The founder of the Binance crypto exchange may be released from US prison today.
Binance Coin (BNB), the fourth largest cryptocurrency with a capitalization of over $88 billion, could potentially rise. According to US media reports, Changpeng Zhao (CZ), the former CEO and co-founder of the Binance crypto exchange, may be released from prison in the US today, ahead of the official date. This event is expected to have a positive impact on the entire Binance ecosystem.
While CZ’s release will be more of a symbolic gesture, Binance continues to grow under the leadership of CEO Richard Tang. The Binance ecosystem has also received a significant boost from growth in the meme digital asset sector, as well as over 231 million user registrations worldwide.
Four days before the end of September, BNB is showing a return to bullish sentiment. The daily trading volume is about $1.2 billion. Over the past 24 hours, the cryptocurrency has risen 2% to reach around $608. If the BNB price consolidates above $600 by the end of the month, further growth is expected in the fourth quarter.
Technical analysis shows that BNB has formed a reverse head and shoulders pattern. The altcoin’s next target is $921, which corresponds to the 1.618 Fibonacci level on the weekly chart.
Market data confirms the growth of the BNB network with a total value locked (TVL), i.e. staking, of about $4.82 billion. The market situation reflects an overall bullish trend, accompanied by a rise in the price of Bitcoin above $65,000 and lower interest rates in major economies around the world, which generally contributes to an optimistic mood in the cryptocurrency industry ahead of the fourth quarter.
