How High Can Binance Coin Surge After CZ Is Released?

Despite many troubles in its ecosystem, Binance Coin (BNB) maintained its position as the fourth-largest cryptocurrency. The asset has been competing with Solana (SOL), but BNB has reigned over the former. Currently, the altcoin has a market cap of $79 billion. Meanwhile, Solana was the fifth biggest coin with a market value of $61 billion.

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Binance Coin’s Current Position

BNB was trading at $545 at press time, up 1.48% over the past 24 hours. This is considered a significant spike from its previous low of $513 last week. The altcoin rose by over 6% throughout the previous seven days. While this uptick is a bullish indication for the community, they were seen betting on an upcoming event.

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Can Binance Coin Hit $600?

CZ’s Release And Its Impact

The founder of Binance, Changpeng Zhao, is scheduled to be released from Long Beach Residential Reentry Management (RRM) on September 29, as confirmed by the US Federal Bureau of Prisons (BOP).

Background On CZ’s Incarceration

After Binance was called out for neglecting to implement anti-money laundering (AML) procedures, CZ was placed in this low-security jail. To end the multi-year probe, CZ paid a $50 million fine and stepped down as CEO of Binance. This also included a $4.3 billion penalty against the exchange itself.

Market Predictions Post-Release

Since this is great news for the Binance ecosystem, Changelly highlighted a significant uptick in the coming days. According to the platform, BNB will witness a 15% spike from its current price level and surge to a high of $628 on September 29.

This puts the asset closer to its all-time high of $720. Currently, BNB is 24% below this peak.

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