With the recent news that Changpeng Zhao, the ex-CEO of Binance, will be released on September 29th, the buzz around Binance Coin in the crypto market has increased. However, will this recent buzz result in a new bull run for Binance Coin, surpassing the $724 all-time high mark?
Previously, on April 30th, CZ was sentenced to four months in prison for the ineffective implementation of an anti-money laundering framework over Binance. This made Binance a go-to platform for cyber criminals and alleged terrorist activities.
On a side note, due to this legal matter, CZ resigned as the CEO of Binance in November 2023 and paid a $50 million fine as a settlement fee with the US authorities. This dropped in Binance Coin price in short-term.
Additionally, Binance agreed to pay almost $4.5 billion for civil regularity penalties. Despite being sentenced in April 2024, CZ started serving his prison time not until late May 2024.
As the four months pass by, CZ will be stepping out of prison this Sunday, September 29th. This has led to a massive boost in Binance’s trading volume. However, questions are arising about whether investing in Binance right now is safe. So, let’s take a look at the historical records.
On April 30th, the sentencing day of CZ, the Binance Coin price fell by 2.45%. However, the BNB coin price remained sideways in a larger consolidation pattern ranging from $500 to $636.
Furthermore, the Binance Coin price recovered from the time between the announcement of the sentence and the start of serving time by almost 5%. Hence, despite being potentially bearish news, the BNB price sustained spikes in FUD and asserted dominance above the 50-day EMA.
During this period, it was in a consolidation range, reflecting the resilience of the underlying demand.
The Binance Coin price is on a bullish rally and has registered a price jump of almost 25% within the last 20 days. Trading near the $600 resistance level, the intraday recovery of 1.48% puts the BNB coin price on a bullish foot.
With the bullish news of CZ coming out of prison on September 29th, the underlying resilience, strong performance, and ongoing recovery rally breaking a falling channel make BNB a potentially safe investment.
Furthermore, the upcoming crypto rally in October is likely to boost the BNB price above the $700 mark.
Curious to know if Binance Coin will hit $1,000 this year? Find out now in Coinpedia’s Binance Coin (BNB) Price Prediction for 2024 to 2030.
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