Public sentiment towards cryptocurrencies will be released positively.
Along with the potential benefits of BNB, positive sentiment for the broader crypto market is also on the rise. Under the banner of “Uptober,” several prominent community commentators have attributed the crypto price spikes to CZ’s release. In short, the theory goes that October has traditionally been a profitable month for the industry.
When CZ gets out of prison at the beginning of the month, it will generate good publicity for cryptocurrencies everywhere. If Binance’s BNB strategies work, at least one prominent coin will rise at the same time.
So, it’s no surprise that people are speculating about the success of the industry more broadly. Bitcoin is soaring for largely unrelated reasons, and Zhao’s release from federal prison on September 29 could be a catalyst. Binance is preparing several new measures to welcome him, and a crypto rally is expected.
BNB appears to be the most immediate beneficiary, but other crypto assets could also benefit from the “bullish October.”
CZ release
Changpeng Zhao, the founder and former CEO of Binance, has been in prison for the past few months. However, thanks to a plea agreement with the Department of Justice, Zhao is set to be released on September 29.
Important questions have been hanging in the air for the crypto community: How will the crypto markets react? Where will Binance go from here?
Binance founder Zhao release date. Source: US Federal Bureau of Prisons
On the one hand, Zhao’s influence on the company is far from over. Technically, he has been permanently barred from resuming his role as CEO or any other direct leadership.
However, it remains the largest shareholder and as such can appoint people to critical positions. New CEO Richard Ting has claimed that the company will have a new focus on compliance.
“At some point in their lives, most financial institutions will choose to pay a heavy penalty. But the important thing is to recognize mistakes, invest correctly and move forward and become better. That’s what we’re doing now,” Ting said.
Whatever Zhao decides to do after his release, he will have supporters. For example, CryptoQuant CEO Ki Young Ju spoke out strongly in Zhao’s defense on September 22.
Young Ju painted a picture of Zhao as a pioneer, a “businessman worthy of respect,” and emphasized that he had paid his debt to society. If Zhao wanted to start over, he should have the opportunity to do so.
The Future of Binance
Binance is already taking several steps to generate good publicity ahead of the CZ release. On September 25, the company announced a comprehensive system upgrade to improve performance and stability on the Binance platform. The announcement stresses that all services will experience outages, suggesting that these upgrades may be comprehensive.
Additionally, Binance Coin (BNB) will be getting its own upgrades on the same day as CZ’s release. According to a blog post from BNB, the Bohr Hard Update will go live on September 29, which includes major quality-of-life upgrades.
Most notably, validators are able to produce consecutive blocks, creating a smoother experience for developers and users. BNB is targeting a price of $600 following this update.
General sentiment towards cryptocurrencies is positive.
Along with the potential benefits of BNB, positive sentiment for the broader crypto market is also on the rise. Under the banner of “Uptober,” several prominent community commentators have attributed the crypto price spikes to CZ’s release. In short, the theory goes that October has traditionally been a profitable month for the industry.
When CZ gets out of prison at the beginning of the month, it will generate good publicity for cryptocurrencies everywhere. If Binance’s BNB strategies work, at least one prominent coin will rise at the same time.
So, it’s no surprise that people are speculating about the success of the industry more broadly. Bitcoin is surging for largely unrelated reasons, and Zhao’s release could act as a catalyst.
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