Crypto Markets Slump as CZ’s First Tweet Post-Release

• CZ’s first tweet after his release last week failed to inspire a market rally, leading to a decline in Bitcoin and Binance’s native token, BNB.
• In his tweet, CZ will be focusing on his future plans, emphasizing his intention to invest in blockchain, decentralized technologies, artificial intelligence, and biotech.

The highly anticipated release of a key individual in the cryptocurrency sphere has materialized, marking the culmination of a four-month wait for the community. Chang Peng Zhao took to the X platform after serving a four-month prison sentence.

Reminiscing, CZ was sentenced for failing to implement adequate anti-money laundering controls on Binance, a violation that led to widespread regulatory scrutiny of the exchange. 

Being a key figure in the crypto sphere, especially the Binance fraternity, CZ made his first tweet, but the reaction from the crypto markets was far from the rally that many had hoped for.

gm, the food taste so good… And what a luxury to be able to have more than one piece of fruit per day!

I know some of you may have a lot of questions. I won't have all the answers.

Let me chill for a bit. Then figure out the next steps. There are always more opportunities in… https://t.co/9hvgp8Bo97

— CZ BNB (@cz_binance) September 29, 2024

Instead of sparking optimism, the markets saw significant losses, with Bitcoin and BNB tokens taking the brunt of the hit. Despite the positive initial response, that was brought about when the Federal Reserve lowered interest rates and by the weekend, Bitcoin remained stuck while BNB saw its price decline.

In his tweet, the post-wealthiest U.S. prisoner  focused on his future plans, emphasizing his intention “to invest in blockchain, decentralized technologies, artificial intelligence, and biotech.” Additionally, he mentioned his new focus on Giggle Academy, a project he plans to dedicate to the next few years. However, his post did not actually inspire investor confidence or ignite the anticipated market rally.

At the time of writing, Bitcoin is swapping hands with $64,402.76, marking a 1.69% decline in the last 24 hours. Additionally, with a 46.97% surge in its daily trading volume, Bitcoin’s market cap stands at $1.2 trillion. 

On the other hand, CZ’s BNB is exchanging hands with $580.25, marking a 2.25% and 1.67% decline in the last 24 hours and past week, respectively. Also, with a 14.42% surge in its trading volume, the digital asset’s market cap stands at 84.7 billion.

Retracting, three weeks ago, Chang Peng Zhao pleaded guilty to the charges of anti-money laundering violations and sanctions violations brought by both US regulatory agencies. Following this, CZ took to the X platform, stating:

Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

Despite CZ’s departure from Binance, he remains a significant shareholder, holding more than 64% of the company’s total BNB supply. His involvement, although now limited due to the plea deal prohibiting him from managing or operating the exchange, continues to be a focal point for the market.

However, the plea agreement explicitly states that CZ cannot be involved in Binance’s administration going forward, leaving Richard Teng, the current CEO, to steer the company through turbulent regulatory waters.