BNB Reclaims $1,100 As Binance Founder Receives | Crypto News
BNB has seen a 5.5% price bounce following the White House announcement that Binance co-founder has been pardoned by US President Donald Trump, main some analysts to counsel that a new leg up may be around the nook.
US President Grants Pardon To Binance Founder
On Thursday, the White House revealed that US President Donald Trump had pardoned Binance co-founder and former CEO Changpeng Zhao, also identified as CZ, two years after pleading guilty.
In an official assertion, the White House’s press secretary, Karoline Leavitt, said that the US President “exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.”
Leavitt said that “In their desire to punish the cryptocurrency industry, the Biden Administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims.”
In 2023, Zhao pleaded guilty to Anti-Money Laundering (AML) violations while being the CEO of Binance. As half of his plea deal, he stepped down from his place in the crypto exchange and served a four-month prison sentence last 12 months. Additionally, Binance reached a $4.3 billion settlement with the Department of Justice (DOJ).
The White House press secretary affirmed that “these actions by the Biden Administration severely damaged the United States’ reputation as a global leader in technology and innovation,” declaring that “the Biden Administration’s war on crypto is over.”
Notably, there have been rumors that President Trump may grant a pardon to Zhao after January’s pardon of Silk Road founder Ross Ulbricht. In March, the Wall Street Journal reported that Zhao allegedly had been “pushing” a Binance US deal for a pardon since 2024. However, he rapidly denied these claims.
In an X post, CZ thanked the Trump Administration, stating that he’s “deeply grateful” for the long-awaited pardon and “to President Trump for upholding America’s commitment to fairness, innovation, and justice.” The Binance co-founder also pledged to “do everything we can to help make America the Capital of Crypto.”
CZ Pardon Pushes BNB To $1,100
Following the news, BNB noticed a 5.5% bounce to reclaim the $1,100 mark. The cryptocurrency has recorded a large rally over the past few months, reaching a new all-time high (ATH) of $1,375 practically two weeks in the past.
Altcoin Sherpa highlighted the altcoin’s price motion amid the latest market efficiency. However, he expressed doubt about whether or not BNB will “continue being the strongest major or not,” at least in the short time period.
He prompt that Solana (SOL) may have a better efficiency in the approaching weeks, arguing that “both ETH and BNB had incredible runs previously and probably need more time to chill out.”
Since last Friday’s correction, BNB has been trading within the $1,050-$1,125 vary, failing to get away of the higher degree for the past six days. Analyst Open4Profit famous that if the altcoin reclaims the vary’s resistance, the price may rally toward its ATH ranges and continue its price discovery uptrend toward the $1,500 goal.
Market watcher CW pointed out that BNB has two key promote partitions forward, one at the $1,180-$1,190 space and another between the $1,200-$1,220 mark, suggesting that the altcoin may face resistance around these ranges if the price breaks out.
As of this writing, BNB is trading at $1,116, a 10.5% increase in the month-to-month timeframe.
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