Outside Source
Binance founder Changpeng Zhao’s net worth reportedly surged by $12.1 billion in a single day.
On November 6, it was confirmed that Donald Trump won the 47th presidential election in the United States, raising Zhao’s net worth by $12.1 billion in one day, according to the Bloomberg Billionaires Index.
Zhao, who recently resigned as CEO amid ongoing legal issues in the U.S., continues to hold significant assets in Binance (BNB), the world’s largest cryptocurrency exchange.
Zhao’s wealth increase comes at a complex time. Following accusations of regulatory breaches, his recent legal settlements with the U.S. Department of Justice and the Commodity Futures Trading Commission led him to step down from his role.
Much of his wealth remains tied up in Binance holdings, benefiting from increased crypto market activity during the election cycle as investors anticipate regulatory shifts and positive policy impacts on digital assets.
Markets surging
On November 6, following Donald Trump’s election victory, both the stock and cryptocurrency markets reacted with volatility. U.S. stock futures briefly dropped overnight, as investors anticipated potential changes in economic policies, but the markets rebounded strongly by the next day with the Dow Jones Industrial Average climbing as investors placed bets on tax cuts and infrastructure spending.
In the crypto market, Bitcoin (BTC) experienced heightened trading activity, with some investors viewing it as a hedge against political uncertainty, though its price remained relatively stable.
Bitcoin has since pushed past all-time highs and is bringing much of the crypto market along with it, including BNB.
This article first appeared at crypto.news
