CZ’s Return Sparks BNB Volatility Ahead of Blockchain Week

Changpeng Zhao (CZ), former CEO of Binance, has made a comeback in the public domain after being released from prison in September. Binance was fined $50 million, and CZ had to step down as CEO owing to noncompliance with US AML and KYC norms. Since then, he has slowly come back to social networks. This has brought back into the limelight the possibility that Binance Coin (BNB) could be affected by his appearance at Binance Blockchain Week in Dubai.

I will be attending the Binance Blockchain Week in Dubai on Oct 30-31, in my personal capacity. It’s one of the biggest web3 events of the year. See you there. ✊

— CZ 🔶 BNB (@cz_binance) October 10, 2024

BNB Price Surge

When CZ posted on social media for the first time after being released from prison, BNB’s price surged significantly. The token surged from $606.25 to $616.53 which was its highest point in the month. However, that spike was temporary, and BNB has been trading in the red zone in the past few days, following the overall trend of the crypto market at the beginning of the month. 

However, BNB has also indicated some volatility and has recently been making a comeback. In the last seven days alone, the token has been on the rise, with a 2.44% increase, and as of press time, it is trading at $567.83. BNB’s capitalization is $82.79 billion, and its daily turnover is $1.63 billion. 

BNB Market Sentiment

The BNB sentiment in the market is neutral; that means it has not gotten to a point where the bulls or bears are fully in control. Despite the controversy surrounding Binance and its CEO, BNB takes the fourth spot in the list of largest cryptocurrencies by market capitalization. Also, it is crucial to pay attention to the fact that the token price may be affected more by the general market conditions and investors’ sentiment during Binance Blockchain Week.

Even though CZ will be present at the event to hype the community, other factors would still influence the price of BNB. Whether this high-profile event will trigger the next BNB rally remains to be seen.