BNB Rises Above $860 Amid Market Gains but Underperforms as Binance Faces Increased Scrutiny
BNB increased by 1.7% over 24 hours, breaking past $860 and briefly reaching $868 as the broader cryptocurrency market saw gains. Despite this positive move, BNB underperformed relative to the wider market and remains 32% below its all-time high of $1,360. Trading volume surged approximately 192% above the daily average, with three distinct bursts supporting the price action and establishing new support levels near $856 to $858.
Technical analysis of the hourly chart reveals a V-shaped recovery from an early low of $851, followed by an ascending triangle pattern between $864 and $865.80, which is commonly associated with a potential bullish continuation. This price movement takes place amid increasing regulatory scrutiny of Binance, including a Financial Times investigation into the company's failure to prevent hundreds of millions of dollars from flowing through suspicious accounts. This scrutiny continues despite Binance's $4.3 billion settlement with U.S. authorities in 2023.
Data from CryptoQuant shows other exchange tokens such as KuCoin Token (KCS) and LEO have demonstrated more resilience, declining less from their all-time highs compared to BNB. Meanwhile, the broader market, measured by the CoinDesk 20 index (CD20), rose about 2.2% during the same period.
