Key takeaways
- CryptoQuant CEO predicts a market rise linked to the potential early release of CZ.
- Recent cryptocurrency gains could match anticipation of CZ’s return from prison.
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Ki Young Ju, CEO of CryptoQuant, predicts that as soon as Binance founder Changpeng Zhao (CZ) announces his return, the crypto market will “skyrocket.”
CZ is out early today – bullish vibes all around. I don’t know why, but I feel it too.
All he has to do is post “I’m back” and the market will skyrocket.
– Ki Young Ju (@ki_young_ju) September 27, 2024
CZ could be released from prison today after serving a four-month sentence for failing to implement proper anti-money laundering controls at Binance.
Under federal guidelines, inmates are allowed to be released early on the last day of the previous week if their scheduled release date falls on a weekend. This policy is part of broader regulations governing inmate release procedures, which also include considerations of good conduct and other eligibility criteria.
CZ is also expected to travel to Dubai or Paris to reunite with his family upon his release. Under the terms of an agreement with US regulators, he was permanently banned from any involvement in the management of Binance in any capacity. The agreement also prohibits him from returning to a management role within the company.
Despite this, CZ retains majority shareholder rights. Traders anticipate potential market volatility, especially for altcoins and Binance Coin (BNB), following its release. At the time of writing, BNB is trading at around $612, up around 3% in the last 24 hours, according to CoinGecko.
Bitcoin extended its rally after a recent breakout of $65,000. It is now changing hands at around $66,400, up 2.5% in one day. Meanwhile, Ethereum is closing in on the $2,700 level.
These moves contribute to a more than 1% increase in the global crypto market capitalization, now valued at over $2.4 trillion.
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