Key Takeaways
CryptoQuant CEO predicts market surge linked to CZ’s potential early release.
Recent cryptocurrency gains may align with anticipation of CZ’s return from prison.
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CryptoQuant CEO Ki Young Ju predicts that as soon as Binance founder Changpeng Zhao (CZ) announces his return, the crypto market “will skyrocket.”
CZ is getting out early today—bullish vibes everywhere. Not sure why, but I’m feeling it too.
He just needs to post “I’m back” and the market will skyrocket. https://t.co/aFtIePtJSN
— Ki Young Ju (@ki_young_ju) September 27, 2024
CZ might be released from prison today after serving a four-month sentence for failing to implement proper anti-money laundering controls at Binance.
Based on federal guidelines, inmates are allowed to be released early on the preceding last weekday if their scheduled release date falls on a weekend. This policy is part of broader regulations governing inmate release procedures, which also include considerations for good behavior and other eligibility criteria.
CZ is also expected to fly to Dubai or Paris to reunite with his family upon his release. Under the terms of a settlement with US regulators, he has been permanently banned from any involvement in managing Binance in any capacity. The agreement also effectively bars him from returning to a leadership role at the company.
Despite that, CZ retains majority shareholder rights. Traders anticipate potential market volatility, especially in altcoins and Binance Coin (BNB), following his release. At the time of reporting, BNB is trading at around $612, up around 3% in the last 24 hours, per CoinGecko.
Bitcoin has extended its rally following a recent breakout through $65,000. It is now changing hands at around $66,400, up 2.5% in a day. Meanwhile, Ethereum is edging closer to the $2,700 level.
These movements contribute to over 1% increase in the global crypto market cap, now valued at over $2.4 trillion.
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