Cryptocurrency exchange liquidity plummeted while recession fears persisted
After news on Friday that accounting firm Mazars Group would stop providing cryptocurrency-related services, investor fears of Binance’s liquidity crunch have subsided.
The crypto community has sought to address elements of the recent FUD campaign against Binance, which has given BNB the support of the broader crypto market.
Binance CEO CZ Mutual A tweet from B (Da Viking) addresses the ongoing Binance FUD.
B (Da Viking) raised four important facts:
- Research and development at Mazar.
- Binance Bank / Insolvency Claim Run.
- FTT statement of CZ’s $2.1 billion on CNBC.
About Mazars FUD, B (Da Viking) marked That Mazars has stopped all crypto audits, not just Binance. B (Da Viking) too pointed out that Binance currently has $55 billion in reserves based on on-chain data, saying that the Binance bank run claim is ridiculous when considering the amount of withdrawals against Binance reserves.
He is followed by the CEO of Binance CZ Such asAnd the
“RD&D is temporary. The truth at last.”
CZ capped things off by sharing a CryptoQuant.com view on Binance, which advertiserAnd the
“Our analysis should not be interpreted as a positive judgment of Binance as a company or the BSC/BNB networks. Our data only shows that the amount of BTC Binance says held liabilities at the time the PoR report was executed matches our backup data.”
However, the upside has been modest, with several cryptocurrency headwinds keeping investors wary. Fear of yet another stock market succumbing to a liquidity crunch, fears of a recession, a hawkish Federal Reserve, and regulatory uncertainty require investors to think.
Today, cryptocurrency news is likely to continue to influence, and the NASDAQ mini index is likely to provide guidance late in the session.