Hey All,
Yet again we are seeing a crypto market crash down and down it goes creating all time lows for almost all the major crypto coins. As per coinmarketcap - today's Cryptocurrency Prices by Market Cap stands $804.99B, a 5.36% decrease over the last day. This majorly has to do with the Binance Fud and the accounting firm Mazars Group halted work for Binance and other crypto firms.
The worries surfaced again on Friday as the accounting firm Mazars Group halted work for Binance and other crypto firms on reports that are meant to demonstrate that the companies hold the necessary reserves needed to cover any potential surge of customer withdrawals.
There is a panic in the market and everyone is trying to get their funds out from the CEX; before its too late. I also had close to 2K+ RUNE sitting on Binance and was able to successfully get them out to my $RUNE wallet. Simply applying the rule - Not Your Keys, Not Your Coins - So had to move out the funds where I have the full control of it.
At the moment I can say that there is no problem withdrawing your funds from Binance. Its just took a couple for minutes to move my $RUNE to my dex wallet. This was just a precautionary move just incase there is any bad news that may crop up with Binance in near future. At the same time we have been hearing from CZ a couple of times all over the news that Binance doesn’t misuse customer funds like FTX allegedly did. And they can handle whatever amount of withdrawals comes its way. So far so true as there is no issue seen with regards to crypto withdrawals at Binance side.
Here is the Inflow and Outflow of funds from the various CEXs happened recently in past 24 hours. Got this image from twitter; and this clearly shows there is a panic in the market and everyone is just busy moving their crypto funds to a safer place i.e. to a DEX. Speaking of Binance respectively then they have processed $6 Billion in deposits from their wallets to pay everyone and continue to do as as their is a withdrawal request. My wallet summary on Binance::
I still HOLD some funds on Binance; bear to minimum though. Overall all this FUD has created a selling pressure and as a result almost all the crypo coins are down 10% and even more than that.. A good opportunity to buy who are looking out to Dollar-cost average their funds as this is the best strategy for investors during these crypto crash moments. Right now we cannot say if this is the bottom or we are yet to see more downfall coming due to this FUD building up. I am optimistic that we should be seeing a bounce back in the market but time is gonna tell us all this is just a FUD or more than it that needs to be revealed out.
Crypto Crash - Binance FUD & fear around Crypto Withdrawals
Image Credits:: binance, twitter
Best Regards
