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 The BNB token defied today’s wider market downturn with a high volume rally, which saw its price hit a 5-month high at $271.90
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<div class="cointelegraph">
 <p>BNB’s (BNB) <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> breakout to a 5-month high at $271.90 comes as reporting from the Wall Street Journal highlighted the United States Department of Justice’s plan to announce a $4.3 billion dollar <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> with Binance to end its case. WSJ also reported that Binance founder Changpeng “CZ" Zhao has agreed to step down as CEO of the crypto exchange&nbsp;</p>
 <p>While the exact details of the settlement remain unclear until the Nov. 21 press conference at 3 pm ET, crypto market participants appear to perceive the end of the Binance legal saga with the Commodity Futures Trading Commission, United States Securities and Exchange Commission, and DOJ as a positive outcome with potential bullish ramifications the crypto market.</p>
 <p>Historically, crypto markets react negatively to enforcement actions and the threat of new regulations, but data from Coinglass shows BNB volumes, open interest and options volume surging over the past 24 hours.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/22/300b57da4e9343f913a52a366b4c713b.webp">
  <figcaption style="text-align: center;"><em>BNB derivatives data. Source: Coinglass</em>
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 <p><strong><em>Related:</em></strong><strong><em>BNB pops after report that DOJ wants $4B <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> with Binance</em></strong></p>
 <p>While BNB <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> did hit a 5-month high at $271.90 on Nov. 21, the move was accompanied by a surge in liquidations.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/22/5ae30ce16448888aedec87594a0154b6.webp">
  <figcaption style="text-align: center;"><em>BNB/USDT daily chart. Source: Velo</em>
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 <p>At the time of writing BNB <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> is retracing a majority of its intra-day gains, perhaps a sign that the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action reflected the age-old buy the rumor and sell on the news strategy that remains prevalent throughout the crypto sector.</p>
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 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bnb-price-rallies-on-news-of-doj-binance-settlement-tbt71130.html">https://thebittimes.com/bnb-price-rallies-on-news-of-doj-binance-settlement-tbt71130.html</a></p>

BNB price rallies on news of DOJ-Binance settlement

TheBitTimes

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