It’s been just revealed that the CEO of Binance reported the main reason for which the markets move. Check out the latest reports about this below.
Changpeng ZHao reveals why the crypto markets move
Check out the extremely relevant tweet below.
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:… pic.twitter.com/LQDkEOK2as
— CZ 🔶 BNB (@cz_binance) June 10, 2023
Someone commented: “After china fud in sep 11 2017, market bounce back just in 15 days..
During covid crash, market bounce back in 3 month..
So some will take the opportunity with long-term target n some will sell in fear..
Loss only when we book.”
Binance.US says that it will be halting US dollar deposits and withdrawals in response to being sued by the U.S. Securities and Exchange Commission (SEC).
It’s also important to note the fact that Binance.US says it will temporarily become a crypto-only exchange platform.
This will most likely take place due to the SEC’s “ideological campaign” against the US digital asset industry.
“The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.”
The same notes also stated the following:
“As a result, in an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. We encourage customers to take appropriate action with their USD. Our priority is, and has always been, our customers.”