Home CryptocurrencyAltcoin BNB price rises on news of the agreement between the DOJ and Binance

BNB price rises on news of the agreement between the DOJ and Binance

by SuperiorInvest

BNB (BNB) price breakout to a 5-month high of $271.90 comes as a Wall Street Journal report highlighted the US Department of Justice’s plan to announce a $4.3 billion settlement with Binance to end its case. WSJ also reported that Binance founder Changpeng “CZ” Zhao agreed to step down as CEO of the crypto exchange.

While the exact details of the deal remain unclear until the Nov. 21 press conference at 3 p.m. ET, crypto market participants appear to sense the end of Binance’s legal saga with the Commodity Futures Trading Commission. , the United States Securities and Exchange Commission and the Department of Justice. as a positive outcome with possible bullish ramifications on the crypto market.

Historically, crypto markets react negatively to enforcement actions and the threat of new regulations, but data from Coinglass shows that BNB volumes, open interest, and options volume have all increased in the last 24 hours.

BNB derivatives data. Source: Coinglass

Related:BNB appears after report that the Department of Justice wants a $4 billion deal with Binance

While the BNB price hit a 5-month high of $271.90 on November 21, the move was accompanied by an increase in liquidations.

BNB/USDT daily chart. Source: veil

At the time of writing, BNB price is regaining most of its intraday gains, perhaps a sign that the price action reflected the longstanding buzz of buying and selling on the news strategy that continues to prevail across the sector. of cryptocurrencies.

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.

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