![[Bitop Review] US Stock Market Ends Seven-Day Rally, Bitcoin Pulls Back After Hitting New High of 126K, BNB Jumps to Third-Largest Cryptocur...](/api/image-proxy?url=https%3A%2F%2Facademy-public.coinmarketcap.com%2Fsrd-optimized-uploads%2Ffe3a0a411a71461ebd77be280ca624ce.png)
Influenced by Oracle's decline, the S&P 500 ended its seven consecutive days of gains. Bitcoin (BTC) retreated after reaching a new high of 126K, while Ethereum (ETH) also fell back from above 4,700, with the crypto market seeing up to $622 million in positions liquidated over 24 hours. BNB hit a new all-time high of 1,345 USD, surpassing XRP and USDT to become the third-largest cryptocurrency by market capitalization.
Oracle Leads Decline, US Stocks End Seven-Day Rally
Affected by Oracle's drop, the S&P 500 index ended its seven-day upward streak. According to The Information, Oracle's cloud business profit margins are far below analysts' current estimates, and the company incurred losses in some leasing deals with Nvidia. Oracle's stock fell 2.5%, dragging the Nasdaq index to its daily low.
Bitcoin Pulls Back After New High of 126K, Greed Index Remains Greedy
The overall crypto market fell 2.39%, with Bitcoin's dominance holding at 58.1, and the Fear & Greed Index continuing yesterday's optimistic sentiment, still in the greedy zone at 62.
Bitcoin retreated after hitting a historical high of 126,199 USD yesterday, while Ethereum also dropped from above 4,700. The crypto market saw up to $622 million in positions liquidated over 24 hours, with ETH accounting for the largest share at $165 million, followed by BTC at $159 million.
BNB Surpasses XRP and USDT to Become Third-Largest Cryptocurrency by Market Cap
BNB hit a new all-time high of 1,345 USD last night, making it one of the best-performing major cryptocurrencies in the second half of this year. Over the past three months, BNB's price has risen by about 80%.
BNB Chain activity has surged since mid-year, and the recent explosion of the Aster perpetual contracts exchange may have provided a trading-focused tactical boost to the chain's activity.
PancakeSwap has also benefited from the increase in on-chain transaction volume on BNB Chain, with September's trading volume approaching $80 billion, the highest level since November 2021. This week, PancakeSwap announced the launch of CAKE.PAD, a token issuance platform based on Initial Farm Offering (IFO). Meanwhile, PancakeSwap's CAKE token has risen over 40% since the beginning of this month. Although BNB has pulled back from last night's high of 1,345, it still posted a 24-hour gain of 7.15% and a 7-day gain of 30%.
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