While the market is dealing with a lot of rumor and speculation and FUD (Fear, Uncertainty and Doubt) about Binance following the recent collapse of FTX this week, social media has been abuzz with speculation about Binance’s Proof-of-Reserve It is said that the company’s proof-of-reserve efforts are being criticized wholeheartedly, with Changpeng Zhao, more commonly known as CZ, addressing FUD on Twitter on December 13, saying that it helps to grow even if it is totally annoying because you can spread awareness about someone else without explicitly mentioning his name which work is definitely FUD and according to his tweet it Wherein it certainly helps unite their supporters and it creates a shared defense coalition. Further Binance CEO says that since day one, Binance was relentlessly targeted with FUD including some allegedly sponsored by a large exchange and since then barely 1 week has gone by without FUD passing and he has continued to ignore it and the ability to build and learn where he says on his twitter that in fact FUD has definitely done a lot for our company which is highly commendable Is.
CZ’s comments follow Reuters comments published on December 12 that claimed the US Department of Justice is definitely investigating crypto exchange company Binance and that according to four people familiar with the matter, Reuters was told by the DOJ. Prosecutors are reportedly indecisive about the investigation, and its reporter Angus Berwick writes that an alleged division between prosecutors is being fueled by the delay in the investigation and its conclusion in the long-running criminal process. And meanwhile, Binance’s exchange token BNB has taken a huge hit from the speculations and FUD surrounding the world’s largest crypto exchange and crypto exchange BNB has seen a huge drop in its value during the past weeks. which comes out to be a drop of around 8.5% plus 7 days data shows that BNB is down more than 8% against the greenback and most recently the US inflation data on Tuesday when displayed Indeed, BNB is now down just 6.9% against the US Dollar, and the trend is in sharp contrast to that of major cryptocurrencies such as bitcoin and ethereum as of Tuesday morning (9 AM ET) between the two coins. Values have shown an increase in value between 5-7% higher and BNB certainly outperformed cryptocurrencies like bitcoin and ethereum in terms of all-time highs posted last year despite this week’s losses And for example, despite the rise of bitcoin, the major creations are also down 74% from their highs last year, which is made up of ethereum, and ethereum is down 72% from last year’s ATH, but on May 10, 2021 Binance’s BNB is only down 60.8% since the crypto asset printed a price high of $686 per unit, which the data suggests that there are definitely different market caps for different cryptocurrencies that investors should consider. It also provides freedom of choice.
