Binance

Binance CEO Changpeng Zhao appears to be calming market anxiety with his remarks. Since the collapse of the FTX exchange, the market has been trading with a risk-off sentiment, and investors appear to be withdrawing funds from exchanges and reinvesting them in safe-haven assets.

Even today on Saturday, major cryptocurrencies were trading unevenly, as the global crypto market cap fell over 1.% to $828.27 billion on the previous day. In contrast, the total crypto market volume fell 47% in the last 24 hours to $48.87 billion.

With his comments, Binance CEO Changpeng Zhao appears to be calming market anxiety.

Crypto Industry is “Healthier” After a “Nasty” Year

After a “nasty” 2022, Binance CEO Chanpeng Zhao believes the industry is now “healthier” and that 2023 will bring even more success. During a recent Binance event in Athens, Zhao predicted that the market would soon recover.

Zhao stated at a Binance event in Athens:

“So, I think 2022 was a really nasty year, the last six month was like too much has happened. Now the industry is healthier.”

The market as a whole is stronger now and he would expect recovery.

But he wouldn’t commit to any concrete forecasts. He further stated:

“The trick for us is to monitor the industry and then whatever is trending we try to support it.”

The CEO did not hold back the criticism of his former competition after he started a rehabilitation fund for failing cryptocurrency firms in the wake of FTX’s collapse.

FTX Bankruptcy

Sam Bankman-Fried, a cryptocurrency billionaire, went from industry hero to villain in the span of a week, losing most of his fortune when his $32 billion company collapsed into bankruptcy and drawing scrutiny from the Securities and Exchange Commission and the Justice Department.

Mr. Bankman-empire Fried’s crumbled when a run on deposits left his crypto exchange, FTX, with an $8 billion shortfall, prompting the firm to file for bankruptcy. He had formerly been compared to financial titans like John Pierpont Morgan and Warren Buffett.

As a result, numerous crypto firms are now unstable, and broad skepticism of the technology has been sown.

Zhao Efforts Following FTX Bankruptcy

To quote Zhao, “Like Madoff, FTX is a con artist. It’s a ponzi scheme, it’s a lie.” It’s not fair to generalize about all businesses as evil because of FTX. Therefore, in order to prove that the exchange is solvent, Binance introduced its proof-of-reserves method earlier today, beginning with bitcoin.

The bitcoin reserves and account balances of the exchange Binance have been made public. A total of 575 742 BTC is held by its users, while the company claims to have 582 485 BTC in reserves, for a profit of 6,743 BTC. It also linked to a page where Binance customers could check the authenticity of their bitcoin holdings.

According to Zhao, Binance is in a strong position and is more concerned with contributing to the development of the market than with maximizing profit. He stated,

“We have enough revenue today.” “Our primary goal is not to increase our bottom line. We aim to maintain sustainability.”

He also pointed out that the sky-high valuations of startups a year ago have since been replaced by more reasonable ones. The market is hoping that such efforts will help to improve market sentiment and drive cryptocurrency prices higher. So, it might be a good time to buy the dip.

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