Why Is The Market Crashing? Binance’s CZ Chips in on a Few Narratives

The market has taken a beating in the past 24 hours, and some altcoins have fared much worse than others.

Many of the worst-performing cryptocurrencies were also mentioned in the US Securities and Exchange Commission’s lawsuit against Coinbase. The agency claims that they are securities. These include Cardano’s ADA, Solana’s SOL, NEAR, Polygon’s MATIC, and so on.

Bitcoin fell by 3.4%, while Ethereum – 5.7%. Although both are down, it is nowhere near the 20% drop that the aforementioned altcoins are drawing.

Now, CZ — the CEO of Binance — is involved in some running anecdotes.

• Binance CEO Changpeng Zhao shares what caused the market crash. He explained that “no one really knows” while also explaining that “there are many sellers and buyers in the market, and everyone may have their own reasons.”
• However, he also touched on a few ongoing novels, sharing his thoughts on the matter.
• CZ said there was a false narrative about Binance turning its holdings into a fiat order.
• Instead, he claimed that Binance’s fiat and stablecoin reserves have plummeted – which are used to pay salaries or short-term expenses.
• He also said that cryptocurrency reserves on the exchange have increased over the past months, weeks and days.
• The second story he admitted to having no idea about is the question of Robinhood and what happened to the $1.3 billion of altcoins on the platform.
• Anyway, CZ made it clear that there are two types of emotions that a person needs to control in any market – greed and fear.

Why is the market going up or down? Nobody really knows. Many people claim to know, and they can often pin it down to one (often false) reason. In fact, there are many buyers and sellers in the market, and everyone may have their own reasons. some examples.

False narrative: … pic.twitter.com/LQDkEOK2as

– Czechoslovakia 🔶 Binance (cz_binance) June 10, 2023