Binance Coin (BNB) surged by 18.0% to $707 this week, significantly outperforming Bitcoin (BTC), which rose by 5.0%. While BNB is rising in sync with Bitcoin, its volatility is much higher.

Investor sentiment was boosted by a petition from U.S. Congress members to President Biden, urging intervention in Binance's trial in Nigeria and the return of detained Binance executive, Tigran Gambaryan. This development suggests a growing tolerance towards Binance from U.S. authorities.

BNB network activity has jumped by 50% in recent weeks, according to BscScan. Investors have been buying dips at $600. If prices hold above $700, the path to the next target at $800 will be opened.