A lot of people expected CZ to step down, in fact, more than 50% of the binance faithful already expected him to do so. This is why BTC is only down by 2% or a bit more, even if alts are not better off. In reality, Binance hasn't been completely clean, but we cannot compare it to the carnage caused by SBF and Do Kwon.
It's really difficult to have the power that Binance has without their CZ trying to flex it. This is one thing about centralized exchange.
It's difficult to stay clean when there are billions of unclean criminal money to be made out there.
To be very honest, all centralized exchanges have dabbled into things they shouldn't and I don't blame them. They're powerful institutions and if you ask me, I just think the SEC, the Department of Justice, and the US government just want in on all that money, because they're criminals themselves acting as a watchdog for normalcy.
Most centralized exchanges are smooth criminals
....but they manage to keep it going and try not to cause too much havoc, hence a lot of the skeletons in their cupboard get ignored. On the bright side. CZ has been a great pioneer of crypto and agreeing to pay 4 billion or 4 million now is just to save the ship. I reckon he felt that it was more important to save Binance from that endless witch hunt by putting himself in that position.
While many much call him a Martyr for the greater good, I just see him as a person who has played in muddy waters and couldn't just get himself cleaned up in time. Of course, the cryptoverse sees him as a Martyr, so why not? He knows stepping down would be the best thing and it'll simultaneously cement his status as one of the GOATS of crypto. While he didn't step down when the ovation was loudest, he probably felt he could remain CEO and survive the onslaught coming for him. Unfortunately not.
He couldn't survive this one.
However have to consider that he didn't "Do Kwon" this situation, and this is the only positive to take out. He understands that stepping down will save Binance, of course, most people will sacrifice themselves to save what they truly hold dear, but we know that under the shadows, he remains the mafia laws, running things from wherever he is.
A lot of people have not really responded to this step-down. Michael Saylor for one, and why will he? Man cares only about Bitcoin and this isn't FOMO enough to even shake him.
In my opinion, I only see this as a man stepping down, paying a fine to stay out of prison. Nevertheless, all know that big news will always affect the market either positively or negatively, it's the sentiment of causality. At the moment, I don't think this is a very bad thing, more cheap crypto to scoop up as the dip is hardly noticeable. Of course, the news on the surface seems FOMOish, but it really isn't when it's critically analyzed.
Basically Kraken and co might have it coming, but I feel that this is the last onslaught for the market to completely soar by January 2024.
At the end of the day, CZ pulled one last plug to play in tune with the US government
It's a testament to the fact that the government wants in on the power of the CEXs rather than sit out on all the potential power and information. However the alts have responded more poorly than BTC, but a lot of binance faithfuls are more about showing support and applauding CZ. it's good..... that sentiment is good for the market. At this moment it's important to sustain the momentum. Although the market is already due for some slight correction,
so..... Two stones for one bird January will be better defined for crypto. The way I see it, the year is done and maybe there might be no defining news again.
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