The United States President Donald Trump stirred the cryptocurrency landscape yesterday after pardoning Binance founder and former CEO Changpeng Zhao.
Consequently, he forgave CZ for the AML charges that saw him serve a 4-month jail term starting April 2024.
The move sparked mixed reactions.
Critics suggested that the pardon came after Zhao’s efforts to promote the Trump family’s cryptocurrency project – World Liberty Financial.
Nonetheless, Trump has echoed the narrative that what Binance’s founder did wasn’t a crime, adding:
He was persecuted by the Biden administration. So I gave him a pardon.
Trump pardoned CZ:
– doesn’t know what he did
– but, what he did wasn’t illegal
– he had a lot of support
LMAO
WLFI flipped its trajectory to bullish after the news. It rallied from $0.1247 to a $0.1509 intraday high – a 21% uptick on the daily price chart.
Furthermore, the altcoin’s trading volume has increased by more than 140% to $422 million.
That signals renewed buying activity as sentiments shift amid investor excitement.
Changpeng Zhao stepped down as Binance’s chief in late 2023 after pleading guilty to failing to ensure adequate anti-money-laundering (AML) policies.
The case saw the trading company suffering $4.3 billion in penalties.
Now, the White House thinks Zhao’s prosecution was part of “Biden’s war on digital currencies.”
Donald Trump vowed to promote the crypto industry, aiming to make the US a central hub for virtual assets undertakings.
Also, his family launched the DeFi project World Liberty Financial, which has faced criticism from ethics experts and political rivals.
Zhao thanks the president
CZ took it to X to express his gratitude shortly after the pardon. He said that the move reflects the US’s dedication to justice, fairness, and innovation.
Zhao has promised to help accelerate Trump’s mission of making the US the Capital of Crypto, stating:
Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.
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.)
Meanwhile, the news renewed sentiments in the broader cryptocurrency market over the past 24 hours.
BNB has gained more than 5% to $1,140, while Bitcoin surpasses $111,000 after a 2% uptick over the past 24 hours.
World Liberty Financial’s native token saw the most gains as it soared roughly 21% in a day.
WLFI price outlook
The digital token maintained a bullish stance on its daily timeframe.
It is hovering at $0.1407 after a slight correction from its daily peak.
WLFI maintains robust trading volumes, signaling room for more uptrends.
Short-term technical indicators support the bullish bias.
For example, the 4-hour Moving Average Convergence Divergence displayed solid green histograms after an upside crossover.
Moreover, the daily Relative Strength Index at 43 confirms momentum for further rallies before WLFI approaches overbought situations.
Further, the 50- and 100-Exponential Moving Averages on the 1-hour timeframe confirm buyers’ resurgence.
World Liberty’s token should reclaim the key support zone at $0.20 to shift its trajectory to bullish.
That can back recoveries towards post-launch highs above $0.31 and fresh ATHs.
The post World Liberty’s WLFI rallies 20% after Trump pardons Binance founder CZ appeared first on Invezz