Binance Coin Surges to 5-month High as U.S. Justice Department Plans $4.3 Billion Settlement
Summary:
Binance Coin (BNB) has hit a 5-month high following a report suggesting that the U.S. Department of Justice plans to settle its case with Binance for $4.3 billion. The ongoing case also involves Binance's founder, Changpeng "CZ" Zhao, stepping down as the crypto exchange's CEO. As additional details are awaited, the crypto market considers this as a positive development that could significantly affect the market's bullish outlook.
Binance Coin (BNB) surged to a 5-month peak at $271.90, following the Wall Street Journal's report detailing the U.S. Department of Justice's intent to settle with Binance for $4.3 billion, thereby concluding its ongoing case. The report also stated that Changpeng "CZ" Zhao, the founder of Binance, will resign from his role as the CEO of the crypto exchange. Due to the absence of comprehensive information till the press meet scheduled for Nov. 21 at 3 pm ET, investors in the cryptocurrency market consider the closure of Binance's legal tussle with the Commodity Futures Trading Commission, U.S. Securities and Exchange Commission, and DOJ as a favorable development, which could significantly impact the crypto market on a positive note. Usually, the crypto markets show an adverse reaction to enforcement activities and possible new regulations. However, Coinglass's data indicates an increasing trend in BNB volumes, open interest, and options volume in the last 24 hours. BNB derivative data. Source: CoinglassRelated: BNB escalates after DOJ demands a $4B settlement with Binance. Alongside reaching a $271.90 peak on November 21, Binance Coin experienced a significant increase in liquidations. BNB/USDT daily chart. Source: VeloAt present, the BNB price is relinquishing most of its day's gains, implying that the price movement may align with the crypto sectors' frequently adopted strategy of buying on rumors and selling on news. This article isn't meant to be an investment advice or recommendation. Each investment and trading decision poses risks, and readers should perform thorough research before making any decision.
Published At
11/21/2023 6:17:31 PM
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