A few hours ago, we discussed the possibility of the BNB price falling back to new lows for this cycle after losing $500. In that technical analysis, we reviewed some elements that could lead the currency to recover that key support. Now, the Binance token has not only recovered, but is likely to reach $600.
The latter would be one of the biggest escalations of the current momentum of the Cryptocurrency market. The trend that would take the token towards $600 per unit would not be through technical analysis elements, but fundamental ones. This is about the imminent release of Changpeng Zhao and the regulatory victory of Tokocrypto.
CZ’s freedom could significantly boost BNB price
According to official data from the Bureau of Prisons, former Binance CEO Changpeng Zhao (CZ) is scheduled for release on September 29. The entrepreneur will finish serving his short prison sentence at the Long Beach Federal Center in California. Although the popular entrepreneur no longer has a relationship with the exchange, his influence is undeniable.
The latter would be crucial in boosting optimism among investors. Basically, the short prison time suggests that Binance and its token’s legal problems were not major. Thus, the view that the token only committed violations could be one of the biggest boosts for its price.
Although CZ promised to stay away from Binance in his agreement with the authorities, his influence could remain. In that sense, it is highlighted that his influence could lead to a continued expansion of the platform and a constant evolution in its technological innovation.
The latter would ensure a huge demand for the token among investors and consequently its increase. Thus, the release of CZ could translate into a very positive response in the price of BNB. At the time of writing this note, the token is priced at $520 per unit, with a yield of +3.01% in a 24-hour period, according to CoinMarketCap.
BNB Price Hits $520. Source: CoinMarketCap
Tokocrypto’s regulatory victory
The other element that could boost the price of BNB in the short term is the license of Tokocrypto, Binance’s subsidiary, in Indonesia. With this, the firm has the green light to operate legally. In that sense, being a Physical Crypto Asset Dealer (PFAK), the platform has no major obstacles for its operations within that country.
This step represents a sign of the Indonesian authorities’ commitment to regulating the crypto sector and protecting its users. With the PFAK license, Tokocrypto plans to continue its long-term expansion plans and highlight its efforts to foster trust and transparency within the Web3 circle in Indonesia.
In 2024, Tokocrypto has seen remarkable growth, surpassing 4.5 million users, and its average monthly trading volume has increased by 138%. This is evidence of growing investor confidence and constant expansion.
As you might expect, this achievement is critical for the price of BNB in the immediate future.
Do you want to always be up to date with the world of cryptocurrencies? Subscribe now to CriptoTendencia’s WhatsApp channel! Here you will instantly receive the most relevant information about Bitcoin, Altcoins, DeFi, NFTs, Blockchain and the Metaverse.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.