Bitcoin and BNB see gains of up to 3% as CZ makes first post-launch tweet

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Bitcoin and Binance Coin (BNB) prices rose as much as 3% after Changpeng Zhao’s first tweet came after serving his four-month sentence. Former Binance CEO’s return to social media has sparked renewed interest in the crypto market.

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— CZ 🔶 BNB (@cz_binance) September 28, 2024

Changpeng Zhao, known as CZ, marked his return to social media on September 27 after serving a four-month prison sentence for failing to maintain an effective anti-money laundering (AML) program at Binance. His brief tweet coincided with a notable rise in cryptocurrency prices, particularly Bitcoin and BNB, according to data from CoinMarketCap.

Bitcoin, the leading cryptocurrency by market capitalization, saw its value rise to $65,000, representing a 3.2% increase in the past 24 hours. At the same time, Binance’s native token BNB saw similar growth, rising 3.1% to $610. This coordinated price movement underscores the continued influence of key industry numbers on market sentiment.

Analysts at 10x Research predict a strong bull run in Q4 2024, citing Bitcoin’s recent rally above the $65,000 level and increased attention to altcoin speculation. According to Capriole Investment’s Altcoin Speculation Index, it saw a 13% increase last month, with Sei, Wormhole and Shiba Inu leading the gains. Potential Federal Reserve interest rate cuts could further fuel interest in high-beta altcoins, with several analysts anticipating significant growth in the altcoin market in the coming months.

CZ’s incarceration stemmed from a $4.3 billion settlement between Binance and US authorities in November 2023. The settlement resulted in CZ resigning as CEO and accepting a $50 million personal fine. Despite his departure from operational roles, CZ remains a significant shareholder in Binance, owning approximately 64% of the total BNB supply.

Richard Teng, who assumed the role of CEO of Binance after CZ’s departure, maintained that CZ’s shareholder status remains unchanged. However, the plea agreement expressly prohibits CZ from any involvement in the operation or management of the cryptocurrency exchange.

The crypto community’s reaction to CZ’s social media comeback has been swift and positive. His tweet attracted substantial engagement within hours, reflecting the industry’s continued interest in his perspective and future endeavors. This response suggests that despite legal challenges, CZ retains significant influence in the cryptocurrency sector.

Market analysts see the price increase as evidence of the crypto community’s enduring confidence in CZ’s vision and leadership. The positive price action seen in both BTC and BNB reflects how optimism is maintained, even though CZ would now be contributing to the industry in a non-operational capacity.

Before his sentence, CZ hinted at future interests in decentralized finance (DeFi), blockchain, Web3, artificial intelligence and biotechnology.

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