This weekend, on Sunday, September 29, the founder of the popular Binance platform and creator of its cryptocurrency, Changpeng Zhao (CZ), will be released after completing his four-month prison sentence.
Impact of CZ release on Bitcoin prices
Many cryptocurrency experts on the X platform expect this event to push Bitcoin and other cryptocurrencies higher. It also coincides with the start of October, which is called “Uptober,” a period that is traditionally considered a bullish season for cryptocurrencies. Over the past decade, Bitcoin prices have seen significant increases during October and November, usually followed by an additional increase in December known as the “Santa Claus Rally.”
One X user, @CryptoWizardd, predicted that Bitcoin will hit $70,000 soon, noting that upcoming events could support this trend.
Interest Rates Rise, Markets Recover
Along with the release of CZ, financial markets began to recover last week after the Federal Reserve announced a 50 basis point interest rate hike last Wednesday, boosting both financial markets and the cryptocurrency market.
Beyond Binance: The Future of CZ
After being accused of violating US securities laws, CZ stepped down as CEO of Binance, and the company agreed to pay a massive multi-billion dollar fine at the request of the US Department of Justice. One of the terms of the deal is that CZ is barred from running Binance for the rest of his life.
Before his prison sentence, CZ announced that he had no interest in returning to entrepreneurship, preferring to remain a crypto investor. He also launched an online education project called Giggle Academy to teach underprivileged children for free in finance, blockchain, English, and math.
The market is waiting for an upward wave.
With the CZ release approaching, many analysts are expecting the cryptocurrency market, especially Bitcoin, to see a significant recovery in the coming days and weeks, coinciding with the traditional October bull run.
