Binance rumors were the all-dominant topic last week after the FOMC meeting. Rumors of insufficient proof of reserves and the pullback from accounting firm Mazars, allegations of a bank run and insolvency, as well as CZ’s interview on CNBC have dragged the Bitcoin and crypto sentiment and prices down. Charles Edwards of Capriole Investments pointed out in a Twitter thread that this “FUD is really bad for the industry,” pointing out that there is “nothing” backed by data that is legitimately worrisome, “but when fear is great enough, it doesn’t matter.” “If current withdrawal rates continue, expect more exchanges to go down – not from poor practices – but bankruptcy,” Edwards contended. Is The Binance FUD “Thinly Veiled Xenophobia”? The analyst suggests that all exchanges are being hit extremely hard by current market conditions. They have to deal with a price drop of more than 80%, a drop in trading volumes of more than 90% and a reduction of reserves by more than 50% “due to irrational panic.” As Edwards analyzes, even the U.S. exchanges Coinbase, Gemini and Kraken have been hit badly. ..
Support the originator by clicking the read the rest link below.
