The cryptocurrency market has recovered from its early slump this week and looks set to end the week bullish.
Bitcoin is trading above $111k while altcoins are currently in the green.
Binance’s BNB token is the second-best performer among the top 10 cryptocurrencies by market cap, and could rally higher thanks to the positive news on Binance founder Changpeng Zhao (CZ).
Trump pardons Binance founder CZ
BNB is trading above $1,100 after the coin added over 2% to its value in the last 24 hours.
The rally is fueled by the pardon granted to Binance founder CZ by US President Donald Trump.
The pardon came after CZ served four months in prison in 2024 after pleading guilty in November 2023 to charges of violating the Bank Secrecy Act.
Back then, CZ also stepped down as the CEO of Binance, the crypto exchange he had founded and led since 2017. He also agreed to a $50 million fine.
In an X post, CZ stated that he was deeply grateful for the presidential pardon.
Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.
🙏🙏🙏🙏
Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.
(Still in flight, more posts to come.)
White House Press Secretary Karoline Leavitt stated that the Biden Administration prosecuted CZ in their war on cryptocurrency.
Leavitt added that:
In their desire to punish the cryptocurrency industry, the Biden Administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims. The Biden Administration sought to imprison Mr. Zhao for three years, a sentence so outside Sentencing Guidelines that even the Judge said he had never heard of this in his 30-year career. These actions by the Biden Administration severely damaged the United States’ reputation as a global leader in technology and innovation. The Biden Administration’s war on crypto is over.
The pardon implies that CZ can conduct more business operations in the United States.
BNB could surge to $1,250 as the bullish trend returns
The BNB/USD 4-hour chart has turned bullish and efficient after the coin added more than 2% to its value in the last 24 hours.
The technical indicators have switched bullish, suggesting that buyers have regained control after the coin lost 17% of its value since hitting an all-time high of $1,370 eleven days ago.
At press time, BNB is trading at $1,124 and is expected to rally above $1,200 in the near term.
The RSI of 55 indicates that buying pressure is resuming, as the MACD crossed into the positive region earlier this week, confirming a bullish bias.
If the recovery continues, BNB could rally towards the next major resistance level at $1,258 over the next few hours or days.
An extended bullish run would allow the coin to reclaim $1,300, with a medium-term target of $1,400 and above.
However, if the bullish run fails, BNB could dip below the weekly low of $1,052. The October 17th swing low of $1,016 could provide strong support for the bulls to defend.
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