Binance Founder and former CEO Changpeng Zhao (CZ) will be released early on Friday.
The cryptocurrency community speculates a bullish price movement resulting from the founder’s release.
Crypto traders worldwide welcomed an astonishing report that stated CZ’s early release from prison. This news comes amid a circumstance when the crypto market is witnessing increased volatility. Leading cryptocurrencies are laying the groundwork to establish a full-fledged bull run, while bears pose hurdles.
Notably, Binance Founder and former CEO Changpeng Zhao’s release from the Californian prison was scheduled for Sunday, September 29. However, due to the release date falling on a weekend, inmates are usually allowed to leave prison early. Thus, the community speculates his release on Friday, September 27.
Moreover, the Binance Founder was given a four-month prison sentence for non-compliance to anti-money laundering laws within the Binance exchange. CZ served two months in a minimum security prison, before being shifted to Long Beach, California.
In the past few months, the community has been anticipating his release. Several traders also went further, expecting CZ’s release to cause a bullish run within the crypto market. Specifically, prominent community member, Lark Davis (@TheCryptoLark) was one of the traders who stated that bullish movements might occur in October post CZ’s release.
How Will Binance Founder CZ’s Release Affect Crypto Price Action?
In the last 24 hours, the overall crypto market has incurred a positive momentum as Bitcoin and altcoins sparked bullish candles. Zooming out, the past few days have seen a gradual price increase often deterred by downward movements. Nevertheless, Bitcoin reached the $65K mark after nearly a month of trading at lower levels.
Additionally, if the Binance Founder’s release does manage to propel prices as speculated by the community, it might aid cryptocurrencies in witnessing price breakouts. Bitcoin and Ethereum are expected to test new levels in the coming months according to market analysts.
Meanwhile, Binance welcomes its founder’s release amid several other regulatory turmoil. The crypto exchange is still battling with the Nigerian SEC for the release of Executive Tigran Gambaryan. On the other hand, Binance also recently settled with Indian regulatory bodies for GST Tax and anti-money laundering concerns.
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