On October 13, BNB reached a new ATH above $1,370 amidst a bullish crypto market that is recovering following the recent $19 billion crash.
The general crypto market is up by more than 3.5% in the past 24 hours, with a total capitalization of $3.88 trillion.
BNB’s important milestone comes as the Trump administration offered new clarifications about the US-China relationship, and as a Beijing-based Chinese investment bank announced that it plans to raise $600 million for a BNB treasury.
BNB Hits a New ATH on October 13
Approximately 4 hours ago, on October 13, BNB reached a new ATH above $1,370. At the moment of writing this article, BNB is trading above $1,386, up by more than 3.5% in the past 24 hours.
The 24-hour trading volume for BNB is over $13.3 billion, up by almost 62% today.
Key Factors that Pushed BNB to a New ATH
BNB was able to recover from a low of $1,050 on October 11, a price reached after the crypto market crashed due to over $19 billion in liquidations.
Besides a recovering crypto market that seems to be getting back on track to resume Uptober, BNB was able to recover from its previous dip amidst the crypto market crash between October 10 and 11, being supported by the multiple bullish events.
Major News from US – Trump Administration China-Related Statements
On October 12, Trump shared a post on his Truth Social account, telling people not to worry about China, because it will all “be fine.” He said that Chinese President Xi had a “bad moment” and he doesn’t want Depression for his country. Trump also highlighted that he doesn’t want this either, and instead, he wants to help China, not hurt it.
The Kobeissi Letter revealed that the US Treasury Secretary was on live TV saying that 100% tariffs on China don’t have to happen, which confirms the fact that Trump misinterpreted China’s export controls on October 10 when he previously announced the tariffs that supported the crypto market crash.
China clarified that the new controls are not a full export ban, and Trump continued and said that it will all be fine, now teasing that the 100% tariffs on the country will not go into effect.
The bullish news is mirrored by the overall rebounding crypto market, and it helped push BNB to new heights.
Chinese Bank Reveals $600 Million BNB Treasury Investment Plan
Another bullish factor that pushed BNB to a new ATH is the fact that China Renaissance Holdings, a Beijing-based Chinese investment bank, plans to raise $600 million for a public vechicle that would invest in BNB.
Bloomberg reported that YZi Labs also plans to invest in this deal with China Renaissance, citing people familiar with the matter and revealing a potential $200 million investment.
It’s also worth noting that back in August, the bank said via an official filing that it would invest approximately $100 million in BNB, which means that the investment plans have gone up by $500 million, according to the new reports.
Binance’s founder, CZ, also shared the announcement via his X account, confirming the upcoming plans for a new BNB treasury.
Binance’s Actions Following the $19 Billion Crypto Crash
And last, but not least, Binance’a actions after the crypto market crash, which turned out to be the biggest one in history, also supported the rise of BNB.
The crypto exchange publicly revealed its flaws and took accountability for its mistakes. Binance also revealed a compensation plan for affected users – the compensation was distributed in two batches totalling $283 million.
A few hours ago, CZ shared a post about the matter via X, saying that while others tried to ignore, hide, or shift blame, even attacking competitors, key BNB Chain ecosystem players, like Binance, Venus, and more, took hundreds of millions out of their pockets to protect users.
Binance’s core principles, including transparency and user protection, have also supported BNB’s path towards a new ATH.
Hopefully, the crypto market will continue to recover and eventually resume Uptober as predicted.
BONUS: There have also been some rumors on X claiming that Trump could soon pardon CZ, another bullish event that could send BNB straight to the moon and trigger a crypto market rally.
