- Former Binance CEO CZ has been moved to a halfway house.
Market sentiment and technical indicators remained bullish for BNB.
As a seasoned crypto investor who has weathered numerous market storms, I have learned to keep my eyes open and my nerves calm amidst the ever-changing tides of the cryptosphere. The recent news about former Binance CEO CZ’s transfer to a halfway house is intriguing, to say the least.
Changpeng Zhao (also known as CZ), a key figure who helped establish Binance [BNB] and once served as its CEO, is approaching the conclusion of his term.
In November 2023, Changpeng Zhao (CZ), who holds approximately 90% ownership in Binance worth around $33 billion, resigned as CEO after reaching a settlement with the U.S. Department of Justice. During this settlement, he admitted guilt for violating anti-money laundering regulations and sanctions.
Recent rumors of being CZ free are inaccurate.
Originally located at FCI Lompoc II in California, CZ was later moved to a ‘residential reentry management’ facility, which is often referred to as a halfway house, and now resides in Long Beach.
This move indicates that CZ is nearing his release, set for the 29th of September 2024.
As Binance’s release date drew closer, approximately 38 days away, they found themselves embroiled in a fresh lawsuit, this time concerning accusations about their anti-money laundering and customer identification procedures.
Yesterday’s announcement about CZ’s transfer led to a 3.46% increase in BNB‘s value, and currently, it has risen an additional 1.40% as I am writing this.
The big question remains: Will CZ’s full release trigger a bull market for BNB?
BNB’s market cap and its memecoins
The worth of BNB almost quadrupled compared to Tron (TRX), suggesting a substantial change in the momentum, moving from excitement about Tron to Binance Smart Chain (BSC).
The altcoin’s market cap stood at $84.4 billion at press time.
The introduction of fresh meme-based tokens on the Binance Smart Chain (BSC), like BinanceDog and Simons Cat, might lead to an increase in demand for BNB, possibly causing its value to surge dramatically.
Memecoins could potentially spark high levels of interaction within the Binance Smart Chain (BSC), leading to an increase in the worth of BNB as a result.
Additionally, it’s possible that these tokens could be listed on Binance if sufficient trading activity is achieved, given they’ve previously been successful in obtaining listings on other prominent exchanges.
BNB weekly outlook
Over the course of a week, BNB is exhibiting a robust chart structure. Following a period of consolidation below its old record high, it has moved to challenge and potentially surpass that previous peak once more.
The proposed arrangement hints at a possible upward trend for BNB, potentially driving its value near the $1,000 mark, particularly when CZ’s full release occurs.
Liquidation and net longs heatmap
Furthermore, the BNB liquidation and net longs heatmap show strong market sentiment.
Long positions (investments) that are held at around $597 to $600 in price have a total value of approximately $122.6 million. Similarly, long positions at approximately $666 to $669 in price have an estimated value of about $89.2 million.
Read Binance Coin’s [BNB] Price Prediction 2024 – 2025
The liquidation heatmap showed fewer instances of liquidation, suggesting a market that’s more steady and self-assured.
In simpler terms, if CZ (Changpeng Zhao) fully announces his plans, it might ignite a period of rising prices for BNB (Binance Coin). This surge could be fueled by both the optimism in the crypto market and the technical analysis of price trends.
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2024-08-23 11:52