How Is Binance Coin (BNB) Faring After CZ’s Release?

The cryptocurrency market can be highly volatile and unpredictable. Binance Coin (BNB) surged throughout the past week. The asset rose to a high of $616 before dropping to a low of $572.

This drop surprised many, as they expected BNB to witness a spike following the release of Changpeng Zhao, the founder of Binance, the cryptocurrency exchange.

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Impact Of CZ’s Release on Binance Coin

CZ’s Early Release From Prison

CZ was released from prison two days before his four-month sentence was over. The Binance founder was sent home early as the release date coincided with a public holiday. The Bureau of Prisons reportedly made this decision.

Allegations And Plea Deal

Allegations that Binance violated US anti-money laundering laws led to Zhao’s imprisonment. In the 2023 plea deal, he agreed to pay a $50 million fine.

Market Reaction To CZ’s Release

As a result, Binance Coin investors were awaiting CZ’s release to see a surge in the asset. But at press time, BNB was trading at $572.34 after a nearly 4% drop over the past 24 hours. Despite this dip in its price, the daily volume of BNB was up by 22%.

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How High Will BNB Surge This October?

Changelly predicts that BNB will reach a new all-time high this following month. The price of BNB will be an average of $683.95 throughout the month. In addition, the altcoin could trade at a low of $613.41, much higher than its current price. Furthermore, the maximum price that BNB will surge to is $754.49 in October 2024.

BNB hit an all-time high of $720.67 about four months ago in June. The asset is currently 20% below this peak. A surge to $750 will push a majority of BNB holders into profit.

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