Impact

April

Daily

Coin

<ul class="news-points">
 <li>Binance Coin has underperformed following the jailing of Changpeng Zhao.</li>
 <li>BNB is revolving around the $600 price region.</li>
 <li>Zhao will probably get out of jail towards the end of September.</li>
</ul>
Binance Coin (BNB) has underperformed in the past three months following the imprisonment of former Binance CEO, Changpeng Zhao. The Binance exchange’s native cryptocurrency has hovered around the $600 region, with a few breakout moments in either direction. An upside breakout occurred in June, while a break below support happened this July. However, the price retraced both times to return to the $600 midpoint.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcBF2Ll8HsWUZQaWtApHVQS-ML2sL7oUQDpHoaVfzMkfBj3ZHJgWvDWY970ty5O2loU1Z3bJjd3Pz6o8X5nPKsUGPJxZ1tWBAs4vPf7NXqz-X4IM-n9HxaM68I-ZX59O9eOnruCFN4NDrgNpea5ynkI7pM?key=40OWM2r8ywqWPtuxTXHEoA" alt="">
</figure>
BNBUSD Daily Chart on <a href="https://www.tradingview.com/x/Q3bpWlPW/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
Many analysts have linked BNB’s relative stagnation to the Binance founder’s jailing, considering the token’s price response. Most crypto users suspect CZ’s jailing injected a negative sentiment into the Binance ecosystem, making users reluctant about the BNB project.&nbsp;
In the meantime, Zhao is halfway through serving his prison sentence, judging from when he got into jail after his April 30 sentencing. Several crypto community members wonder if his release on completing the jail term would trigger volatility and inject an…
The post <a href="https://coinedition.com/binance-coins-recent-price-drop-impact-of-czs-legal-troubles-and-market-sentiment/" rel="noopener noreferrer nofollow">Binance Coin’s Recent Price Drop: Impact of CZ’s Legal Troubles and Market Sentiment</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Binance Coin’s Recent Price Drop: Impact of CZ’s Legal Troubles and Market Sentiment

Coin Edition

Other articles published on Jul 29, 2024

Core Foundation Launches Dual Staking to Enhance Bitcoin Yields

Hong Kong to create Bitcoin reserves? Legislative Council’s Johnny Ng says…

Hong Kong Set to Launch Asia’s First Bitcoin Futures Inverse Product: What it Means for Traders

Ethereum Spot ETFs Debut in U.S. Exchanges, Supported by Major Issuers

WazirX Launches Massive $23M Bounty to Track Down $234M Stolen Assets

Will Ethereum Price Surpass the $3.5K Level Post Consolidation Phase?

Join our free newsletter for daily crypto updates!