The U.S. Supreme Court’s refusal to hear Binance’s appeal against a class action lawsuit has significantly impacted BNB’s market performance. Following this decision, BNB’s price dropped to 660 USD before recovering to approximately 687 USD, highlighting volatility in the cryptocurrency’s trading.
The class action lawsuit against Binance, initiated in 2020, alleged that the exchange offered unregistered securities to U.S. Investors. Although Binance initially won the case, the Manhattan Appeals Court revived it, asserting that U.S. Laws apply since investors accessed the platform through U.S. Servers.
Currently, BNB faces pressures from declining funding rates and negative market sentiment. Despite trading within a symmetrical triangle pattern, a bearish breakout could lead to a drop toward 510 USD unless it overcomes resistance at 706 USD. Upcoming changes in SEC leadership may influence investor confidence positively.