Many experts in the crypto industry are predicting that the trade price of Bitcoin is on the verge of surging above the $70k level. This bullish outlook is fueled by a combination of factors, including the imminent release of Changpeng Zhao (CZ) from jail.
CZ, the co-founder and former CEO of Binance, was sentenced to jail three months ago for violating US Anti-Money Laundering measures. Binance had provided crypto trading services to American customers without proper registration or licensing. However, CZ’s sentencing period is coming to an end, and he is set to be released on either 28 Sep or 29 Sep, depending on various reports.
It is important to note that CZ will not be allowed to resume his role as a Binance executive upon his release. While he will retain ownership of the exchange, he is prohibited from directly engaging in Binance’s crypto business as part of his settlement with US authorities.
Despite these restrictions, CZ’s release is expected to have a positive impact on the crypto market, particularly Bitcoin. Speculation suggests that the trade price of Bitcoin will receive a significant boost, leading to a larger rally as positive sentiment prevails. Additionally, there are expectations that the trade price of Binance Coin (BNB) will also experience a notable surge.
As of now, the current trade price of BNB stands at $602, marking a 90% increase year to date. With CZ’s impending release and the potential bullish momentum in the market, both Bitcoin and BNB are poised for further price appreciation.
In conclusion, CZ’s release from jail is a significant development that could have far-reaching implications for the crypto industry. As investors eagerly anticipate the potential price surges of Bitcoin and BNB, all eyes will be on the market in the coming days.