Binance.US resumed operations after a about two-year hiatus, a trend that has triggered bullish growth for BNB, the global exchange’s native currency.
In a major development, Binance Coin (BNB) saw a 4% increase on Wednesday following the announcement that Binance.US has resumed operations. This comes after being absent from the market for two years due to regulatory issues.
Notably, this news has stirred excitement among investors, boosting BNB’s price and market activity.
Binance.US Resumes Fiat Operations
Binance Coin (BNB) has seen a big price increase recently. This rise is partly due to more media focus on certain tokens wrongly linked to Binance’s former CEO, Changpeng Zhao.
Zhao clarified that he was not involved with these tokens, but the media attention still boosted interest in BNB. This helped BNB’s value jump by 18% this month per data from CoinMarketCap.
Furthermore, BNB’s price surged another 4%, reaching $650. This is a result of a positive direction in market sentiment.
In addition, this renewed market sentiment was mostly influenced by the news that Binance.US, after almost two years of regulatory restrictions, had resumed fiat deposits and withdrawals. It also includes zero-fee ACH bank transfers for eligible customers.
Before this recent news, Binance.US had faced a difficult period after the SEC lawsuit in June 2023, which suspended its fiat services. Since then, it’s only operated as a crypto-to-crypto exchange.
However, the recent changes in the regulatory environment, including a 60-day pause in the lawsuit, have allowed Binance to restore some normalcy.
Potential for BNB to Reach $700?
While BNB’s price has shown strong momentum, hitting the $650 range, there are challenges ahead. One key challenge remains the $660 level, which has proven tough to break. The next major target would be $700 if the coin clears this resistance.
However, the road to this mark is not without obstacles, with key indicators suggesting a slight risk of reversal if momentum wanes.
Still, as institutional interest in cryptocurrencies rises, Binance’s full operational return to the U.S. market could be the catalyst BNB needs to surpass these key price levels.
Meanwhile, on Tuesday, a new rumor surfaced in the broader cryptocurrency space, speculating about a possible sale of Binance. However, Zhao swiftly addressed the speculation, reassuring the community that his co-founded crypto exchange was not up for sale.
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