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BNB, experiences a remarkable 6.55% surge, reaching $262.73! Reports indicate prospective settlement discussions between Binance Holdings Ltd. and the US Justice Department, sparking optimism and driving BNB to a three-month high. ๐
๐ฐ Binance's Settlement:
According to Bloomberg, Binance might pay a $4 billion fine by the end of the month to settle various criminal charges in the US. This proposed settlement, while one of the largest ever imposed on a company, allows Binance to continue its operations. The deal includes a report on law breaches, a monitoring process for future compliance, and relief for traders as the DOJ ruling appears not to pose a systemic risk. ๐๏ธ
๐น BNB's Performance:
BNB, currently the fourth-largest token by market capitalization at over $40 billion, surged to $266 after hitting a peak at $262. Despite a 61.4% dip from its all-time high in May 2021, BNB has gained 6.5% year-to-date, indicating a positive market sentiment. ๐
๐ผ BTC Riding the Wave:
Notably, the positive news surrounding Binance also influenced Bitcoin's value, experiencing a 2.1% rise to $37,768. This surge is accompanied by increased trade volume, suggesting substantial market activity and confidence in BNB's upward trajectory. ๐
๐ฐ Crypto Market Overview:
The global crypto market cap stands at $1.47 trillion, reflecting a 0.06% increase over the last 24 hours and an impressive 79.06% rise over the past year. Bitcoin dominates with a market cap of $731 billion, comprising 49.8% of the total market. Stablecoins hold a market cap of $128 billion, constituting 8.75% of the overall crypto market. ๐
โก๏ธ BTC Insights:
Average daily transaction fees on Bitcoin have surpassed Ethereum, standing at $10.34 compared to $8.43. The surge in Ordinals activity, especially following the listing of ORDI on Binance, has redistributed over 800 BTC in fees to the network. This activity signifies a dynamic period for the Bitcoin network. ๐ป
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