Binance’s CZ Resignation Triggers BNB’s Price Surge and Drop

The price of BNB surged to a five-month high of $271.90, coinciding with the announcement by the US Department of Justice that it would be settling its legal dispute with Binance for $4.3 billion.

Furthermore, a report has surfaced stating that Changpeng “CZ” Zhao, the creator of Binance, has decided to resign as the company’s CEO. As more details regarding the DOJ’s deal with Binance surfaced, BNB’s intraday surge to a 5-month high was swiftly undone. 

The completion of Binance’s legal battle with the Commodity Futures Trading Commission, the US Securities and Exchange Commission, and the Department of Justice is seen by market participants as a positive development that could have bullish effects on the cryptocurrency market, even though the specifics of the settlement will not be known until the press conference on Nov. 21 at 3 pm ET.

Enforcement actions and the possibility of new rules have historically caused the cryptocurrency markets to decline, but data from Coinglass shows that BNB volumes, open interest, and options volume have surged over the last 24 hours.

On November 21, the price of BNB did reach a 5-month high of $271.90. However, this was followed by a sharp increase in liquidations.

Read More

2023-11-21 23:49