BNB rebounds from 2023 lows with record highs

Within a year of settling with the US Department of Justice, BNB has managed to reach its all-time high.

The native token of the Binance exchange recently hit the $700 mark. At the start of the year, Binance was worth $312. The coin rallied to $600 in mid-March, thanks to improving crypto market conditions.

Another factor that contributed to Binance’s advancement was its post-CZ leadership. Former Binance CEO Changpeng Zhao previously admitted to conducting AML (anti-money laundering) violations.

Zhao was sentenced to only 4 months in prison, despite being recommended a 36-month sentence. Richard Tego, the new CEO, has ushered in a new wave of compliance in the Binance ecosystem. 

The exchange is now undergoing rapid compliance changes, hinting at restricting access to unauthorized stablecoins in Europe. The move will be done in accordance with the MiCA (Markets in Crypto-Assets Regulation).

The platform has also recovered its spot market share after losing it towards 2023’s end. The whopping 37.5% spot volume share in November 2023 was a massive downgrade for Binance from the 60% share in February 2023. 

Despite not being at its peak, Binance has increased its share to 44% for monthly spot volumes. Within three days in June, BNB gained an 18.6% value, rising from $600 to $700.

The hike between June 2nd and June 5th took place without any big developments in the Binance ecosystem. Experts are speculating that the growing popularity of Binance Launchpool might be the factor behind the surge.

Some have pointed fingers at the continued BNB Chain traction. On the other hand, some claim that the open interest across exchanges for BNB crossing $1 billion was the reason for the futures.

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The hike is likely a combination of these factors. Regardless, achieving an 186% surge in a year alone is a huge feat.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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