Bitcoin, Ethereum and altcoin market continues to decline ahead of 2023, despite recovery expectations. A surprising prediction came from Binance CEO, who said the bear market is not over yet.
Binance CZ warns that the ‘crypto winter’ is not over yet
Bitcoin price has started to decline again with the striking developments that emerged in the last month of 2022. Some of these were the US lawsuit revolving around Binance and the peak of withdrawals. These developments combined with the Fed’s confirmation last week that it will continue to raise interest rates. As a result, Bitcoin price had to lose $17,000.
Now, rumors suggest that the most powerful CEOs in the crypto world are preparing for a $65 billion earthquake. In this regard, Binance CEO Changpeng “CZ” Zhao warned that the “crypto winter” is not over yet after the FTX crash wiped billions of dollars from Bitcoin.
In a note to Binance employees, CZ said, “As we look forward to the next few months with ups and downs, we will get through this challenging period. We will be stronger as we get through this. We are going through a historic moment, but Binance will survive any crypto winter.” CZ’s warning came during a rough week for Binance, which pulled billions of dollars from the exchange for fears users could bankrupt FTX.
The shocking collapse of FTX has sent shockwaves through the cryptocurrency market as crypto companies attempt to reassure users that their funds are safe. This week, audit firm Mazars announced that it is suspending work with crypto companies. Prior to that, Binance had published its proof-of-reserve review and then deleted it. “This stems from concerns about the way these reports are understood by the public,” the audit firm said.
Binance Coin (BNB) price experienced the biggest sell-off in recent times
The exchange’s own cryptocurrency has dropped almost 20% last week as the crypto market panicked. “The current climate of distrust towards Binance is perfectly natural,” Trezor Bitcoin analyst Josef Tětek said in a statement. Increasing volume outflows from the stock market is a logical precaution taken by its users,” he said. He also assured that the leading exchange has sufficient reserves:
Exchanges that conduct their business honestly need not worry and should be able to handle all withdrawal requests. In this respect, Binance seems to be handling its liquidity well after withdrawing $5 billion in crypto over a 24-hour period.
BNB price has been seeing heavy selling since growing concerns about Binance’s market position spread. The data shows that investors are reducing their BNB balances in preparation for any impending collapse. cryptocoin.comAs you followed on , CZ said that fears are common when prices are at the bottom. While the BNB price rose around 5% on December 18, a positive atmosphere prevails for now.
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