The market has been beaten for the past 24 hours and some altcoins have performed much worse than others.
Many of the underperforming cryptocurrencies were also named in the lawsuit the United States Securities and Exchange Commission filed against Coinbase. The agency alleges that these are securities. These include Cardano’s ADA, Solana’s SOL, Polygon’s NEAR, MATIC, and more.
Bitcoin is down 3.4%, while Ethereum – 5.7%. Even though both have declined, it is far from the 20% decline that the above altcoins are recording.
Now CZ – the CEO of Binance – is intervening on some of the ongoing narratives.
- Changpeng Zhao, the CEO of Binance, explained why the market is collapsing. He pointed out that “nobody really knows” while explaining that “there are many sellers and buyers in a market, each can have their own reasons”.
- However, he also touched on a few ongoing stories, sharing his thoughts on the matter.
- CZ said there is a false account of Binance converting its holdings to fiat.
- Instead, he claimed that Binance’s fiat and stablecoin reserves have dwindled — they are what are used to pay salaries or short-term expenses.
- He also said that the exchange’s crypto reserves have grown over the past few months, weeks, and days.
- A second story he admitted to having no idea about is the matter of Robinhood and what happened to $1.3 billion worth of alts on the platform.
- Either way, CZ explained that there are two emotions anyone has to deal with in any market: greed and fear.
Why does the market go up or down? Nobody really knows. Many people claim to know and can often attribute it to a single (often false) reason. In reality, there are many sellers and buyers in a market, each may have their own reasons. Some examples.
Fake story:… pic.twitter.com/LQDkEOK2as
— CZ 🔶 Binance (@cz_binance) June 10, 2023
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