Sokipiriye Dokubo
Binance Coin (BNB) stands out as a promising cryptocurrency in the current market environment. Recently, the token faced a legal battle with the U.S. Securities and Exchange Commission (SEC) and emerged victorious. The federal court ruling affirmed that secondary sales of BNB are fair and not considered securities.
Following this favorable ruling, BNB saw a brief 6% surge before a slight 0.85% drop in the last 24 hours. As of now, BNB is trading at around $506.
BNB: Legal Victory Boosts Binance Coin
The recent groundbreaking decision by the U.S. federal court stated that BNB sales do not fall under the securities category. This ruling propelled BNB to new price peaks. The court specifically outlined that both the cryptocurrency itself and secondary sales of BNB tokens do not meet the criteria for being labeled as securities. This significant judgment has been hailed as a historic moment in the ever-evolving crypto landscape.
Previously, the SEC had listed BNB among 60 cryptocurrencies considered securities back in June 2023. The lawsuit against Binance included severe allegations, including claims of Binance CEO Changpeng Zhao misusing consumer funds.
However, the recent court ruling has provided a boost to BNB, easing the security concerns that have been looming over the token.
“The court found that the SEC did not sufficiently argue that buyers in secondary market sales obtained BNB with an anticipation of profits rather than other uses, a pivotal component of passing the Howey test,” a legal standard established by the Supreme Court to determine if a transaction qualifies as an investment contract.
BNB Weekend Forecast: What’s the Potential Trading Height for Binance Coin Now?
With the latest ruling in favor, trust in BNB among consumers is growing. The token saw a 6% surge on July 6th before stabilizing around the $506 mark. According to CoinCodex, there’s a possibility for the token to rally and hit $632.57 by the close of July 2024.
“Based on our current Binance Coin price forecast, Binance Coin is expected to climb by 28.47% and reach $632.57 by August 7, 2024. As per our technical indicators, the current sentiment leans bearish, with the Fear & Greed Index signaling 29 (Fear). Binance Coin has recorded 13/30 (43%) green days with a 7.35% price fluctuation over the last 30 days.”
Anticipate significant price movements for BNB this week. The forecast suggests that the token could hit $546 by July 15, 2024.
“The Binance Coin price prediction for the next 30 days is an estimation based on the positive/negative trends of the past month. According to these projections, BNB is expected to trade at $546.44 on July 15, 2024, marking a 10.97% increase in the process.”