The cryptocurrency market has experienced a significant drop in the past 24 hours, and some altcoins have performed worse than others. Several of the worst-performing cryptocurrencies were named in the lawsuit that the US Securities and Exchange Commission filed against Coinbase. The SEC alleges that these altcoins are securities, including Cardano’s ADA, Solana’s SOL, NEAR, Polygon’s MATIC, and others. However, Bitcoin only decreased by 3.4%, while Ethereum fell by 5.7%, which is much less than the 20% decline that the aforementioned altcoins are experiencing.
Binance CEO on the Market Crash
Changpeng Zhao, CEO of Binance, has shared his thoughts on why the market is crashing. He stated that “no one really knows” why the market is experiencing a downturn, but there are many buyers and sellers in a market, and everyone may have their own reasons. CZ also addressed some of the ongoing narratives surrounding the crash.
CZ denied the false narrative that Binance is converting its holdings to fiat. Instead, he explained that the fiat and stablecoin reserves of Binance decreased, which were used to pay for short-term expenses and salaries. CZ also revealed that the crypto reserves of the exchange increased over the past few months, weeks, and days.
Robinhood and $1.3 Billion Worth of Alts
CZ admitted that he has no idea about the matter concerning Robinhood and what happened to $1.3 billion worth of alts on the platform. However, he emphasized that managing emotions in any market is crucial, particularly greed and fear.
The cryptocurrency market has been hit hard in the past 24 hours, and some altcoins have performed worse than others due to the SEC lawsuit against Coinbase. While the cause of the downturn is unknown, CZ, the CEO of Binance, has shared his thoughts on the matter. Binance’s holdings were not converted to fiat, and their crypto reserves increased over the past few months. CZ emphasized the importance of managing emotions, particularly greed and fear, in any market.