In June Binance Coin (BNB) has made an incredible price rise and attracted attention as the first altcoin to reach an all-time high (ATH) after Bitcoin among the top ten cryptocurrencies. What makes this incident even more interesting is that it happened about three months after Changpeng Zhao, the founder and former CEO of Binance exchange, was sentenced to four months in prison. There are comments that BNB may move to new ATHs in the future, depending on the emergence of documents indicating that CZ will be released from prison next month.
CZ’s Homecoming a Strength Signal for Binance and BNB
According to information shared by the United States Federal Bureau of Prisons (BOP), CZ left the prison in Lompoc, central California. Latest data Upon further review, it appears that Zhao is currently at Residential Reentry Management (RRM) in Long Beach. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
RRM serves as a rehabilitation center located in San Pedro, in the same city. According to information that emerged in recent days, it is thought that this transfer is related to the release of CZ on September 29.
On the other hand CZ’s This situation could also have a major impact on the BNB price. For example, according to Artemis data (above), BNB’s DEX trading volume surpassed $1 billion for the first time since the massive market crash on August 5. The resulting volume is also calculated as the amount of cryptocurrency traded outside of centralized platforms like Binance.
This increase in value also indicates increasing demand and may indicate an expectation of a price increase for the coin in question. As of press time, BNB is trading at $587, 18% away from its ATH of $720.67.
If this surge in DEX volume continues leading up to CZ’s expected release date, BNB’s price could be seen moving in that direction. If this happens, it could also reflect the possibility of the coin’s value rising above its current ATH.
How Many Dollars is BNB?
BNB’s Despite the ups and downs in price, the 4-hour chart showed an increase within an ascending channel. The formation reflected in the chart showed that the upward trend was still continuing. If the formation continues without breaking, BNB could potentially retest the $700 level before the end of September.
In addition, according to the chart below, the price of BNB may have the possibility of rising again to $648.80 in the next few weeks. If the buying pressure increases, the price may jump to $724.67.
However, things are going the other way around and CZ’s In the event of a hitch in his release from prison or in the scenario where the process is taken to a completely different dimension due to a new case by the SEC, market participants may be negatively affected, and the overall market trend may change to a downward trend again, as a result of which the value of BNB may decline to $526 or even $472.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
