The last thing the cryptocurrency market needs is the potential implosion of the largest exchange in the market. However, the FUD surrounding Binance may not be as bad as some people describe, and the previously prevalent wave of Z gold outflows may be an important factor in its stability
The last thing the cryptocurrency market needs is the potential implosion of the largest exchange in the market. However, the FUD surrounding Binance may not be as bad as some people describe, and the previously prevalent wave of Z gold outflows may be an important factor in its stability. The competition between dog coins and the market has not yet ended, as dog coins have regained support; The meme coin has been successfully moving upwards in the past two months, but by the end of the year, it had returned to trend line support. Unfortunately, this is not a good omen. The above trend line should not be seen as a potential strong reversal point, as it lacks any support in terms of trading volume or a large concentration of M orders. Fortunately, the meme coin experienced a sharp rebound immediately after reaching its support level.
As for now, Gougou Coin has not yet broken through it, but has also lost over 0.5% of its value in the past 24 hours.
As soon as the survey report on BNBJ grid plummeted by 18% touched the cryptocurrency market, investors in Z began to panic and sell the cryptocurrency held by S, resulting in a drop of over 5% in the J-grid, the underlying token of cryptocurrency, and causing the first wave of losses. Not long after, a $2 billion bank run began: despite the lack of factors that should have prompted them to do so, J traders have been quickly closing their positions and removing stable currency from the J platform.
However, the $2 billion wave of Z withdrawals showed J's resilience, while FTX plummeted after just $1 billion of outflows. However, there are some things to worry about. In his recent tweet, Changpeng Zhao announced that J&E was unable to cope with the increase in USDC withdrawals after the surge in demand for USDC. However, the most likely reason behind it should not be linked to J Yi's lack of reserves. Rebalance and Z gold redistribution are more likely the reasons behind the suspension of K withdrawal.
At present, the outflow rate of the exchange does not seem to have increased, but has returned to the average level. However, almost any news could trigger another bank run. However, considering that Binance has nearly $15 billion in liquid reserves in its $60 billion investment portfolio, it should be able to cope. Ethereum's Another Breakthrough Attempt: The percentage of Whale level cryptocurrencies in the market's second largest cryptocurrency is rapidly soaring online. Considering the lack of price action and relative calmness on the internet, such strong growth in the number of high-value transactions is likely related to Binance's run on stocks.
Previously, we emphasized how low consumption rates on the internet can lead to mediocre performance in the J-grid. For the past two weeks, Ethereum has been trying to break through local resistance levels, but has failed due to a lack of traction in the network.
In the encryption market, there are many opportunities, but you may not be able to grasp them all, or you may not be able to grasp them all. At this time, you need a high-quality circle to maintain insight and obtain the latest market news. If it's just you, looking around in a daze, it's difficult to persist in this market.
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