Crypto’s rally on Binance news could prove to be short-lived

Crypto markets stabilized Wednesday after a brief dip Tuesday following news that Binance and former CEO Changpeng Zhao had entered into an agreement with the US government, terms of which include Zhao’s guilty plea and a payment of $4.3 billion in fines and forfeitures from Binance. 

Bitcoin and ether posted gains this morning, rallying around 2% and 5%, respectively. Stocks also opened in the green, with the Nasdaq Composite up around 0.8% and the S&P 500 gaining about 0.6% in the half hour after the open. 

Crypto’s rally is not surprising, analysts say, as Binance’s settlement with the US Department of Justice is largely being perceived as a step in the right direction, and…

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