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BNB Records New All-Time High After Crypto Crash
According to CoinMarketCap data, BNB has reached a new price peak of $1,370 following a significant crypto market crash.
Meanwhile, daily trading volumes surged to $11.48 billion amid the new milestone, representing a 9.4% increase over the last day. The strong performance sees BNB firmly cement its place as the fourth-largest cryptocurrency by market capitalization since it flipped XRP at the start of October.
BNB’s price spurt follows a jarring cryptocurrency market crash that triggered nearly $20 billion worth of liquidation in a single day. The steep correction caused the global cryptocurrency market capitalization to sink below the $4 trillion mark, with several pundits blaming Binance for amplifying the crash.
However, there are several reasons behind BNB’s stellar price performance over the last day. For starters, reports that Beijing-based investment bank China Renaissance is considering a $600 million BNB treasury served as a major tailwind in the path to setting an all-time high.
 
Per the report, China Renaissance will float a publicly-listed digital asset treasury company in the US, focused on accumulating BNB in the same manner as Michael Saylor’s Strategy. Changpeng Zhao’s YZi Labs is reportedly interested in investing in the deal with China Renaissance to launch a BNB treasury company.
Apart from the interest in BNB during the China Renaissance, Changpeng Zhao revealed that the actions of key BNB Chain ecosystem players contributed to the price surge. Following the crisis around last week’s black swan event, BNB Chain, Binance Wallet, Four Meme, and Trust Wallet launched a $45 million airdrop to over 160,000 addresses.
“Some people ask why is BNB so strong?” wrote Zhao in an X post. “While others tried to ignore, hide, shift blame, or attack competitors, the key BNBChain ecosystem players (Binance, Venus, and more) took hundreds of millions out of their own money to PROTECT USERS.”
Source: https://zycrypto.com/china-renaissance-plots-600m-bnb-treasury-amid-price-peak/