Ethereum

No one

Bitcoin

The market took a beating over the past 24 hours, and certain altcoins performed a lot worse than others.
A lot of the worst-performing cryptocurrencies were also named in the lawsuit that the US Securities and Exchange Commission filed against Coinbase. The agency alleges that they are securities. These include Cardano&#8217;s ADA, Solana&#8217;s SOL, NEAR, Polygon&#8217;s MATIC, and so forth.
Bitcoin is down 3.4%, while Ethereum &#8211; 5.7%. Even though both of them decreased, it&#8217;s nowhere near the 20% decline that the above altcoins are charting.
Now, CZ &#8211; Binance&#8217;s CEO &#8211; chips in on some of the ongoing narratives.
<ul>
<li>Changpeng Zhao, the CEO of Binance, chipped in on why the market is crashing. He outlined that &#8220;no one really knows&#8221; while also explaining that &#8220;there are many sellers and buyers in a market, everyone may have their own reasons.&#8221;</li>
<li>However, he also touched on a few ongoing narratives, sharing his thoughts on the matter.</li>
<li>CZ said that there&#8217;s a false narrative of Binance converting its holdings to fiat.</li>
<li>Instead, he claimed that the fiat and stablecoin reserves of Binance decreased &#8211; they are the ones used to pay for short-term salaries or expenses.</li>
<li>He also said that the crypto reserves of the exchange increased throughout the past months, weeks, and days.</li>
<li>A second narrative that 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.</li>
<li>In any case, CZ explained that there are two emotions that anyone needs to manage in any market &#8211; greed and fear.</li>
</ul>
<blockquote class="twitter-tweet">
Why is the market is going up or down? No one really knows. A lot of people claim to know, and can often pin it on a single (often wrong) reason. In reality, there are many sellers and buyers in a market, everyone may have their own reasons. A few examples.
False narrative:… <a href="https://t.co/LQDkEOK2as" data-wpel-link="external" target="_blank">pic.twitter.com/LQDkEOK2as</a>
— CZ <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f536.png" alt="🔶" class="wp-smiley" style="height: 1em; max-height: 1em;" /> Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1667439122137358336?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">June 10, 2023</a></blockquote>
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The post <a href="https://cryptopotato.com/why-is-the-market-crashing-binances-cz-chips-in-on-a-few-narratives/" rel="nofollow">Why Is The Market Crashing? Binance&#8217;s CZ Chips in on a Few Narratives</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

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

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