Amidst the FUD and all the haters, Binance's BNB managed to break past the $1,300 resistance. During the market dip on October 11, it nosedived to around $1,000, but just two days later, it rallied back without missing a beat.

Reasons behind the price increase

The reason for this surge is likely due to discussions around the Chinese investment bank China Renaissance Holdings potentially securing funding to accumulate BNB up to $600 million.
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Previously, China Renaissance, based in Beijing, had already been in collaboration with YZi Labs to raise a combined $200 million on the Hong Kong stock exchange.
If this $600 million funding goes through, it could lead to the emergence of a digital asset treasury company modeled after Michael Saylor's strategy, potentially becoming a major player in accumulating BNB.
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In fact, China Renaissance has previously announced plans to invest around $100 million in BNB as part of its strategic cooperation with YZi Labs, making it the first Hong Kong-based company to officially include BNB in its portfolio.
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There’s a growing trend of large entities that have been accumulating Bitcoin and Ethereum now also looking to buy BNB for the long term. Interest has surged especially after BNB broke its previous all-time highs, and just last week, CEA Industries disclosed that they hold up to 480,000 BNB.

News to watch closely

Former President Donald Trump has granted clemency to former Binance CEO CZ. Clemency here refers to the cancellation of the charges and monitoring the U.S. government had imposed on CZ, rather than a release from prison. While the White House has confirmed this matter, neither Binance nor CZ has released any statements yet. The price fluctuations are part of the normal market dynamics, so those holding should consider taking profits, and those waiting to buy might find dollar-cost averaging (DCA) to be the best strategy. DYOR.

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