The crypto community voiced concerns after Mad Money host Jim Cramer reportedly 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.
An image showing Jim Cramer talking about Binance, BNB coin, and CEO CZ shared extensively on September 5. 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!”
The statement spread like fire in the crypto community, with everyone wondering whether “inverse Cramer” will impact Binance, BNB, or CZ in any way. CoinGape Media was unable to confirm this statement from Jim Cramer.
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.
The news was later revealed to be a photoshopped image of an earlier interview on CNBC.
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 $214, down nearly 0.50% in the last 24 hours. The trading volume has increased slightly by 6% in the past 24 hours.
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