Hassan Maishera
TL;DR
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Bitcoin is trading above the $37k level once again, up by more than 2%.
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The market has shaken off the Binance news effect, with BNB slowly recovering to its previous level.
Bitcoin Trades Above The $37k Level
Bitcoin, the world’s leading cryptocurrency by market cap, is trading in the green zone again. It is up by more than 2% in the last 24 hours and is currently trading at $37,390 per coin.
The positive performance comes as the market shakes off the effect of Binance’s recent deal with the US government. Earlier this week, the cryptocurrency exchange agreed to pay a $4.3 billion fine for breaking sanctions and money-transmitting laws.
Binance’s founder Changpeng "CZ" Zhao also pleaded guilty in Seattle to charges he personally faced. CZ agreed to pay a $50 million fine and will no longer serve as Binance’s CEO.
The news saw Bitcoin drop to the $36k level on Tuesday before it began to embark on a recovery the following day.
BNB, the native coin of the Binance ecosystem, dropped to the $230 mark but is also recovering slowly. At press time, the price of BNB stands at $235, up by less than 1% in the last 24 hours.
Ether is the best performer amongst the top 10 cryptocurrencies by market cap, adding 4% to its value. ETH is now trading at $2,064 and could rally above the $2,100 level soon.
With altcoins recovering, the broader cryptocurrency market cap has increased to $1.42 trillion over the last 24 hours.
