- Binance Coin (BNB) has reached a new all-time high of $716, surpassing its previous record of $686 set three years ago.
- The market capitalization of Binance Coin now exceeds $100 billion, making it the fourth-largest cryptocurrency.
- The price surge comes as Binance’s founder Changpeng Zhao begins a four-month prison sentence for violating the Bank Secrecy Act and operating an illegal exchange in the U.S.
Binance Coin (BNB), the digital token issued by the world’s biggest cryptocurrency exchange, has reached a new all-time high.
New Price Record
The cryptocurrency has risen to $716 USD, topping its previous record high of $686 USD, which it held for three years. Binance Coin has risen 12.5% in the last 24 hours.
Market Cap Exceeds $100 Billion
The market capitalization of Binance Coin now exceeds $100 billion USD, making it the fourth largest cryptocurrency.
Broader Crypto Market Recovery
The new all-time high comes as the broader cryptocurrency market rallies after experiencing a slowdown in late March and throughout April. The price of Bitcoin (BTC), the largest crypto by market capitalization, is back above $71,000 USD after falling below $60,000 USD in April. Some analysts say they now expect Bitcoin’s price to retest new all-time highs in coming weeks.
Binance Founder Sentenced
The rise of Binance Coin also comes as Binance founder and former chief executive officer (CEO) Changpeng Zhao begins a four-month prison sentence in California for violating America’s Bank Secrecy Act (BSA).
CZ, as Changpeng Zhao is commonly known, pled guilty in April to charges of money laundering and operating an illegal exchange within the US.
About Binance
Binance is privately held. Its stock does not trade on a public exchange.
