Following the Federal Reserve’s recent interest rate cut, the crypto market rallied, with BNB outperforming other major altcoins by reaching a new all-time high.
BNB Surges to All-Time High as Crypto Market Reacts to Fed Decision
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Fed Rate Cut Spurs Crypto Market
The U.S. Federal Reserve‘s decision on Sept. 17 to cut interest rates by 25 basis points appeared to spur a crypto market rally that saw bitcoin ( BTC) nearly top $118,000 for the first time in almost a month. While other major altcoins also rose, BNB seemed to benefit the most from this.
According to Coingecko data, BNB surged in a matter of hours from just under $950 to $1,004, marking a new all-time high for the digital asset. The approximately 5% gain in 24 hours brought its seven-day gains to 10.7%, making it one of the few altcoins with double-digit gains in that period. Although it subsequently retreated to $992, BNB’s market capitalization of $138.2 billion saw it reclaim the number five digital asset position from SOL.
The BNB rally also appeared to coincide with media reports suggesting the Department of Justice (DOJ) was close to ending its monitoring of crypto exchange Binance, the issuer of BNB. According to a Bloomberg report, Binance has held talks with the DOJ to potentially eliminate a key oversight requirement from its $4.3 billion settlement over money laundering allegations.
The Sept. 16 report states the exchange currently faces two monitors—one from the DOJ and another from the Treasury’s Financial Crimes Enforcement Network (FinCEN). While the FinCEN monitor remains, Binance is reportedly negotiating to drop the DOJ-appointed monitor, citing high costs and operational burdens.
CZ Comments on $1,000 Milestone
Meanwhile, former Binance CEO Changpeng Zhou (CZ), who served a four-month prison term as part of the settlement with U.S. authorities, commented on the digital asset’s journey to $1,000.
“Watching BNB go from $0.10 ICO [initial coin offering] price 8 years ago to today’s $1,000 is something words cannot explain. I, not representing any entity or title, as just a community member and a BNB holder, thank everyone in the BNB and crypto ecosystem, for your support,” CZ said in a post on X. “This is just the beginning. To the next 10,000x together.”
Since April 9, when it plunged to $554, BNB has trended upward and, unlike other altcoins, it has not pulled back hard when the rest of the crypto market has stumbled. By surpassing the $1,000 barrier, BNB has joined an elite club of digital assets to achieve this feat.
