Bitcoin
BTC
The bitcoin price has dropped under $17,000 per bitcoin as panic suddenly hit Binance, the world’s largest bitcoin, ethereum and crypto exchange by volume, and the Federal Reserve signaled it will continue to hike interest rates.
Now, after leaks revealed the most powerful CEOs in crypto are braced for a $65 billion earthquake, Binance chief executive Changpeng “CZ” Zhao has warned the “crypto winter” isn’t over yet after the collapse of FTX wiped billions from the bitcoin, ethereum and crypto market.
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Binance chief executive Changpeng “CZ” Zhao has warned “crypto winter” isn’t over after the FTX … [+]
“While we expect the next several months to be bumpy, we will get past this challenging period—and we’ll be stronger for having been through it,” CZ wrote in a memo to Binance staff seen by Bloomberg, adding bitcoin and crypto is going through “a historic moment” but Binance “will survive any crypto winter.”
CZ’s warning comes during a rocky week for Binance that’s seen users yank billions of dollars from the exchange amid fears it could follow FTX into bankruptcy.
FTX’s shock collapse sent shockwaves through the bitcoin, ethereum and crypto market with crypto companies scrambling to reassure users their funds are safe.
This week, accounting company Mazars published and then deleted a proof-of-reserves assessment of Binance before announcing suspending work with crypto companies.
“This is due to concerns regarding the way these reports are understood by the public,” Mazars said in a statement to Coindesk.
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The bitcoin price has crashed by around 70% since late last year, wiping around $2 trillion of value … [+]
Binance’s BNB
BNB
“The current environment of mistrust towards Binance is only natural, and the increased volume of outflows from the exchange is a rational precaution by its users,” bitcoin analyst Josef Tětek at Trezor, a company that sells self-custody crypto wallets, said in emailed comments.
“Exchanges that conduct their business honestly need not be worried and should be able to satisfy all the withdrawal requests. In this respect, Binance seems to be handling its liquidity well after $5 billion worth of crypto was withdrawn over a 24-hour period.”
