Binance Coin (BNB) Price Buoyed by News of Acquisition

The Binance Coin (BNB) price broke out from a descending resistance line but has yet to reclaim a crucial horizontal resistance level. Whether it is successful in doing so could determine the direction of the future trend.

Despite the ongoing crypto bear market, Binance had a relatively successful 2022, all things considered. Firstly, Binance’s CEO Changpeng Zhao catalyzed the downfall of the rival firm FTX by tweeting that he would sell all his FTT tokens.

This announcement sparked the bank run that was the first step in FTX’s downfall. Besides that, Binance also launched the Cristiano Ronaldo NFT collection and created a $1 billion industry recovery fund to invest in struggling crypto firms.

In more recent Binance news, the exchange is reportedly acquiring Gopax, one of the largest exchanges in South Korea. BNB, the native token of the BNB chain increased as a result of the news.

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