- CZ fired back at Musk’s November 6 trolling, extending a feud sparked by Binance’s hack.
- The exchange follows an Oct. 30 spat where Musk mocked Binance’s major breach.
- Asian markets plunged on Nov. 6, with Japan, South Korea, and Taiwan dropping up to 9%.
Binance founder Changpeng ‘CZ’ Zhao and Elon Musk have reignited their public exchange on X, trading memes as crypto and tech markets endure another rough day.
On November 6, CZ fired back at Musk’s latest post, continuing a feud that began after Binance’s reported $6.3 billion security breach.
The back-and-forth kicked off after Dogecoin co-founder Billy Markus (BillyM2k on X) posted that he’d just woken up and wanted to check on the markets. Musk replied with a red-tinted, blurred image that references CZ sleeping. This can likely be interpreted as a “red candle”, a standard chart pattern representing a sharp crypto market drop.
CZ then fired back with a cartoon meme of a character on the ground with an arrow through his knee.
The interaction follows their October 30 spat, when Musk seemed to mock Binance over its massive security breach. CZ told him to stop the trolling, pointing out that Binance had put $500 million into Musk’s X (then Twitter) deal in 2022, and noting that the SpaceX shares it got in return were now worth over $1 billion.
Asian Markets Add to the Unusual Timing
The renewed round of trolling lands as tech stocks worldwide sell off sharply. On November 6, Japan’s Nikkei fell about 6%, South Korea’s Kospi dropped as much as 8.8% (briefly halting trading), and Taiwan’s market also took heavy losses, almost 9%.
The selloff came after the Nasdaq dropped 5.5%, with investors worried that Democratic midterm wins could lead to stricter AI rules and slow the buildout of data centers.
In fact, the entire US chip and AI stocks took a heavy hit, with investors erasing about $2.5 trillion in value from the Nasdaq 100’s big-name stocks, as reported yesterday.
Additionally, the Philadelphia SE Semiconductor index (.SOX) suffered a huge hit, falling 12% to its lowest point in over six months. Industry leaders weren’t spared the beating, with Nvidia (NVDA.O) sliding 9% and Advanced Micro (AMD.O) plunging 17%.
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Crypto Got Hit Too
Not surprisingly, the crypto market also recorded notable losses.
Bitcoin fell below $76,000, and other major cryptocurrencies took losses too, with Ethereum declining more than 7% in the last 24 hours. XPP and Solana fell by roughly 9% and 6%, respectively.
Others, such as Hyperliquid, Chainlink, Cardano, and Stellar, recorded more than 5% losses. Meme coins got caught as well, with Dogecoin having an approximately 5% decline in the last 24 hours.
That said, despite two prominent figures arguing in public, there’s no evidence that the renewed Musk-CZ online trolling had anything to do with the crypto market drop.
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Related: CZ Says Binance’s $6.3B Hack Differs From Mt. Gox and FTX Disasters
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