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<a href="https://bitcoinworld.co.in/bnb-dips-15-as-binance-ceo-cz-steps-down/" title="BNB Dips 15% As Binance CEO CZ Steps Down" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">Binance’s BNB coin nosedived 15% as the DOJ settlement unfolds.</li>
 <li style="font-weight: 400">Binance was ordered to pay $4.3bn in penalties as the former CEO resigned.</li>
 <li style="font-weight: 400">BNB hit the hardest among altcoins as Santiment paints a bounce-back plot.</li>
</ul>
The world’s leading cryptocurrency exchange Binance has been fighting prolonged legal battles with several top legal authorities, most of them coming from the United States.&nbsp;
After yesterday’s news of Binance settling for $4.3bn with the United States Department of Justice (DOJ), CEO and co-founder Changpeng ‘CZ’ Zhao has officially stepped down from the leadership position.
Naturally, the news invoked confusion in the crypto markets, taking down Binance’s native BNB Coin (BNB) by 15% almost instantaneously after the breaking news surfaced online.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/bnb-price-shows-signs-of-life-but-250-is-the-key-to-more-upsides/" aria-label="“BNB Price Shows Signs of Life But $250 Is The Key To More Upsides” (Edit)" rel="noopener noreferrer nofollow">BNB Price Shows Signs of Life But $250 Is The Key To More Upsides</a>
The price move sent BNB below its crucial support levels at $230 in the early hours of Wednesday, but the altcoin managed to bounce back to trade at $232.95% at the time of the publication.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/BNB?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BNB</a> volatility exploded as US dropped the hammer:
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f538.png" alt="🔸" class="wp-smiley" style="height: 1em; max-height: 1em;"> Price crashed 15% after DoJ news <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f538.png" alt="🔸" class="wp-smiley" style="height: 1em; max-height: 1em;"> CZ resigned <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f538.png" alt="🔸" class="wp-smiley" style="height: 1em; max-height: 1em;"> Binance is solvent &amp; has a new CEO <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f538.png" alt="🔸" class="wp-smiley" style="height: 1em; max-height: 1em;"> Key support at $230 &amp; $200
 Bias is bearish, but I am optimistic so long $200 holds.
 More in my 1 min TA video, like &amp; follow! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4aa.png" alt="💪" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/37R5veF9Ib" rel="noopener noreferrer nofollow">pic.twitter.com/37R5veF9Ib</a>
 — Duo Nine <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> YCC (@DU09BTC) <a href="https://twitter.com/DU09BTC/status/1727270639549943808?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 22, 2023</a>
</blockquote>
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<h3 id="span-style-font-weight-400-largest-retracement-of-the-year-can-bnb-price-recover-span">Largest Retracement of the Year: Can BNB Price Recover?</h3>
After the criminal case settlement news, cryptocurrency traders have expressed certain distrust in Binance’s native BNB.&nbsp;
According to the blockchain analytics platform Santiment, both social dominance and trading volume have exploded ever since the news hit, causing over $1 billion of outflows from the largest crypto exchange.
In contrast, Santiment points to a scenario where BNB is likely to bounce back in case of a quick reputational recovery for Binance. In further detail, the surging social media dominance could be turned into a strong foundation for BNB’s rebound rally.&nbsp;
On top of that, Santiment claims that new short position placements could set off a price trend reversal.
At press time, BNB Coin (BNB) is trading at $233 with a 9% steep decline in the last 24 hours. Despite the daily downswing, BNB is still up 6.5% in monthly terms and currently dominates 2.482% of the wider crypto market.&nbsp;
However, according to crypto trader Cryptadamus, a more pessimistic scenario below $217 would eliminate $200 million in long positions, opening a potential price freefall.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> reminder that there is $200 million that will theoretically be auto-liquidated should the price of Binance's <a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BNB</a> token hit $217.
 it's fallen 13% to $229 right now but someone seems really committed to holding the line… cc <a href="https://twitter.com/BobEUnlimited?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@BobEUnlimited</a> <a href="https://t.co/VQAXZkO6d9" rel="noopener noreferrer nofollow">pic.twitter.com/VQAXZkO6d9</a>
 — ⚯ M Cryptadamus ⚯ | @cryptadamist@universeodon.com (@Cryptadamist) <a href="https://twitter.com/Cryptadamist/status/1727152806820233558?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 22, 2023</a>
</blockquote>
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Ultimately, while BNB market value highly depends on trader sentiment toward Binance, $BNB has so far sustained key support at $230.
