Binance Settlement Bolsters Bitcoin, Ether On Heels Of Changpeng Zhao's Resignation

The cryptocurrency market has been in a state of flux following the recent news surrounding Binance and Changpeng Zhao's resignation as CEO.

At the time of writing, Bitcoin (CRYPTO: BTC) is priced at $37,346.50, up 4.46%.

Ether (CRYPTO: ETH) is priced at $2,070.85, up 7.11%.

Also Read: Crypto Titan Changpeng Zhao Steps Back, But Will He See The Inside Of A Prison Cell?

Binance’s liquid-staked Ether saw a sudden $500 million burst of inflows over the weekend, pushing its total locked value (TVL) to $1.2 billion.

Other top altcoins, such as Cardano (CRYPTO: ADA) and Dogecoin (CRYPTO: DOGE), also experienced price fluctuations following the Binance news.

The price action of these altcoins underscores the interconnectedness of the crypto market and the significant influence that major exchanges like Binance have on the market.

The U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and Zhao over allegations of offering unregistered crypto derivatives products in the U.S. 

It's believed that Zhao's guilty plea and Binance’s settlement will boost the odds of an eventual approval of a spot-based Bitcoin exchange-traded fund (ETF) in the U.S.

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