- Binance CEO Changpeng Zhao has warned his followers about the false narrative circulating in the crypto market.
- Zhao shared his take on the decline in altcoin prices today and the alleged conversion of Binance’s holdings to fiat.
- The crypto billionaire urged crypto investors to tread cautiously amid heightened greed and fear in the market.
Binance Chief Executive Changpeng Zhao has rubbished the ongoing rumors about his crypto exchange’s alleged conversion of crypto holdings to fiat over the past few months. Zhao also criticized crypto influencers on Twitter for pushing false narratives such as the alleged upcoming dump of $1.3 billion worth of Altcoins.
Changpeng Zhao took to Twitter earlier today to address the false narratives circulating in the crypto market. Zhao claimed that no one can say for sure why the crypto market goes up or down on any given day. He added that such events attract the analysis and predictions of crypto influencers who push false narratives.
The Binance CEO cited a tweet from Googly on Twitter who highlighted Binance’s proof of reserves (PoR) and claimed that the crypto exchange converted its crypto holdings to fiat or moved the company’s reserves out of cold wallets. In response, Zhao revealed that the fiat/stablecoin reserve, which is used for short-term expenses or salaries, had depleted. He added that the exchange’s crypto reserve had gone up.
Zhao cited another example, a tweet from Bitcoin Expert India, who claimed that $1.3 billion worth of altcoins held at Robinhood could be dumped in the next two weeks in light of the delisting of SOL, MATIC, and ADA from the brokerage. The tweet attributed the recent decline in altcoin prices to this event. CZ’s sarcastic response suggested that maybe the influencer knew more than him.
According to the Binance CEO, greed and fear are the two emotions that need to be managed in any market. “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,” Zhao added.
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