Since being classified as a security by the United States Securities and Exchange Commission (SEC), Binance Coin (BNB), the native digital currency of the Binance exchange ecosystem, is seeing its first significant price increase. BNB has increased by more than 6% over the past day to lead the cryptocurrency upswing in a market that is rapidly moving towards the bear zone.
BNB, which is currently trading at $248, has greatly reduced the losses it incurred over the previous week, during which it traded as low as $227.9. The top 20 digital currencies by market capitalization currently seem to be dominated by BNB, which has made notable increases.
The court’s unwillingness to provide the SEC the ability to freeze the account of the trading platform’s U.S. corporation, as it first wanted to do, may be what’s propelling the altcoin’s rise. This decision is seen as the exchange’s first significant victory over the market regulator, and it is substantially fostering goodwill in the neighbourhood.
The fourth-largest digital currency, Binance Coin, has managed to maintain its market dominance by continuing to soar.
Is BNB finally out of the woods?
Following the SEC crackdown, the recent surge of BNB has signalled a positive turn for the virtual currency. It could be reasonable to claim that the bottom has finally been reached given the coin’s recent decline to its lowest level in months and subsequent recovery, but even in the short term, uncertainty may be introduced by the present market picture.
A reversal of the gains would be inevitable if these bearish trends are not reversed soon, with coindicted tokens like Cardano (ADA) and Solana (SOL) down 2.12% and 1.73%, respectively, and Bitcoin (BTC) trading at a loss of 1.2% during the previous 24 hours.
