Did CZ's Prison Sentence Fuel Its Price Rally?

Did CZ’s Prison Sentence Fuel Its Price Rally?

26 April 2024

in BNB

Reading Time: 4 mins read

Binance Coin, or BNB, is currently back in the spotlight due to the coin’s recent price rally. Per CoinMarketcap, BNB is trading in the green, trading at $606 in the last 12 hours. The token was earlier trading at $600 around 3:36 IST.

BNB’s recent price ascent is speculated to be partly fueled by its CEO’s recent prison sentence situation. The development waged a war of opinions on X, where crypto enthusiasts were seen praising Zhao for his efforts.

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BNB Price and CZ’s Prison Sentence: The Connection

Binance’s CEO, Changpeng Zhao, has recently been sentenced to spend three years in prison. Zhao was arrested on grounds of violating the US anti-money laundering laws, which ultimately led to CZ’s unprecedented fall.

The US Department of Justice is now mulling over delivering a three-year prison sentence for CZ. The new development may have helped BNB to note a slight price peak in its valuation, possibly driven by hard-core Binance loyalists who consider CZ the sole savior of the crypto world.

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The massive outpour of sympathy was evident on X, where crypto enthusiasts were noted commenting on CZ’s case developments, adding that the Binance CEO was the one who helped the crypto world “bloom to the fullest.”

If the #Bitcoin crypto ecosystem has bloomed this much, we owe it to CZ! ????

— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 25, 2024

The hype and attention that BNB received last night post-CZ’s prison sentence announcement might have compelled the token to note a positive price ascent. The token is currently trading at $605 at press time.

BNB Chain had earlier burned $1.17 billion in tokens in circulation, which may have also contributed to its stellar price threshold. However, it wasn’t until CZs arrest that the token rose and peaked to breach the $600 mark.

BNB Price Prediction for This Week

According to CoinCodex, BNB may note a surge of nearly 3.70% to trade at $629 by April 30.

Additionally, the platform shared that the token may continue to boast a positive price ascent and may establish a new price threshold by May 2, 2024.

The month of May seems promising for BNB, as the token may surge by a staggering 19% to trade at $726 if the market continues to favor the token’s current price path.

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“The price of Binance Coin may rise by 19.69% and reach $726.46 by May 25, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 72 (greed). Binance Coin recorded 16/30 (53%) green days with 3.57% price volatility over the last 30 days.”

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