The crypto market will skyrocket as soon as CZ announces its comeback, says CryptoQuant CEO

Share this article

CryptoQuant CEO Ki Young Ju predicts that as soon as Binance founder Changpeng Zhao (CZ) announces his comeback, the crypto market will “skyrocket”.

CZ out early today – upbeat vibes all around. I don’t know why, but I feel it too.

All they have to do is post “I’m back” and the market will skyrocket. https://t.co/aFtIePtJSN

— Ki Young Ju (@ki_young_ju) September 27, 2024

CZ could be released from prison today after serving a four-month sentence for failing to implement proper anti-money laundering controls at Binance.

Under federal rules, inmates are allowed to be released early on the last day of the previous week if their scheduled release date falls on a weekend. This policy is part of the wider regulations governing prisoner release procedures, which also include considerations for good behavior and other eligibility criteria.

CZ is also expected to fly to Dubai or Paris to reunite with family after his release. Under the terms of an agreement with US regulators, he has been permanently barred from any involvement in the management of Binance in any capacity. The agreement also effectively bars him from returning to a leadership role at the company.

However, CZ retains majority shareholder rights. Traders anticipate potential market volatility, particularly in altcoins and Binance Coin (BNB), following its launch. At the time of reporting, BNB is trading at around $612, up around 3% in the last 24 hours, on CoinGecko.

Bitcoin extended its rally after a recent breakout to $65,000. It is now changing hands at around $66,400, up 2.5% on the day. Meanwhile, Ethereum is moving closer to the $2,700 level.

These moves contribute to a more than 1% increase in the global crypto market cap, now valued at more than $2.4 trillion.

Share this article