Former Binance CEO Banned as Ethereum’s Struggles Drive Investors to New Project

Ex-Binance CEO Banned, Ethereum’s Poor Price Movement Pushes Investors To New Project

While the crypto community awaits the release of Changpeng Zhao, the Binance CEO has revealed he has been banned from the exchange. In other news, VanEck has cited some reasons for the poor growth of the Ethereum coin.

Meanwhile, IntelMarkets has become the most preferred presale among investors. The project has attracted a lot of attention from top investors and is on track to raise $1 million before the end of September. 

Binance CEO Says Changpeng Zhao is Banned 

In a recent report by Axios, Binance CEO Richard Teng said that CZ has been banned for life from managing or operating the exchange. This comes only a few weeks to the release of Zhao on September 29th.

The previous Chief Executive Officer is in jail now for 4 months for the charges of money laundering. In other news, Binance Coin BNB is trading below the 200-day SMA at $535.36. The cryptocurrency has suffered from selling pressure in the past month. 

This has affected the market cap of Binance Coin crypto, which is consolidating between $70 billion and $90 billion. In terms of future price movement, analysts expect Binance Coin price to return to the $600 level in the coming weeks.

VanEck Cites Reasons for Ethereum’s (ETH) Poor Price Performance 

Top asset manager VanEck has talked about the reasons for Ethereum’s poor price movement in its crypto monthly report. The report divided the issues into three main categories: a general trend of revenue decline in the network, policy choices, and value extraction from layer-2 solutions and service providers.  

According to VanEck, these factors have affected Ethereum’s decentralized exchange trading volume. It has dropped from 42% in 2022 to 29% in 2024. Also, the Ethereum price has dropped in the past month, trading below the 50-Day SMA ($2,874.17).

Yet, Ethereum crypto remains the largest altcoin with a market cap ranging between $260-$340 billion on the monthly timeframe. Analysts forecast its price may increase in the next few weeks when market sentiment improves.

Investors Turn To IntelMarkets Amidst Market Decline

IntelMarkets (INTL) has become the most preferred ICO for investors within the past few weeks since its launch. The project has raised over $230k in funding and is now aiming for $1 million. One reason for this high interest is the team behind it, which is made up of tech leaders from Google, OpenAI, and Goldman Sachs. 

They want to use their expertise to build a new initiative to redefine trading using AI and advanced trading tools. The trading bots provided in the platform can be modified by the traders on the amount of capital to be invested based on the desired risk and returns. 

Also, IntelMarkets is entering the market with aggregated data feeds. This will give retail traders enough data to work with, allowing them to make well-informed decisions. Analysts forecast the price of its native token, INTL, to rise 1,100% soon. The coin is currently valued at $0.009, making it a great buy for smart investors.

Can IntelMarkets Take Over the Market With Binance Coin Down?

Despite the fact that IntelMarkets is a fairly new player in the crypto space, it has so much promise. The project which aims at transforming the $36.5 billion crypto trading platform market, implements AI technologies and unique trading tools that are not available on other similar platforms.

These tools are expected to attract a wider audience. This will consequently increase the usage and value of INTL in the long run.

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Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.