The cryptocurrency market has recorded a significant drop over the past 24 hours, impacting the performance of several altcoins. The Binance CEO took the opportunity to say that no one really knows what will affect the market.
In a June 10th tweet, Binance CEO Changpeng ‘CZ’ Zhao emphasized how human emotions drive markets. There are many people trading in the market, he said, and everyone has their reasons. Nearly $400 million was liquidated in the last 24 hours, with several altcoins recording double-digit losses.
The False Narrative: Conversion of Binance to Fiat Currency
Zhao said rumors that Binance had converted its cryptocurrency holdings into fiat currency were a false market narrative. According to him, exchanges’ fiat and stablecoin reserves to cover short-term salaries and expenses have dwindled, while cryptocurrency reserves have fallen in the last few months, weeks, and more depending on the time period considered. Or that it is increasing in a few days.
his statement This comes on the heels of the recent regulatory scrutiny that has plagued exchanges. Over the past week, the US SEC has sued Binance, Zhao, and its subsidiary Binance.US for violating federal security laws. The news has caused net outflows of $3.1 billion in the past week, according to DeFiLlama data.
CZ Addresses Robin Hood Dumping Rumors
As for the second story that Robinhood could release $1.3 billion worth of altcoins into the market, the Binance CEO said he knew nothing about it. “I don’t know. You probably know more than I do,” CZ tweeted.
On June 9th, Robinhood announced that ADA, SOL and MATIC will be removed from the platform on June 27th. The crypto trading firm’s decision follows the SEC’s decision to classify some digital assets as securities.
Following the news, on-chain research firm Lookonchain reported that several whales have begun moving affected tokens between exchanges.a whale forwarded Over 5700,000 SOL worth $8.2 million on Binance, Kraken and Coinbase.
look on chain I got it Multiple institutional investors were reportedly dumping Polygon’s MATIC, citing Cumberland and Jump Trading’s deposits on exchanges.
Other stories
Zhao also highlighted other popular theories in the market, such as the “U.S. ban” and “China/Hong Kong lifting of the ban.” According to him, two emotions a trader must master in any market are ‘greed’ and ‘fear’.
He advised the community to manage risks and ensured users that the Binance platform would continue to function smoothly.
Disclaimer
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