Binance coin is one of the most promising cryptocurrencies existing in the crypto realm. The token has lately been embroiled in a legal war with the US SEC in which the token has secured a major win. The federal court has declared the secondary sales of BNB as fair, dubbing the token as not a security.
In this wake, the token briefly surged 6% before falling down 0.85% in the last 24 hours. The token is presently trading at a price threshold of $506.
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BNB: Court Ruling Supports Binance Coin
In a landmark court proceeding, the US federal court has dubbed BNB sales as “not securities”, ushering in a wave of new price highs for BNB. The US court went a mile ahead to state a novel verdict, adding how the cryptocurrency and secondary sales of BNB tokens, both do not constitute securities. The verdict is currently being dubbed historic, with many labeling the decision as a “landmark” proceeding in the budding realm of crypto.
The SEC had earlier accused 60 cryptocurrencies of being securities and had later added BNB to the list in June 2023. The lawsuit against Binance entailed heavy accusations including labeling Changpeng Zhao as being involved in dubious usage of consumer funds.
However, the new ruling supports BNB, removing the security stigma that was plaguing the crypto token as of late.
“The court held that the SEC failed to plead that purchaser in secondary market sales acquired BNB with an expectation of profits, rather than for other uses, which is a key criterion for passing the Howey test (a legal framework outlined by the Supreme Court to determine whether a transaction qualifies as an investment contract”
BNB Weekend Forecast: How High Can Binance Coin Trade Now?
With the new ruling in place, consumer confidence within the crypto sphere is now pivoting towards BNB. The crypto token surged 6% on July 6th, before plummeting back to trade at the $506 price level.
According to CoinCodex, the token may surge and spike to trade at $ 632.57 by the end of July 2024.
“According to our current Binance Coin price prediction, the price of Binance Coin is predicted to rise by 28.47% and reach $ 632.57 by August 7, 2024. Per our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing 29 (Fear). Binance Coin recorded 13/30 (43%) green days with 7.35% price volatility over the last 30 days.”
For this week, the token may adopt a rigorous price pace. BNB is expected to hit $546 by July 15, 2024
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“The Binance Coin price forecast for the next 30 days. It is a projection based on the positive/negative trends in the past 30 days. Based on these Binance Coin projections. BNB will be changing hands at $ 546.44 on Jul 15, 2024, gaining 10.97% in the process.”
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