The price of the native token on the BNB chain and the world’s largest crypto exchange, Binance, is slowly but surely approaching a key block of resistance around the previous all-time high of $691 per BNB. Since its inception three years ago, the price of the cryptocurrency has never managed to break above this level in several attempts.
However, this time may be different.
Why? The former head of the exchange, known for his influence on the market, Changpeng Zhao, known as CZ, is expected to be released in only four days – on Sept. 29.
CZ, 4 and Binance
Recall that as part of a deal with the DoJ and the U.S. SEC, the exchange was hit with a colossal fine of more than $4.2 billion earlier this year, and CZ himself ended up in jail for four months.
Now the former Binance boss is nearing the end of his sentence, while the price of BNB is hitting a multi-year high.
Of course, with such a confluence of technical and fundamental factors in the crypto space, there is growing speculation among traders and enthusiasts that CZ’s exit could be the trigger needed for BNB’s price to overcome the heavy block and surge higher in search of a new all-time high.
Whether it will actually work is a big question.
However, the convergence of factors looks impressive. It will also be interesting to see how the release and return of such an influential figure to the crypto space will affect quotes. The market has not seen such cases before, so regardless of the outcome, we are about to witness a precedent.