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The crypto market has seen a strong sell-off in the past 24 hours, impacting the performance of several altcoins. Binance CEO took the opportunity to state that no one really knows what is influencing this market.
In a June 10 tweet, Binance CEO Changpeng “CZ” Zhao highlighted how human emotions influence the market. According to him, many people make transactions on a market, and everyone can have their reasons. In the past 24 hours, nearly $400 million has been liquidated, with several altcoins posting double-digit losses.
False narrative: Binance’s Fiat conversion
Zhao said rumors that Binance converted its crypto holdings to fiat were a false market narrative. According to him, while the exchange’s reserves of fiat and stablecoins to cover salaries and short-term expenses have dwindled, its cryptocurrency reserves have increased over the past few months, weeks or days, depending on the period. considered.
His statement follows the recent regulatory review that has plagued the stock market. Over the past week, the US SEC sued Binance, Zhao and its subsidiary, Binance.US, for violating federal security laws. This news led to a net outflow of $3.1 billion last week, according to data from DeFiLlama
Top 5 crypto exchange outlets. Source: DeFiLlamaCZ responds to Robinhood dumping rumors
Regarding the second story that Robinhood might dump $1.3 billion worth of altcoins into the market, the CEO of Binance said he has no idea. “No idea. You probably know more than me,” CZ tweeted.
On June 9, Robinhood announced that it would remove ADA, SOL, and MATIC from its platform on June 27. The crypto trading firm’s move follows the SEC’s decision to classify several digital assets as securities.
Following the news, on-chain investigator Lookonchain reported that several whales had started moving the impacted tokens across exchanges. A whale transferred over 5,700,000 SOL worth $8.2 million to Binance, Kraken, and Coinbase.
LookOnChain noted that several institutional investors were abandoning Polygon’s MATIC, referring to Cumberland’s filing and Jump Trading on exchanges.
Other stories
Zhao also highlighted other popular narratives in the market like “US ban” and “China/HK unban”. According to him, the two emotions that every trader must master in any market are “greed” and “fear”.
He advised his community to manage their risks, assuring users that the Binance platform would continue to function properly.
Disclaimer
In accordance with the guidelines of the Trust Project, BeInCrypto is committed to providing impartial and transparent reports. This news article aims to provide accurate and timely information. However, readers are urged to independently fact-check and seek professional advice before making any decisions based on this content.
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