- Former Binance CEO CZ has been moved to a halfway house.
- Market sentiment and technical indicators remained bullish for BNB.
Changpeng Zhao, widely known as CZ, co-founder and former CEO of Binance [BNB], is nearing the end of his sentence.
CZ, who owns a 90% stake in Binance valued at $33B, stepped down as CEO in November 2023 following a settlement with the U.S. Department of Justice, where he pled guilty to anti-money laundering and sanctions violations.
Source: X
Recent rumors of being CZ free are inaccurate.
Initially held at FCI Lompoc II in California, CZ has been transferred to Long Beach, specifically to a ‘residential reentry management’ facility, commonly known as a halfway house.
Source: X
This move indicates that CZ is nearing his release, set for the 29th of September 2024.
With 38 days remaining until his release, Binance started facing a new lawsuit over alleged anti-money laundering and Know Your Customer practices.
The news of CZ’s transfer caused a 3.46% surge in BNB’s price yesterday, and today it is up by 1.40% at the time of writing.
Source: CoinMarketCap
The big question remains: Will CZ’s full release trigger a bull market for BNB?
BNB’s market cap and its memecoins
BNB’s value surged to nearly four times that of Tron [TRX], indicating a significant momentum shift from Tron hype to Binance Smart Chain [BSC].
The altcoin’s market cap stood at $84.4 billion at press time.
Source: TradingView
With the launch of new meme tokens on BSC, such as BinanceDog and Simons Cat, BNB’s price could potentially skyrocket.
These memecoins are likely to drive significant activity on BSC, which would, in turn, boost BNB’s value.
There’s also potential for a Binance listing once enough trading volume is generated, as these tokens have already secured listings on other major exchanges.
BNB weekly outlook
On a weekly timeframe, BNB presents a strong chart pattern. After consolidating under its previous all-time high and sweeping both the top and bottom of its range, BNB has now set to reclaim its previous high.
Source: TradingView
This setup suggested a potential bull run that could push BNB’s price toward the $1,000 level, especially once CZ is fully released.
Liquidation and net longs heatmap
Furthermore, the BNB liquidation and net longs heatmap show strong market sentiment.
Net longs at the $597-$600 price level are valued at $122.6 million. Also, those at the $666-$669 level were worth $89.2 million.
Read Binance Coin’s [BNB] Price Prediction 2024 – 2025
The liquidation heatmap indicated lower liquidation activities, reflecting a more stable and confident market.
Source: Hyblock Capital
CZ’s full release could trigger a bull market for BNB, with the potential for significant price increases driven by both market sentiment and technical indicators.
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