BNB (BNB) price broke to a 5-month high of $271.90 as a Wall Street Journal report highlighted the U.S. Department of Justice’s plans to announce a $4.3 billion settlement with Binance to end the case. The Wall Street Journal also reported that Binance founder Changpeng Zhao has agreed to resign as CEO of the cryptocurrency exchange.
Although the specific details of the settlement remain unclear ahead of a press conference on November 21 at 3 PM ET, cryptocurrency market participants appear to be considering Binance’s legal dispute with the Commodity Futures Trading Commission, the SEC, and the Department of Justice has ended as a positive result, with potentially bullish implications for the crypto market.
Cryptocurrency markets have historically reacted negatively to the threat of enforcement actions and new regulations, but data from Coinglass shows that BNB trading volume, open interest, and options trading volume have surged in the past 24 hours.
related:BNB surges after reports that the Justice Department hopes to reach a $4 billion settlement with Binance
While BNB price did hit a 5-month high of $271.90 on November 21, the move was accompanied by a surge in liquidations.
At the time of writing, BNB price is giving back most of its intraday gains, perhaps suggesting that the price action reflects the age-old buy-on-rumors and sell-on-the-news strategy that is still prevalent throughout the cryptocurrency industry.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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