- CZ’s first tweet after his release last week failed to spark a market rally, leading to a decline in Bitcoin and Binance’s native token, BNB.
- In his tweet, CZ focuses on his future plans and emphasizes his intention to invest in blockchain, decentralized technology, artificial intelligence, and biotechnology.
The highly anticipated release of a key figure in the cryptocurrency world has come to fruition, marking the culmination of a four-month wait for the community. Chang Peng Zhao appeared on the X platform after serving a four-month prison sentence.
To recall, CZ was found guilty of failing to implement adequate anti-money laundering measures against Binance, a violation that led to widespread regulatory scrutiny of the exchange.
CZ, a key figure in the crypto space, particularly in the Binance fraternity, made his first tweet, but the reaction from the crypto market was far from the uptick many expected.
Mmm, the food is so delicious…and what a luxury to be able to eat more than one piece of fruit every day!
I'm sure some of you have many questions. I don't know all the answers.
Please calm down a little. Next, think about your next steps. There’s always more opportunities… https://t.co/9hvgp8Bo97
— CZ 🔶 BNB (@cz_binance) September 29, 2024
Instead of sparking optimism, the market suffered significant losses, with Bitcoin and BNB tokens bearing the brunt of the blow. Despite an initial positive reaction as the Federal Reserve cut interest rates, Bitcoin remained stalled as BNB saw its price fall by the end of the week.
In a tweet, the richest US prisoner focused on his future plans, highlighting his intention to “invest in blockchain, decentralized technology, artificial intelligence, and biotech.” Additionally, he said he has a new focus on Giggle Academy, a project he plans to dedicate the next few years to. However, his post did not actually inspire investor confidence or cause the expected market rally.
As of this writing, Bitcoin is $64,402.76; mark 1.69% Decrease in the last 24 hours. moreover, 46.97% Daily trading volume has skyrocketed, and Bitcoin's market capitalization has reached $1.2 trillion.
Meanwhile, CZ BNB is trading at $580.25, down 2.25% and 1.67% in the past 24 hours and past week, respectively. Also, 14.42% Due to the rapid increase in trading volume, the market capitalization of digital assets reaches 84.7 billion.
Three weeks ago, Zhang Peng Zhao recanted and pleaded guilty to charges of anti-money laundering violations and sanctions violations by both U.S. regulators. Following this, CZ took to the stage on the X Platform and said:
Today, I resigned as CEO of Binance. Admittedly, letting go of emotions wasn't easy. But I know it's the right thing to do. I made a mistake and must take responsibility. This is best for our community, for Binance, and for myself.
Despite his exit from Binance, CZ remains a significant shareholder, holding over 64% of the company's total BNB supply. Although his involvement is currently limited as he is prohibited from managing and operating the exchange due to a plea agreement, he remains the focus of market attention.
However, the plea agreement stipulates that CZ will no longer be able to manage Binance, leaving current CEO Richard Teng to steer the company through a tumultuous regulatory landscape.
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