In a remarkable surge, Binance Coin (BNB) soared past the $700 milestone, reaching a new all-time high of $709, marking an impressive gain of nearly 13% within 24 hours. This surge has propelled BNB’s market capitalization to approximately $110 billion, positioning it ahead of renowned corporations such as UBS, Dell, and Starbucks.
Despite lagging behind other cryptocurrencies during the recent bull run of 2024, BNB has demonstrated resilience, overcoming challenges stemming from legal issues surrounding its parent company, Binance. The cryptocurrency exchange has faced regulatory hurdles across multiple jurisdictions, including Nigeria, the Philippines, and the United States.
Last November, Binance reached a significant $4.3 billion settlement with the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC). Founder Changpeng Zhao’s guilty plea to violating US anti-money laundering laws, coupled with his subsequent resignation as CEO, marked a pivotal moment in the company’s history. While this settlement addressed long-standing investigations into Binance’s alleged sanctions violations, regulatory concerns persisted until Zhao reportedly commenced his four-month term over the weekend.
Despite these challenges, BNB has surged by nearly $100 within a single day, signaling renewed bullish momentum within the cryptocurrency market following a period of post-halving stagnation. Bitcoin (BTC) reclaimed the $71,000 mark on Tuesday, further contributing to the positive sentiment. Other major cryptocurrencies, including Toncoin (TON), Uniswap (UNI), and Floki Inu (FLOKI), also experienced substantial gains, with FLOKI witnessing a staggering 30% surge within the last 24 hours.
