Key Points
- Binance Coin (BNB) has rebounded by 15%, recovering to the $1,300 mark.
- Binance founder Changpeng Zhao (CZ) defends the exchange amidst criticisms.
Binance Coin, the native digital currency of the BNB Chain, has experienced a sharp recovery in the recent crypto market rebound. In the last 24 hours, the price of BNB has risen by 15%, exceeding the critical level of $1,300. This comes after Binance founder, Changpeng Zhao (CZ), defended the exchange against criticisms following the crypto market crash on October 10.
BNB’s Impressive Recovery
BNB is currently outperforming other cryptocurrencies with a 15% increase, trading at $1,320 and looking towards new all-time highs. The daily trading volumes of the altcoin have also surged by 57% to $10.89 billion.
BNB has fully recovered from the market crash triggered by Trump’s tariff last week, indicating a strong comeback.
According to CoinGlass data, BNB futures open interest has also increased by 28% to $2.48 billion, suggesting traders are optimistic about future price surges. Other experts in the crypto market have also praised BNB’s resilience.
Changpeng Zhao’s Defense of Binance
Following the congestion of orders during last week’s crypto market liquidations, Binance faced significant criticisms. The exchange was accused of playing a role in manipulating the crypto market and the price of BNB.
However, CZ defended the exchange, stating that unlike many crypto projects that depend on external market makers to support token prices, BNB operates independently without such intervention.
CZ further clarified that none of his affiliated entities have bought or sold BNB in recent weeks, emphasizing that BNB’s price movement is purely market-driven.
In response to the recent market volatility, Binance announced a $283 million compensation for affected users. CZ also highlighted the strength of BNB, attributing it to the protective actions taken by key BNB Chain ecosystem players like Binance and Venus, who have spent hundreds of millions from their own pockets to protect users.