<figure id="attachment_55983" aria-describedby="caption-attachment-55983" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class=" wp-image-55983" src="https://bitcoinworld.co.in/wp-content/uploads/BNB-Price-Chart-1-440x300.png" alt="" width="518" height="353" srcset="https://bitcoinworld.co.in/wp-content/uploads/BNB-Price-Chart-1-440x300.png 440w, https://bitcoinworld.co.in/wp-content/uploads/BNB-Price-Chart-1-733x500.png 733w, https://bitcoinworld.co.in/wp-content/uploads/BNB-Price-Chart-1.png 768w" sizes="(max-width: 518px) 100vw, 518px">
 <figcaption id="caption-attachment-55983" class="wp-caption-text">
 BNB Price Chart |&nbsp; Source: <a href="https://coinstats.app/coins/binance-coin/" rel="noopener noreferrer nofollow">Coinstats</a>
 </figcaption>
</figure>
&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/BinanceCoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BinanceCoin</a> has understandably been among the <a href="https://twitter.com/hashtag/altcoins?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#altcoins</a> hit the hardest on news of <a href="https://twitter.com/cz_binance?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@cz_binance</a> stepping down as CEO. But if a quick reputation recovery happens for <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a>'s #1 exchange, a <a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BNB</a> bounce would be likely based on this level of trader <a href="https://twitter.com/hashtag/FUD?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#FUD</a>. <a href="https://t.co/WrA9EfUj7o" rel="noopener noreferrer nofollow">https://t.co/WrA9EfUj7o</a> <a href="https://t.co/WxgHbjSOUm" rel="noopener noreferrer nofollow">pic.twitter.com/WxgHbjSOUm</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1727125721846587820?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 22, 2023</a>
</blockquote>
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It was noted that some crypto traders are swapping Binance’s BNB for the fallen FTX exchange’s native token (FTT), causing a <a href="https://twitter.com/santimentfeed/status/1727131878195663127" rel="noopener noreferrer nofollow">pump</a> for the controversial token.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/ftx-token-skyrockets-over-40-as-binance-faces-legal-battle/" aria-label="“FTX Token Skyrockets Over 40% As Binance Faces Legal Battle” (Edit)" rel="noopener noreferrer nofollow">FTX Token Skyrockets Over 40% As Binance Faces Legal Battle</a>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> Although many see the <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> news as the main culprit for one of the biggest retraces of the year, the fact of the matter is that <a href="https://twitter.com/hashtag/altcoins?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#altcoins</a> had already seeing shrinking market caps. Interestingly, it appears some traders are swapping their <a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BNB</a> for <a href="https://twitter.com/FTX_Official?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@FTX_Official</a>'s <a href="https://twitter.com/search?q=%24FTT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$FTT</a>. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f914.png" alt="🤔" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/4eWvWp5kOc" rel="noopener noreferrer nofollow">pic.twitter.com/4eWvWp5kOc</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1727131878195663127?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 22, 2023</a>
</blockquote>
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Hence, Binance’s troubles had pushed the bankrupt FTX’s FTT up 38.3% in the last 24 hours, as the leading exchange continues to deal with huge outflows.
<figure id="attachment_55982" aria-describedby="caption-attachment-55982" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class=" wp-image-55982" src="https://bitcoinworld.co.in/wp-content/uploads/FTT-Price-Chart-3-440x300.png" alt="" width="545" height="371" srcset="https://bitcoinworld.co.in/wp-content/uploads/FTT-Price-Chart-3-440x300.png 440w, https://bitcoinworld.co.in/wp-content/uploads/FTT-Price-Chart-3-733x500.png 733w, https://bitcoinworld.co.in/wp-content/uploads/FTT-Price-Chart-3.png 768w" sizes="(max-width: 545px) 100vw, 545px">
 <figcaption id="caption-attachment-55982" class="wp-caption-text">
 FTT Price Chart | Source: <a href="https://coinstats.app/coins/ftx-token/" rel="noopener noreferrer nofollow">Coinstats</a>
 </figcaption>
</figure>
&nbsp;
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>
The post <a href="https://bitcoinworld.co.in/bnb-dips-15-as-binance-ceo-cz-steps-down/" rel="noopener noreferrer nofollow">BNB Dips 15% As Binance CEO CZ Steps Down</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

BNB Dips 15% As Binance CEO CZ Steps Down

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