Why does the market crash? Cz from Binance takes up some stories

Why does the market crash? Cz from Binance takes up some stories

The market has suffered a blow in the last 24 hours and certain old coins have developed significantly worse than others.

In the lawsuit that submitted the US stock exchange supervisory authority Securities and Exchange Commission against Coinbase, many of the cryptocurrencies with the worst performance were also mentioned. The agency claims that it is securities. These include Cardanos Ada, Solanas Sol, Near, Polygons Matic and so on.

Bitcoin fell by 3.4 %, while Ethereum fell by 5.7 %. Even if both have decreased, the decline is by no means 20 %that the above -mentioned old coins record.

Now CZ - the CEO of Binance - interfered in some of the ongoing narratives.

• Changpeng Zhao, the CEO of Binance, commented on the reasons for the market attack. He emphasized that "nobody really knows", and at the same time explained that "there are many sellers and buyers on a market and everyone can have their own reasons."
• he also dealt with some ongoing stories and informed his thoughts on this topic.
• cz said that there is a wrong narrative that Binance converts its stocks into Fiat.
• Instead, he claimed that Binance's Fiat and StableCoin reserves decreased- they would be used to pay short-term salaries or expenses.
• He also said that the cryptor reserves of the stock exchange have increased in the past few months, weeks and days.
• A second story, of which he admitted to have no idea, is the matter with Robinhood and what happened to old $ 1.3 billion on the platform.
• In any case, CZ explained that there are two emotions that everyone has to deal with in every market - greed and fear.

Why does the market increase or fall? Nobody really knows. Many people claim to know and often lead it back to a single (often wrong) reason. In reality there are many sellers and buyers on a market, everyone can have their own reasons. A few examples.

False narrative:… pic.twitter.com/lqdkeok2as

- cz 🔶 binance (@cz_binance) 10. June 2023

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