Changpeng Zhao revealed the reason for the altcoin price drop: “Nobody knows exactly what happened.”

2023-06-11 04:17:27

Nearly $400 million of investor portfolios have been wiped out in the last 24 hours, showing no mercy to both Bitcoin (BTC) and altcoin traders.

Meanwhile, Binance CEO Changpeng Zhao, or “CZ,” warned that we should not be fooled by stories published by people on Twitter claiming they knew the real reason for the crypto price plummeting on the board. trade

CZ slams altcoin market rumors

Despite plenty of people on Twitter claiming they know why altcoins are all in the red right now. But no one can be sure regarding the origin of the price drop that happened. For this reason, one should not believe the “FUD attack on Binance” or “FUD attack on Robinhood” and other conspiracy theories. See Twitter CZ said.

Why is the market is going up or down? No one really knows. A lot of people claim to know, and can often pin it on a single (often wrong) reason. In reality, there are many sellers and buyers in a market, everyone may have their own reasons. A few examples.

False narrative:… pic.twitter.com/LQDkEOK2as

— CZ ???? Binance (@cz_binance) June 10, 2023

CZ slammed some well-known insiders whose tweets caught quite a bit of attention, as CZ confirmed that Binance would not be adding cash to its holdings. Some Twitter users The fall in altcoin prices is a result of Binance reducing its holdings in crypto and converting them into stablecoins or fiat money. cryptocurrency

Additionally, “Bitcoin Expert India,” a pseudonymous Twitter account, is spreading rumors regarding Robinhood’s decision to force the sale of all tokens to be delisted.

In theory, Robinhood will dump $1.3 billion in Cardano (ADA), Solana (SOL), Polygon (MATIC) in the next two weeks. “You should know better than me.

source : U.Today

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