The cryptocurrency market is experiencing significant shifts, with Bitcoin hovering near $111,000, SOL Coin approaching $200, and BNB surpassing $1,120. While many altcoins turned green with varying gains, attention is focused on an expected announcement by Trump at 22:00. Speculation surrounds the potential impact on BNB Coin’s price following Trump’s anticipated pardon of Binance founder CZ. Questions arise about how much this will affect BNB Coin’s price.
BNB Coin Chart Analysis
An analyst known as Mags indicated through a chart that following such a pardon, BNB Coin’s price might shoot above $1,400. CZ, currently in transit, has yet to provide a comprehensive statement, leaving future developments uncertain. Speculation or announcements regarding his possible return to Binance could sustain the upward momentum for BNB’s price. Furthermore, altcoins like Aster may also benefit positively from such news.
Altcoin Sherpa has expressed satisfaction with the renewed activity in coins related to CZ, such as Aster, but remains cautious. He cited short-term optimism in SOL over BNB and ETH due to their previous significant rallies. Sherpa mentioned being open to revising his stance if BNB regains its leading position. He emphasized considering CZ’s pardon and its market implications even as it doesn’t compel an immediate sell-off.
CZ and Binance
In 2023, Binance faced challenges due to contraventions related to anti-money laundering requirements in the U.S. During the early days of cryptocurrency markets, Binance leveraged legal gray areas to expand rapidly. This expansion came under scrutiny, especially after the collapse of FTX. Binance opted to settle U.S. regulatory concerns by agreeing to a multi-billion dollar fine, aiming for a clean start under the crypto-skeptical Biden administration.
After serving a four-month sentence, CZ was released in September last year. Post Trump’s electoral victory, CZ hired lobbying expert Ches McDowell to seek a presidential pardon, fully adhering to U.S. legal norms governing such lobbying activities.
Binance has been a solid supporter of WLFI, contributing towards the Trump family’s business ventures, which have been instrumental in their wealth enhancement. With recent developments, CZ and Binance find themselves in a freer landscape, with the three-year Binance oversight possibly concluding sooner than expected. CZ’s return to the exchange appears plausible, alongside a potential comeback of Binance to the U.S. While beneficial for global exchange growth, such a scenario could be disadvantageous to U.S.-based platforms like Coinbase, yet it would deepen global market liquidity.