Developments continue at Binance, the largest exchange in the cryptocurrency world by volume. Last year, a significant event occurred when the company’s founder and CEO, CZ, resigned and was subsequently imprisoned. Contrary to expectations that the exchange would fall into uncertainty, under the leadership of the new CEO, the exchange and BNB experienced significant recovery. Recently, another important event took place, and Binance received a crucial approval.
Binance and Approval
According to recently announced information, Binance achieved a significant victory. The court application was concluded, and Binance received approval to invest its customer fiat funds in US Treasury Bonds.
Binance has recently struggled with many uncertainties, especially regarding the future of its US branch. The news was considered a significant gain, and the exchange’s native token responded quickly.
What is the Price of BNB?
Following the news, attention turned to the price of Binance Coin (BNB). The BNB price suddenly rose from $580 to $594.11 but has since dropped to $591.4 after a $3 decline. This price movement indicates an approximately 4.72% increase.
The increase in BNB’s price also had a positive impact on its market cap. According to CoinMarketCap data, BNB’s market cap reached $86.421 billion. BNB’s 24-hour trading volume increased by over 9%, reaching $1.8 billion.
BNB’s price rose to $591.4 but still remains far from its ATH. BNB’s ATH was reached a few months ago at $720.67, and after a market decline, the price dropped to $491.
