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BNB the Blue Chip Crypto?
The latest market crash has brought with it some serious doubt of the current market liquidity and confidence in the investment of tokens as we are coming to learn many centralised exchanges just don't have the funds to back up their claims.
A lack of liquidity means that it only takes a few sales to drastically reduce a token's value and in many cases setting off irreversible bank runs and taking with it everyone's wealth and savings.
The sector that was supposed to bring mainstream banking systems to an end has has more leaking holes in it than the titanic and the latest sinkings have been on par with FTX claiming bankruptcy causing wide spread carnage across the entire crypto sector.
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The War of Exchanges
So you have lost everything at this point and not sure what to do? try not to get to stressed about it what is done is done and no amount of misery will change the outcome. You're future pends on you being able to pick yourself up and keep going and if you're worried about funds you're in a good period of history to rebuild as the COVID Pandemic has destroyed just about everyone and eventually markets will recover. So pick yourself up and go speak to a qualified financial adviser if you still want to invest.
In the meantime, the cryptosphere hasn't stopped providing some entertainment as centralised exchanges go down in a blazing ball of battles. Most recently Whitebit delists BNB as Binance goes into overdrive Delisting all FTX pairs and continues to focus on removing tokens with low liquidity.
The move is to ensure that less people are put at risk of financial ruin and prevent future collapses although the move is probably too little too late but watching the aftermath roll out on Twitter is note worthy.
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Binance Throws down
Binance CEO Changpeng issues a warning as another crypto exchange looks like it will take a hit due to low liquidity levels and urges investors to heed caution.
An in response CZ has come out swinging saying his company is all about Transparency and has called on the broader sector to do the same and provide evidence of liquidity and help drive market confidence. CZ has also committed to calling out other Crypto players in the sector something he wishes he had done sooner.
Bloomberg Blooper
It didn't take long for people to take aim at Binance with a [Bloomberg article ](~~~ embed:1591103865528938496/photo/1 focusing on the issuing of BUSD and making allegations that it was at risk. Causing CZ to fire back correcting the article and how the issuance of BUSD is actually managed. twitter metadata:Y3pfYmluYW5jZXx8aHR0cHM6Ly90d2l0dGVyLmNvbS9jel9iaW5hbmNlL3N0YXR1cy8xNTkxMTAzODY1NTI4OTM4NDk2L3Bob3RvLzEgZm9jdXNpbmcgb24gdGhlIGlzc3Vpbmcgb2YgQlVTRCBhbmQgbWFraW5nIGFsbGVnYXRpb25zIHRoYXQgaXQgd2FzIGF0IHJpc2suIENhdXNpbmcgQ1ogdG8gZmlyZSBiYWNrIGNvcnJlY3RpbmcgdGhlIGFydGljbGUgYW5kIGhvdyB0aGUgaXNzdWFuY2Ugb2YgQlVTRCBpcyBhY3R1YWxseSBtYW5hZ2VkLnw= ~~~
This left Bloomberg red faced with one of their biggest bloopers to date defaming another company resulting in the news site removing the article which is no longer able to be located.
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And there we have it crypto degens, the world around us is crumbling down as centralised exchange after centralised exchange fall and go out kicking and screaming.
So how do you like your popcorn? plain or triple butter?
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Ah, there's lot of information out there so it's always great to rectify this news sites (Bloomberg) for spreading misinformation. Transparency and best practices are definitely needed in this crypto sphere. Most investors are blindsided because they don't know much about the technology.
Triple butter will do, the drama is about to get pretty interesting.
Haha yes! There is drama the plenty for everyone at the moment. While we lost massively I guess it's the cost of the show.
All the money lost on FTX is hurting a ton of companies and I am not sure they have the funds to cover the money lost if people are withdrawing all their crypto. So it makes me wonder if Binance is safe or not. At least CZ looks like he has some money in reserve to make that happen.
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Looks like Binance has been securing funds and even possibly doing the right thing about their stable coin.
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