The CEO of CryptoQuant said that the crypto market will increase significantly after CZ announced its return
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CryptoQuant's CEO predicts a market surge related to CZ's pre-release potential. Recent cryptocurrency gains may be in line with expectations that CZ will return from prison.
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CryptoQuant CEO Ki Yang Ju said the cryptocurrency market “will speak” as Binance founder Changpeng Zhao (CZ) announced his return.
CZ is out early this morning – bullish vibes everywhere. I'm not sure why, but I'm feeling it too.
He just has to post “I'm back” and the market will be affected.
— Ki Young Ju (@ki_young_ju) September 27, 2024
CZ may be released today after serving a four-month prison sentence for failing to implement proper anti-money laundering controls at Binance.
Under federal guidelines, inmates are allowed to be released early the previous business day if their release date falls on a weekend. This policy is part of a broader set of rules governing prisoner release procedures, which include requirements for good behavior and other qualifications.
CZ is expected to fly to Dubai or Paris to meet his family upon his release. He has been permanently barred from any involvement in managing Binance in any way, according to an agreement with US regulators. The agreement effectively prevents him from returning to leadership in the company.
Despite this, CZ retains majority shareholder rights. Traders are looking forward to the market volatility after the release, especially in altcoins and Binance Coin (BNB). At the time of reporting, BNB is trading at around $612, up about 3% in the last 24 hours on CoinGecko.
Bitcoin extended its rally at $65,000. It is now changing hands at around $66,400, up 2.5% on the day. Meanwhile, Ethereum is approaching the $2,700 level.
These activities have contributed to a more than 1% increase in the value of the global crypto market, which is now worth more than $2.4 trillion.
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