BNB price crossed the $631 mark on Tuesday May 21, just 8% shy of reaching new all-time highs, despite Binance’ high-profile legal squabbles with regulators in USA and Nigeria.
BNB Surges, Despite Changpeng Zhao sack, Nigeria FUD
Binance-launched BNB coin price emerged on of the mega-cap crypto top gainers on May 21, as news of imminent Ethereum ETFs approval picks up steam.
BNB’s remarkable 7% price surge in the last 48-hours saw the BNB chain native token rise from each a 65-day peak of $631
BNB’s remarkable 105% year-to-date price comes at a period that Binance exchange has been under intense regulatory scrutiny.
Notably, BNB price had crashed 11% on November 26, 2023, when it was announced that US SEC fined Binance $4.6 billion in a settlement that saw Founder/CEO Changpeng Zhao step down.
The negative sentiment grew in 2024 when Nigeria arrested two Binance employees on currency manipulation charges.
Despite rapid withdrawals and dwindling trading volumes, and growing market FUD surrounding Changpeng Zhao sentencing, BNB price action has turn the tide.
With the anticipated approval of the Ethereum ETF, market dynamics are expected to shift favorably for exchange tokens like BNB.
As investor participation surges amidst rising prices, trading volumes and user base is expected to skyrocket across major exchanges such as Binance, increasing the value accruing to BNB holders.
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