BNB, the native token of Binance, experienced a 5.5% surge to $264.4 following news of potential settlement talks between Binance Holdings Ltd. and the US Justice Department. This uptick in value, recording a 3 months high,  reflects market optimism as Binance potentially moves towards resolving longstanding regulatory challenges.

BNB/USD 3-month price chart (CoinStats)

Binance and the US Justice Department Settlement

Attributable to the surge is the Justice Department’s demand for over $4 billion from Binance in a proposed deal as reported by Coingape. This proposal is part of a comprehensive investigation into alleged money laundering violations, bank fraud, and sanctions breaches. Additionally, there’s a possibility that Binance’s founder, Changpeng Zhao, might face criminal charges in the United States, pending the agreement’s finalization. These negotiations are pivotal in shaping Binance’s regulatory landscape.

Consequently, this news has not only buoyed BNB’s value but also positively impacted Bitcoin, which also saw a rise, peaking at $37,768 with a 2.1% gain. Shiliang Tang, co-founder of Arbelos Markets, views this as a bullish development. He notes that it reduces the overarching market uncertainty and avoids immediate, disorderly market impacts. This sentiment is shared broadly across the crypto trading community, signaling a collective sigh of relief.

BNB/USD Technical Analysis

The Relative Strength Index (RSI) of 64.80, above its signal line, indicates that the bullish momentum in BNB is robust and likely to continue. The rising trade volume, which means high market involvement and trust in the BNB’s upward direction, reinforces this trend. If the RSI rating maintains above its signal line and trading volume increases, it might imply that BNB has further upward potential.

BNB/USD price chart (tradingview)

Furthermore, the stochastic RSI rating of 25.36 and rising indicates that the bullish momentum in BNB is gaining stronger. This move suggests that buyers are rapidly entering the market, pushing prices. If the stochastic RSI rises and holds above 50, it indicates a possible breakout for BNB, enticing additional investors and driving the price higher.

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The post Binance Coin (BNB) Records 90-Day High Amid $4B US Settlement Negotiations appeared first on CoinGape.

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Filed under: News - @ November 20, 2023 9:19 pm