By Scott Galbraith
According to CZ, FUD drives the growth and development of the crypto market. The crypto businessman noted that daily BTC withdrawals on the Binance exchange exceeded $500 million.
The Bitcoin stocks on Binance have lessened by more than thirty thousand tokens by the 13th of December, according to data from on-chain monitoring tools and several reports from the crypto-related media.
The Binance strategy
The users of crypto-based trading platforms got back around thirty thousand crypto tokens recently. That is more than five hundred million dollars in a single day.
All transactions are equal to more than forty thousand BTC withdrawals which was taken from the trader in just a week.
When the famous crypto-trader Binance was battling a thing that its chief executive officer C. Zhao, aka CZ, refers to as the FUD factor (the abbreviation is described as fear and uncertainty of investors and instability of the market) such actions of its clients didn’t do anything well.
According to crypto media reporters, anxiety increased when a Reuters study proposed that the trading platforms might be the subject of US money-washing and crime suits. CZ reacted to these claims and disproved any kind of these allegations.
However, when it was revealed that J. Sun, the chief executive officer, creator of TRON, had made a sizable token withdrawal, and the tension reached its peak.
While users swiftly withdrew money from their accounts, Zhao and Sun both deposited a hundred million dollars in their Binance accounts.
The comments of the Binance CEO
In the most recent Twitter conversation about the issue, Zhao stated that FUDs help crypto-related markets grow, even if it is very annoying.
Nevertheless, the BTC balance on Binance was actually rising recently. But the price of the assets has fallen drastically and has reached its worst point since the year 2020.
Popular trader Pentosi makes fun of FUD, saying that it caused him to drop the Binance token and US dollar trading pair.
The reporter’s positions, ideas, and views can still be subjective, and each investor has to decide for themself whether he wishes to invest in crypto or not.