In June, Binance Coin (BNB) witnessed a remarkable price jump, becoming the first altcoin after Bitcoin to hit an all-time high (ATH) among the top ten cryptocurrencies. This surge occurred approximately three months after Changpeng Zhao (CZ), Binance’s founder and former CEO, was sentenced to four months in prison. With reports suggesting CZ’s possible release next month, there is speculation that BNB could attain new ATHs in the near future.
What Impact Will CZ’s Release Have?
According to information from the United States Federal Bureau of Prisons (BOP), CZ has been moved from Lompoc Prison in Central California to the Residential Reentry Management (RRM) in Long Beach, a rehabilitation center in San Pedro. This transfer is believed to be linked to CZ’s anticipated release on September 29. Access COINTURK FINANCE to get the latest financial and business news.
The recent developments surrounding CZ are expected to significantly affect BNB’s price. Data from Artemis shows that BNB’s decentralized exchange (DEX) trading volume surpassed $1 billion for the first time since the market downturn on August 5. This volume is calculated based on cryptocurrency trades made outside centralized platforms like Binance.
How Much Will BNB Be Worth?
The increase in DEX volume indicates rising demand, hinting at a potential price surge for BNB. Currently, BNB is trading at $587, which is 18% below its ATH of $720.67. Should this upward trend in DEX volume persist until CZ’s release, BNB’s value could exceed its current ATH.
Key Market Indicators
– The 4-hour chart shows an upward trend within a rising channel, suggesting a potential retest of the $700 level before September ends.
– If buying pressure increases, BNB’s price might rise to $648.80 in the coming weeks and could even reach $724.67.
However, if there are complications with CZ’s release or new legal actions from the SEC, the market could react negatively. A bearish trend could bring BNB’s value down to $526 or even $472.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/binance-coin-surges-after-ceos-imprisonment