Binance Coin and Bitcoin Dip Following CZ’s Release

The crypto market saw a slight dip in both Bitcoin and Binance Coin (BNB) following the release of Binance CEO Changpeng Zhao (CZ). While the exact reasons for the dip are uncertain, it is likely due to the recent regulatory scrutiny surrounding Binance and the uncertainty surrounding the company’s future.

Zhao and Binance collectively control a significant portion of the BNB supply, holding 71% of the roughly 146 million BNB tokens in circulation, as previously reported by Forbes. This substantial ownership stake makes BNB’s price sensitive to any developments regarding Binance.

The dip in both Bitcoin and BNB suggests that the market remains cautious about the situation surrounding Binance. While the release of CZ may be seen as a positive development, the regulatory challenges facing Binance remain. It remains to be seen how these developments will ultimately affect the future of the cryptocurrency exchange and its native token.