on an annualized basis, the monthly increase of 0.1% was half the rate economists expected.Additionally, personal income and spending figures were both lower than anticipated, reinforcing the Fed's decision to cut interest rates by 50 basis points on September 18.Mena also pointed out that other global factors, such as China's recent liquidity injections and widespread interest rate cuts, are likely to further enhance market liquidity. The analyst added that this is expected to boost global M2 - a measure of the global money supply - which has historically shown a strong positive correlation with bitcoin's price.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financialdisclosures.©2024 The Block. All Rights Reserved. Thisarticle is provided for informational purposesonly. It is not offered or intended to be used aslegal, tax, investment, financial, or other advice

$BTC