Changpeng Zhao, CEO of leading cryptocurrency exchange Binance, continues to talk about the FTX crisis. According to CZ, the crypto industry has been in decline for several years. With all this, Binance continues to rise in the crypto market. CZ also claims that the industry will quickly recover and strengthen.
Binance CEO admits the market goes back a few years
Leading cryptocurrencies Bitcoin and Ethereum have increased by more than 6 percent in the last 24 hours. As mentioned, the cryptocurrency market most likely appears to be in a recovery phase. However, some industry leaders claimed that the FTX crisis pushed the industry back 4-5 years. Zhu Su, co-founder of Three Arrows Capital, thinks the FTX effect will last even longer. According to Zhu Su, this period will be 7-8 years.
According to Binance CEO CZ, the crypto market is likely to recover quickly and become stronger in the near future.
https://twitter.com/cz_binance/status/1595319261387448321
As we have reported as Kriptokoin.com; Zhu recalls the June bankruptcy of hedge fund Three Arrows Capital. Su is meeting with regulators and collaborating with court-appointed liquidators. Zhu Su plans to establish a trading company that invests in both crypto and traditional assets.
CZ compares FTX’s collapse to TradFi failure
Binance CEO “CZ” agreed with other industry leaders that FTX is pushing the industry back a few years. In addition, CZ states that these experiences are natural. As a result, CZ compared what happened to the failure of TradFi, which was regulated in 2008, after more than 70 years of development.
Binance CEO CZ believes that the crypto market will quickly recover and become stronger. Currently, it is known that CZ has announced an industry recovery fund to assist projects facing liquidity problems. Adequate disclosures about the fund have not yet been made. However, it is stated that CZ will reveal more information this month. Binance CEO has this to say on the subject:
Some (including me) say it will “set the industry back a few years”. But when you think about it, it’s natural. Progress will fail. It happened on TradFi, which was edited in 2008 after more than 70 years of development. The sector will quickly recover and strengthen.
How will the cryptocurrency market rally?
Crypto markets rallied as whales began hoarding cryptocurrencies amid the decline. Ethereum whales made the fifth largest single-day accumulation ever. This amount is reported to be 1 billion dollars worth of ETH per day. Whales also bought cryptocurrencies like Bitcoin, BNB, XRP, Shiba Inu, Dogecoin, Litecoin, Chainlink. Bitcoin price has increased by over 6 percent in the last 24 hours.
Binance continues to grow
BNB Chain, the DEX side of Binance, is notable for its Total Locked Value (TVL) ratio of $5.2 billion. Feature The crisis in FTX seems to have benefited Binance the most. Known as the world’s leading cryptocurrency exchange, Binance includes new users in its volume and TVL rates. BNB Chain also powers the company’s native token, BNB. BNB was among the tokens that remained strong as the crypto winter continued.
Binance CEO Changpeng Zhao has taken important steps for the exchange and decentralized network altcoin BNB. The stock market hosts billions of dollars of transaction movement in trading volumes and leveraged transactions. With all this, it is quite normal for CZ to want to make Binance’s native altcoin BNB #1. The CEO of the exchange, CZ, provided a strong boost to the cryptocurrency with the launchpad feature. For cryptocurrencies to be listed with the Binance Launchpad feature, BNB staking is required for upfront participation. As a result, it is expected that the BNB on the stock exchange will be removed from the circulating supply.
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