Market situation after Zhao’s resignation: Bitcoin price recovery, BNB and rising chances of approval of cash ETFs from the eyes of analysts

Last night, with the resignation of Changpeng Zhao, the former CEO of Binance, and the admission of committing some crimes, as well as the exchange’s agreement to pay an unprecedented fine of 4.3 billion dollars to American agencies, a shock was sent to the digital currency market, which resulted in a drop in the price of BNB. The main token of the Binance ecosystem was Bitcoin. Now, some analysts say that this event can somehow increase the probability of approval of cash ETFs in the United States.

To Report CoinDesk, Bitcoin fell to near $35,700 last night and is currently trading at $36,530. BNB is also hovering around $237 and has somewhat recovered from last night’s $223 floor. The 24-hour changes of both digital currencies are still negative, which is 2.30% for Bitcoin and 8.8% for BNB.

Also read: Why Zhao resigned and what will be the future of Binance?

Some analysts believe that what happened to Zhao and Binance could somehow increase the likelihood that cash-based cryptocurrency ETFs will be approved in the United States in the coming months. For example, the Matrixport group, which works in the field of providing services related to digital currencies, said:

With this agreement [بین بایننس و آژانس‌های آمریکایی]Expectations for the approval of a Bitcoin Cash ETF have risen to 100%, as industry players will now have to follow the same regulations as traditional financial firms. Most importantly, covering up the flaws in this space will also boost Bitcoin’s adoption among large institutional investors and will likely be recognized as a safe-haven asset in investors’ portfolios.

Alex Krüger, an expert in economic affairs, also called this event positive for the market in a tweet and said:

Binance’s activities will now be scrutinized by an independent watchdog. This increases the chances of ETFs being approved. I am waiting for the market to show its agreement that this is a bullish event.