Key Takeaways
- Former Binance CEO CZ rebuffs speculation suggesting he is requesting a pardon from Trump’s administration following his four-month prison sentence.
- WSJ suggests Donald Trump’s family is looking to acquire some shares from Binance US and have a stake in its US arm.
- BNB’s price could resume its bullish price action if it breaks above $630 to the upside as the price suffers more setbacks.
Donald Trump’s family is rumored to be interested in having a stake in Binance’s US arm of its crypto exchange following news from WSJ suggesting that not only is Donald Trump’s family interested in this deal, but Binance founder and ex-CEO ChChangpeng Zhao (CZ) is seeking pardon for pleading guilty in 2023, which led to his imprisonment.
This news was reported by WSJ about Trump’s family representative having previously discussed acquiring some shares in the Binance US arm after an official announcement on the Binance official X page announcing its first-ever institutional investment deal by MGX_AI, a UAE-based AI and tech investment company that has invested $2B to acquire some shares in Binance.
Meanwhile, reports by WSJ regarding CZ pushing for Trump’s administration to grant him pardon over his four-month sentence due to violation of anti-money laundering violations have been rebuffed by CZ on his X account as fake.
CZ further stated he is happy to contribute to the growth of crypto from anywhere. He stated that this could be an attack on crypto and President Donald Trump as the residual forces of the previous administration are still at work and would be looking to take advantage of false rumours.
While the news of Donald Trump’s family’s interest in Binance US is still a rumor to be believed, if things turn out to be true, this could have a huge positive influence on the crypto space, the price of Binance coin (BNB), the World Liberty Finance token (WLFI), which aims to contribute to the DeFi space, and Binance US, which has suffered from inactivities for some time now.
Binance Coin (BNB) Gains Following Abu-Dhabi-Based MGX Investment
Source – BNB Price Chart from Coinmarketcap
The price of BNB has struggled with its fair share of market downtrends in recent times, dropping from its all-time high of $795 to a region of $500 following BTC’s recent market crash. The price of BNB continues to look bearish, trading below its 50-day and 200-day EMAs.
Following the news that Abu Dhabi-based AI and tech investment company MGX had raised $2B, the highest investment in a crypto firm ever, the price of BNB spiked, rallying by over 15% to its high of $620 from $500.
The price of BNB needs to break above its resistance of $630 to resume its uptrend momentum. The price is currently being dominated by bears, and a possible death cross-over of its 50-day and 200-day EMAs could mean more bearish price dominance.
Overall, the market sentiment for BNB looks bullish as the price continues to hold its bullish structure above $500.
