Jim Cramer Bullish On Binance And BNB, Trouble For CEO CZ?

Jim Cramer Bullish On Binance And BNB, Trouble For CEO CZ?

The crypto community voiced concerns after Mad Money host Jim Cramer said he is bullish on crypto exchange Binance and BNB. He also stated positive comments on Binance CEO Changpeng “CZ” Zhao. Meanwhile, BNB risks falling as it currently trades near support and Binance and CZ are facing lawsuits by the SEC and CFTC, with some believing a DOJ lawsuit is under way.

Jim Cramer Comments on Binance and CEO CZ

During a discussion on September 5, Jim Cramer talked about Binance, BNB coin, and CEO CZ. He asserts that despite Binance being under regulatory pressure and other hurdles, CZ has tried to provide proof and prevented FUD.

“They proved collateral, not reserves, but CZ looks like a good guy. I’m bullish here, loading up on their tokens. Way oversold!”

Image

The statement spread like fire in the crypto community, with everyone wondering whether “inverse Cramer” will impact Binance, BNB, or CZ in any way. Binance and CZ are already facing regulatory heat and a lawsuit from the U.S. Securities and Exchange Commission (SEC). In fact, the SEC seeks a court order on filing a secret document in the lawsuit.

In June, Binance warned Jim Cramer after he compared the exchange with the bankrupt exchange FTX. He also urged investors to take their crypto off Binance.

CoinGape Media earlier reported that Binance to introduce changes to the zero-fee Bitcoin trading program regarding BTC/TUSD spot and margin pairs from September 7. This may trigger a crypto market selloff. Crypto trading volumes fell 90% after the termination of zero-fee trading for USDT by Binance in March.

Will BNB Price Fall?

BNB price currently trades near major support, continuing to trade under pressure. If the support is lost, BNB can drop down to $100 as there is no significant support level.

In fact, BNB started falling after the comment by Jim Cramer. Traders are actively watching over the impact of Cramer on the crypto market.

BNB price trades at $215, up nearly 0.50% in the last 24 hours. The trading volume has increased slightly by 6% in the past 24 hours.

Also Read:

✓ Share:

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Share

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!