Binance Coin Recovers Support Despite US Investigation Worries

• Binance coin (BNB/USD) has recaptured crucial support at $266 after a crash caused by adverse publicity.
• The cryptocurrency was previously weighed down by reports of US federal prosecutors investigating Binance for violations of the US Bank Secrecy Act.
• A recovery above $266 sets BNB to the next resistance at $295.

Binance coin (BNB/USD) has seen a remarkable recovery in recent weeks, recapturing crucial support at $266 after a crash caused by adverse publicity. On Tuesday, BNB traded at $274, slowing from a monthly high of $282 the previous day. This recovery comes after the cryptocurrency had lost crucial support at $266 due to the collapse of FTX.

The latest cryptocurrency news suggests that US federal prosecutors have started to investigate the crypto exchange. According to reports, several American firms have been issued subpoenas for their communications with Binance. The exchange is reportedly being probed for violations of the US Bank Secrecy Act, which mandate financial entities to verify their clients in a bid to curb money laundering. BNB price is yet to react to the potential litigation.

The recovery of BNB above $266 sets it up to the next resistance at $295. The cryptocurrency has been able to regain its support level, but it remains to be seen how it will hold up in the face of ongoing uncertainty. The ongoing investigation could potentially weigh down BNB price, and the cryptocurrency may need to break out of the $295 resistance for it to continue its upward momentum.

Investors should be cautious when investing in BNB and continue to monitor the situation. Binance’s woes may not be over yet, and the market could still react negatively to the news of further investigations. It is important to stay up to date with the latest cryptocurrency news and developments in order to make informed decisions.