Binance BNB Hits 5-Month High Amid $4.3 Billion Settlement
Binance Coin’s (BNB) price has hit a five-month high at $271.90. This follows news around the United States Department of Justice’s (DOJ) plan to announce a $4.3 billion settlement with cryptocurrency exchange, Binance, marking the conclusion of a lengthy legal saga.
Change in Binance’s Leadership
Furthermore, Binance founder Changpeng “CZ” Zhao has reportedly agreed to step down as CEO of the crypto exchange. While further details of the settlement are set to be clarified during the press conference on November 21st, the proposed resolution has sparked optimism in market participants.
The Impact of Regulatory Actions on Crypto Market
Historically, cryptocurrency markets have reacted negatively to enforcement actions and the threat of impending regulations. However, recent data reveals a surge in BNB volumes, open interest, and options volume over the past 24 hours. Hence, signifying positivity in the market.
BNB Price Observations
The jump to a 5-month high of BNB price was accompanied by a surge in liquidations. Nevertheless, at the time of writing the BNB price is retracing most of its intra-day gains.
Cryptocurrency Trading Strategy
This price action discrepancy could be indicative of the prevalent ‘buy the rumor and sell on the news’ strategy frequently employed in the cryptocurrency sector.
It’s important to remember that every investment and trading move involves risk, and individuals should conduct their own research before making a decision.
