As an analyst with over two decades of experience in the financial industry and a keen observer of the crypto landscape, I find myself optimistic about the upcoming events. The release of Changpeng Zhao (CZ) from prison on Sept 29th and the start of “Uptober” are two factors that could potentially drive growth for Bitcoin and other cryptocurrencies.
By next Wednesday, September 29th, the well-known founder of Binance exchange and inventor of its native token BNB, Changpeng Zhao (CZ), will complete his four-month imprisonment term and be freed from prison by that Sunday.
CZ’s release from prison and the start of “Uptober”
Many people on Crypto X anticipate that this could significantly fuel growth for Bitcoin and other digital currencies. Furthermore, some users are reminding the crypto community that October marks the start of “Uptober,” which is often a positive trend in the cryptocurrency market. Historically, as pointed out by numerous traders, October, November, and even December have been bullish months, with the latter often experiencing the “Santa Claus rally.” Over the past decade, Bitcoin’s price has typically increased substantially during these months.
Few days unfil cz is free
70 k is loading #btc
— WIZZ🥷 ( beware scammers ) (@CryptoWizardd) September 23, 2024
As an analyst, I’ve noticed that both Bitcoin and the stock market have shown a significant pickup in momentum over the past week. This surge was further bolstered by the Federal Reserve’s announcement made on Wednesday, where they increased interest rates by 0.5%.
According to a report by U.Today, Changpeng Zhao (CZ) began serving his sentence in early June. This came after he was indicted for breaching U.S. securities law. As a result, CZ stepped down from his position as Binance’s CEO, and the exchange consented to pay a massive fine of billions of dollars, as requested by the U.S. Department of Justice.
Lately, the current CEO of Binance, Richard Teng, has confirmed on a public forum that Changpeng Zhao (CZ) is permanently prohibited from managing Binance, a restriction mandated by the Department of Justice.
CZ’s business activity after quitting Binance
Before serving his prison term, CZ initially expressed his reluctance to resume entrepreneurship and instead planned to focus on cryptocurrency investments. He might have even considered conducting training workshops for a select few aspiring business owners. Additionally, he showed interest in exploring ways to merge cryptocurrencies with the biotechnology sector, as suggested by his tweets.
#CZ getting out of jail this week
Lets get prepared for a bullish #crypto week— Cryptocurrency Inside (@Crypto_Inside_) September 23, 2024
Instead, he initiated the charitable online learning platform, Giggle Academy, to educate disadvantaged kids on topics like finance, blockchain, English, and mathematics at no cost. This endeavor was established shortly prior to CZ’s incarceration.
In addition, CZ mentioned his intention to compose a book while incarcerated, as he believed he’d have ample leisure time for such a task.
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2024-09-23 19:24