- The CEO of Binance highlights today’s unexpected industry concerns.
- He draws light to 5 major concerns and goes on to elevate the Bitcoin message.
- Despite concerns popping up, one must still remain calm and keep faith.
CEO of Binance, Changpeng ‘CZ’ Zhao took it upon himself to highlight some of the biggest concerns in the crypto and blockchain industry. After catching a short 4-hour long snooze, CZ saw that he woke up to see the crypto sector in strife.
As we can see from the tweet above, CZ says in the 4 hours that he was asleep, the crypto sector got 5 major concerns. The first of which is Silicon Valley Bank troubles. Here, the tech-centric bank, Silicon Valley Bank (SVB) is facing financial health challenges just a day after the Silvergate fall.
In detail, SVB raises concern over its financial condition right after the announcement of a significant sale of assets and stocks to raise additional capital. The bank, which services tech startups and venture capital firms, including crypto-friendly VCs like Sequoia and Andreessen Horowitz (a16z), disclosed selling $21 billion worth of securities holdings for a $1.8 billion loss to bolster its balance sheet.
It also raised $500 million from General Atlantic and seeks to raise another $1.75 billion through sales of its shares. The move came a day after Silvergate Capital Corporation announced it would “wind down operations” and liquidate its crypto-friendly bank, heightening concerns about SVB’s financial position. Shares in SVB plummeted by over 60%, wiping some $80 billion in value from the bank’s shares.
Continuing on in CZ’s list, the next concern highlights how the USAG is suing KuCoin. Following this, the next concern is about how the Whitehouse is aiming to tax 30% on mining electricity and that other crypto prices have dipped.
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Lastly, the final concern highlights the Huobi token flash crash. Indeed, the crypto industry seems to have had a few minor crises while CZ hit the snooze button. Meanwhile, the responses to the tweet have been nothing if not supportive and encouraging of the crypto space.
To CZ’s last comment, the CEO of Binance says while he was asleep, Bitcoin was still producing blocks. In response, a crypto enthusiast replies saying how he slept for 7 hours and woke up to see Bitcoin still running and advises the community that opportunity is knocking once again and dollar-cost averaging is the key.
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