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Sudden Surge. Binance founder CZ just started his 4-month prison sentence, but that hasn’t stopped the native token of his exchange’s closely affiliated BNB Chain from achieving its highest price ever! Why is BNB outperforming this week?
BNB has gained over 20% off Monday’s lows, breaking out above $700 for the first time in history. It has not given back a rally since shortly after Binance’s November settlement announcement with the Department of Justice (DOJ) for violations of the Bank Secrecy Act.
Although BNB is exhibiting outsized strength at the moment, it is not alone in the pump. This move up comes at the same time as many cryptos, stocks, and commodities have gained on investor optimism as major Western central banks commence their rate cut processes.
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