Binance’s BNB token climbed Tuesday on the back of the U.S. Securities and Exchange Commission dismissing its long-running lawsuit against the crypto exchange last week.
The token jumped from $650.28 to $673.70, a 3.6% rise, before entering a period of sideways trading and a short correction that saw it drop back down to the $665 level.
The SEC’s move comes at a time in which the exchange brought back previously restricted U.S. dollar deposit features, including ACH bank transfers, marking a partial restoration of Binance’s fiat channels on its U.S. platform.
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The timing added fuel to BNB’s rally, which came amid wider global financial unease, including shifting trade policy and rising macroeconomic uncertainty.
Meanwhile, on-chain data showed BNB Chain handling $14 billion in daily decentralized exchange (DEX) volume, surpassing Ethereum and Solana combined. That scale of activity suggests BNB Chain remains a crucial venue for crypto trading despite regulatory scrutiny.
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Technical Analysis Overview
- On the technical side, BNB showed strong accumulation patterns, according to CoinDesk Research’s technical analysis data model.
- Price action formed an ascending channel, briefly peaking near $673.70 before pulling back to consolidate above the psychologically important $665 level.
- A sharp volume spike around 01:00 and renewed buying near $665.32 helped stabilize the token’s price, indicating buyer interest at those levels.
- If support continues to hold, traders may interpret the move as the beginning of a longer bullish trend—especially now that some regulatory overhang has been lifted.
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Classover Taps $500M Convertible Note Deal to Boost Solana Treasury Strategy
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Here’s what happened in crypto today
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!
🔗 You Might Also Be Interested In
Classover Taps $500M Convertible Note Deal to Boost Solana Treasury Strategy
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Here’s what happened in crypto today
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!
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Classover Taps $500M Convertible Note Deal to Boost Solana Treasury Strategy
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Here’s what happened in crypto today
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!