Bitcoin (BTC), the original crypto, recent gains vanished as its price dropped to the $42,000 level after trading over the $48,000 area. Amid the BTC price correction, Binance’s BNB turned out to be a major gainer. However, BNB’s recent surge has even beaten Bitcoin price action.
BNB outperforms Bitcoin
According to the data, BNB price registered a surge of more than 32% in the last 30 days while Bitcoin price dropped by over 1% at the same time. In the last 7 days when the entire crypto market struggled to keep up, BTC price dropped by more than 10%. However, BNB price recorded a minor drop of 1% in the same period.
BNB price jumped by around 45% in the last 90 days. It is trading at an average price of $311, at the press time. BNB’s 24 hour trading volume stands at $1 billion.
Crypto traders are once again turning their attention to Binance, the prominent digital asset exchange that recently settled a multibillion-dollar penalty with US authorities over illegal activities and underwent a leadership change.
Since the November 21st agreement with US agencies, where Binance pleaded guilty to charges like money laundering and sanctions evasion, the platform has experienced net inflows of $4.6 billion, outpacing its major competitors like OKX and Bybit, as per DefiLlama data.
legal hurdles for the largest crypto exchange
In January alone, Binance attracted $3.5 billion in inflows, marking the highest monthly intake since at least November 2022. This resurgence follows a challenging year for Binance characterized by a decline in market share and outflows.
Despite facing legal and regulatory hurdles, Binance’s share of spot crypto trading stabilized in December after nine consecutive months of decline. Additionally, Binance Coin, its exchange token, has seen a 30% increase since November 21st, surpassing broader market performance.
The recovery is seen as a positive development for Richard Teng, who assumed the role of CEO after the settlement. While grappling with challenges such as establishing a global headquarters, forming a board, and appointing an independent monitor for three years, Teng has successfully navigated the recent influx of funds onto the platform. Binance, however, still lacks complete licenses in key crypto hubs like Singapore, Dubai, and Hong Kong, and it faces an ongoing lawsuit from the US Securities and Exchange Commission (SEC).
Despite these challenges, Binance’s recent success is attributed in part to the broader cryptocurrency market’s recovery. The surge in Bitcoin’s value by almost 160% in the previous year, coupled with the recent approval of the first exchange-traded funds investing directly in Bitcoin by the US SEC, has positively influenced various crypto platforms, including Binance.
