Sun, June 16, 2024

BNB Surges 13.3% Amidst Top 10 Coin Declines

BaFin warns about risks from Binance’s crypto token bnb

Quick Look:

  • BNB increased by 13.3%, hitting a peak price of $717.48 and raising its market cap to $109 billion.
  • While most top coins dipped, BNB, TON (+10%), and Bitcoin (+2%) showed gains.
  • Binance’s co-founder Zhao faces a four-month sentence and a $50 million fine but retains a net worth of $38.5 billion.

The cryptocurrency market experienced a general downturn over the past week, with most top-tier coins declining. However, there were notable exceptions that defied the overall negative trend. BNB led the pack with an impressive 13.3% increase, followed by TON, which rose by 10%, and Bitcoin, which managed a modest 2% gain.

BNB Hits $717.48, Market Cap Reaches $109 Billion

Binance (BNB) stood out as the week’s top performer, showcasing a remarkable price surge of 13.3%. The coin hit its peak price of $717.48 on Thursday, lifting its market capitalisation to $109 billion. Since the start of the year, BNB has more than doubled in price, reflecting a robust upward trajectory.

In the derivatives market, significant patterns emerged starting in late May, with spot demand picking up notably in June. Buying activity consistently outpaced selling between June 2nd and 5th, indicating strong bullish sentiment. BNB’s trading volume includes over a dozen centralised exchanges, with Binance commanding 85% of the global volume.

Binance Value Rises to $125 Billion in 2024

Changpeng Zhao, the co-founder of Binance, is currently serving a four-month sentence due to lapses in anti-money laundering safeguards on the platform. Additionally, he faces a personal fine of $50 million. Despite these challenges, Zhao’s net worth remains substantial at $38.5 billion, having grown by $4.1 billion in 2024. BNB Holdings has largely composed his wealth, becoming a significant stake in Binance.

The exchange has seen its value soar from $80 billion at the start of the year to $125 billion. A historic $4.3 billion fine also hit the Binance platform itself. BNB’s utility extends beyond simple trading. It offers trading fee discounts and an option of utilizing fee settlements on the BNB Smart Chain.

Binance Faces Legal Challenges, $4.3 Billion Fine

Binance is entangled in several legal challenges, primarily related to breaches in anti-money laundering and sanctions regulations. The exchange has been accused of failing to prevent militant groups like Hamas and Al Qaeda from utilising its platform, further complicating its legal landscape.

BNB’s journey began with its initial coin offering in 2017, during which 80 million tokens were allocated. Today, these tokens hold a combined value of $56 billion. The funds raised from the ICO were instrumental in launching the Binance exchange, cementing its place as a major player in the cryptocurrency market.

While the broader cryptocurrency market experienced a decline, BNB’s exceptional performance, driven by strong market demand and its pivotal role in the Binance ecosystem, offers a beacon of bullish sentiment amidst the bearish trend.

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