“He’s leading, we’re following,” says the CEO of the biggest cryptocurrency exchange in the world-Binance , according to his most recent Bloomberg interview. This would be one of the biggest purchases in the world.
The host inquired as to why CZ remains so dedicated to the Twitter transaction while Musk has expressed no interest in purchasing the platform at the agreed-upon price due to the possibility of a high percentage of bots and fraudulent users in the daily userbase.
Elon Musk’s bid backers, according to CZ, are merely following his lead and are prepared to proceed with the monies required or withdraw them if Musk cancels the transaction.
CZ was also questioned about the market’s recent conduct, in which the bulk of digital assets have lost between 15% and 30% of their value on average.
Zhao told the presenter that he is not surprised and that the cryptocurrency market is behaving “normally,” as volatility has always been an element of a typical digital asset on the market. The cryptocurrency market lost about 90% of its value in 2018, with the majority of assets vanishing from the market and never to be seen again.
The DeFi industry was one of the greatest losers in 2022, with billions of dollars in liquidations due to a drop in lending and borrowing market liquidity.
The crypto market’s sell-off this year was triggered by two incredibly unfavorable events in quick succession: Terra’s UST and LUNA disasters, as well as unexpectedly strong inflation figures, which resulted in a significant outflow of cash from risky assets like cryptocurrencies and stocks.
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