2023-08-23 05:51:05
The head of the largest crypto exchange Binance, Changpeng Zhao, was accused of the recent fall in bitcoin. According to Mike Alfred, an investor popular in the crypto community, the businessman uses the leverage available to him on the first cryptocurrency to support the rate of the native token of his trading platform, BNB. Such an assumption he shared with readers of your microblog
Mike Alfred believes that Zhao is putting pressure on bitcoin through market makers affiliated with him. According to the investor, BNB will fall below $200 in the near future, as the token support scheme built by Zhao is not effective. As of this writing, BNB is trading at $213.
Screenshot of Mike Alfred’s post. Source: investor microblog
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Alfred’s theory was supported by a popular trader in the crypto community, Peter Brandt, who repeatedly managed to correctly predict further market movements.
“I have been stating for years that Changpeng Zhao with his Binance is a global scam and BNB is just cheap fiat. Watch it all fall apart.” wrote Brandt in my microblog.
Screenshot of Peter Brandt’s post. Source: trader’s microblog
To the opinion of Mike Alfred that Zhao is behind the fall of bitcoin, joined Analyst MartyParty. He shared with his subscribers assumptions about how exactly the businessman operates. Here’s what the analyst thinks the sequence looks like:
Zhao sells bitcoin from bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3h wallet for TUSD stablecoins. After that, he buys BNB for TUSD, thereby supporting the rate of the native Binance token.
At the same time, MartyParty also believes that American regulators are involved in the chain of events, who are allegedly trying to “squeeze out” Zhao from the crypto industry.
Screenshot of MartyParty’s message. Source: microblogging analytics
Recall that in 2023, Binance faced unprecedented regulatory pressure. Due to the actions of regulatory authorities, the issuer of the stablecoin of the crypto exchange, Binance USD (BUSD), stopped issuing the coin. Binance itself, at the same time, came under the guns of the US Securities and Exchange Commission (SEC). The US Commodity Futures Trading Commission (CFTC) also has claims against the crypto exchange.
Earlier, a theory was circulating on the network that Binance’s problems were retribution for the collapse of the once one of the largest FTX crypto exchanges. It was Zhao’s tip that provoked the crisis, which eventually led to the death of the trading platform. The essence of the theory is that due to the collapse of FTX, American politicians lost their source of funding. Ostensibly to get revenge on Zhao, regulators have set their sights on Binance.
Po Marty Party opinionZhao’s business could fail under the FTX scenario.
In a comment to MartyParty’s post came Changpeng Zhao himself. According to him, the MartyParty theory has nothing to do with reality. The head of Binance urged members of the crypto community to ignore FUD.
Zhao’s comment. Source: Twitter
Recall that earlier the editors of BeInCrypto collected in one review other reasons that could lead to the fall of bitcoin.
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