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BNB Coin, Binance's native token, surged 17.6% recently after news broke about founder Changpeng Zhao's upcoming release from custody on September 29, 2024. Investors are optimistic about Zhao's return, expecting it to positively impact Binance's operations and the wider cryptocurrency market.
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On August 5, 2024, the cryptocurrency market took a hit as Bitcoin fell to $53,000 and Ether turned negative for the year. This triggered a broader slump in crypto-related stocks, causing panic among investors. Regulatory uncertainties and traditional money laundering activities in the crypto space have contributed to the market's instability.
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