The market has fluctuated over the past 24 hours, with some altcoins performing much worse than others.
The lawsuit filed by the US Securities and Exchange Commission against Coinbase also cites many poorly performing cryptocurrencies. The agency claims that they are securities. These include Cardano’s ADA, Solana’s SOL, NEAR, Polygon’s MATIC, and more.
Bitcoin was down 3.4% and Ethereum was down 5.7%. While both are down, the above altcoins are charting near a 20% decline.
Now, CZ, CEO of Binance, is weighing in on some of the ongoing stories.
- Binance CEO Changpeng Zhao explained why the market is crashing. He emphasized that “no one really knows,” while explaining that “there are many sellers and buyers in the market, each may have their own reasons.”
- However, he also touched on some ongoing stories, sharing his thoughts on the matter.
- CZ said there is a false story about Binance converting its holdings to fiat.
- Instead, he claimed that Binance’s fiat and stablecoin reserves have declined. are those used to pay for short-term wages or expenses.
- He also said that the exchange’s crypto reserves have increased over the past months, weeks and days.
- The second story, which he admitted he has no idea about, is the Robinhood question and what happened to the $1.3 billion alter on the platform.
- Either way, CZ explained that there are two emotions that anyone must manage in any market: greed and fear.