The BNB token defied Nov. 21’s wider market downturn with a high-volume rally, which saw its price hit a five-month high at $271.90.
BNB’s (BNB) price broke out to a five-month high at $271.90 on Nov. 21 as reporting from The Wall Street Journal and others said the United States Department of Justice (DOJ) planned to announce a $4.3 billion settlement with Binance. WSJ also reported that Binance founder Changpeng “CZ” Zhao has agreed to step down as CEO of the crypto exchange.
However, BNB’s intraday rally quickly reversed as additional information about the DOJ’s settlement with Binance emerged.
While the exact details of the settlement will remain unclear until the Nov. 21 press conference at 8:00 pm UTC, crypto market participants appear to perceive the end of the Binance legal saga with the Commodity Futures Trading Commission, United States Securities and Exchange Commission, and DOJ as a positive outcome with potential bullish ramifications the crypto market.
Historically, crypto markets react negatively to enforcement actions and the threat of new regulations, but data from Coinglass shows BNB volumes, open interest and options volume surging over the past 24 hours.
While BNB did hit $271.90 on Nov. 21, the move was accompanied by a surge in liquidations.
At the time of writing, BNB is retracing the majority of its intraday gains, perhaps a sign that the price action reflected the age-old “buy the rumor, sell the news” strategy that remains prevalent throughout the crypto sector.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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