BNB Hits Five-month High Amid Anticipated $4.3 Billion DOJ-Binance Settlement
Summary:
On November 21, BNB's price rose to a five-month high following reports of a potential $4.3 billion settlement between the U.S Department of Justice and Binance. Reports also indicated that Binance's founder plans to step down as CEO. Details of the settlement will be revealed at a press conference. Despite an intraday reversal, this development is seen as a positive conclusion to Binance's legal challenges, potentially inciting optimism in the crypto market.
On November 21, the price of BNB (BNB) soared to a half-year peak of $271.90 following reports from leading media outlets, including the Wall Street Journal, about an anticipated $4.3 billion settlement between Binance and the U.S Department of Justice (DOJ). Reports also surfaced that Binance founder Changpeng "CZ" Zhao has agreed to step down from his role as the CEO. However, details regarding the DOJ's settlement remained unclear causing a swift reversal in BNB's intraday spike. These details are set be unveiled in a news conference on November 21 at 8:00 pm UTC. The crypto community sees this settlement as a positive end to Binance's legal issues with the Commodity Futures Trading Commission, Securities and Exchange Commission, and DOJ, potentially driving bullishness in the crypto market. Despite crypto markets typically reacting adversely to regulatory action and threats of newer rules, Coinglass data showcases a surge in BNB volumes, open interest, and options volume in the past day. BNB saw a spike to $271.90 on November 21, which was closely followed by a wave of liquidations. As of now, BNB is giving back most of its intraday gains, suggesting that the price movement might be a manifestation of the classic "buy the rumor, sell the news" tactic that's a common practice in the crypto world. The information in this article does not serve as investment guidance or recommendations. Every investment and trade carry a degree of risk, hence, readers are encouraged to do their due diligence before making any decisions.
Published At
11/21/2023 6:17:00 PM
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