Key takeaways
- CryptoQuant CEO predicts a market surge related to the possible early launch of CZ.
- The recent cryptocurrency gains may align with the 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 cryptocurrency market will “skyrocket.”
CZ will be out early today – bullish vibes all around. I'm not sure why, but I feel it too.
You just need to post “I'm back” and the market will skyrocket. https://t.co/aFtIePtJSN
– 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 adequate anti-money laundering controls at Binance.
Under federal guidelines, inmates are allowed to release 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 good behavior considerations and other eligibility criteria.
CZ is also expected to fly to Dubai or Paris to join his family upon his release. Under the terms of an agreement with US regulators, he has been permanently banned from participating in the management of Binance in any capacity. The agreement also effectively prevents him from ever holding a leadership position at the company again.
Despite this, CZ retains the rights of majority shareholder. Traders anticipate possible market volatility, especially in 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, per CoinGecko.
Bitcoin has extended its rally following a recent break above $65,000. It is now changing hands at around $66,400, up 2.5% in one day. Meanwhile, Ethereum is approaching the $2,700 level.
These moves contribute to a more than 1% increase in the global crypto market capitalization, now valued at more than $2.4 trillion.
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