BNB price gained around 6.4% in the last 24 hours to trade around $262, as the charges filed by the DoJ are expected to be finalized by the end of this month.
Amid the ongoing altcoin rally, Binance’s native coin BNB benefited from a much-needed recovery, thus invalidating the possible repeat of the FTX scenario. Binance Holdings Ltd., a leading cryptocurrency exchange that has invested heavily in the Bitcoin network and web3 ecosystem, is considering a possible settlement with the United States, according to a recent report prepared by Bloomberg News. Reportedly, the US Department of Justice (DoJ) is in final negotiations with Binance’s lawyers to ensure a settlement agreement is quickly reached on the multiple criminal violations. Specifically, the DoJ is reportedly seeking a roughly $4 billion civil settlement with Binance, making it the largest in the cryptocurrency space to date.
Interestingly, Changpeng Zhao, co-founder and CEO of Binance (CZ) has in recent months teased the number four, which could represent either the settlement agreement or the fact that BNB is in the fourth position in terms of market capitalization. Regardless, the settlement could be a huge relief for the Binance ecosystem in the United States, as legal hurdles have stunted its growth in the region.
Binance, its possible settlement and market outlook
US regulators have remained skeptical about providing clear guidance on crypto regulation in the recent past, despite industry adoption by other jurisdictions. As the presidential elections approach, the topic of cryptocurrencies is expected to play a major role in the next POTUS. Additionally, more than 50 million Americans have invested in digital assets and more intend to venture into the nascent industry following the impending approval of Bitcoin and Ethereum spot exchange-traded funds (ETFs).
In this regard, Binance is ready to fight for its place in the US market, which controls around 25% of global economic activities. According to CZ, Binance has a healthy balance sheet and has no outstanding loans to anyone. As a result, the BNB coin, used to facilitate payment of transaction fees across all blockchains operated by Binance, has gained popularity among institutional investors looking to diversify from Bitcoin and Ethereum.
According to our latest market data, BNB price was hovering around $262 in early Asian trading on Tuesday, with the bulls in charge. From a technical perspective, BNB price on the weekly chart was glaring due to a possible deadly crossover between the 50 and 200 moving averages (MA), but could be invalidated if the altcoin closes consistently above above $260 in the coming days. Meanwhile, Bitcoin price gained around 1% over the past 24 hours to trade slightly above $37.3k.