‘Merry Christmas’—Shock $300 Million Binance Bombshell Could Be About To Hit The Price Of Bitcoin And Crypto
Merry Xmas #MerryXmas
Bitcoin BTC and cryptocurrency prices have been sent sharply lower by the ongoing FTX crisis that could be about to engulf other major crypto companies.
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The bitcoin price has plunged to lows not seen for more than two years, with the $2 trillion crypto crash triggering a stark global financial crisis warning and fears swirling around FTX rival Binance.
Now, Justin Sun, the founder of crypto network tron and one of crypto’s best-known public figures, has plowed $300 million into bitcoin and crypto exchange Binance over the last month in a desperate attempt to calm spiraling crypto market fears.
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MORE FROM FORBES’Cryptopocalypse’-Coinbase CEO Issues Serious ‘Contagion’ Warning After Bitcoin And Ethereum Price CrashBy Billy Bambrough
Binance, the world’s largest bitcoin and crypto exchange has been engulfed by fears it could follow … [+] rival exchange FTX into bankruptcy after this year’s crypto price crash.
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“Merry Christmas,” Sun posted to Twitter in response to an automated account reporting a $200 million tether transfer from Sun to Binance. Earlier this month, Sun deposited $100 million into Binance in an attempt to shore up the exchange’s finances.
“In the past, Binance has been through a lot of crises,” Sun told Coindesk last week, adding he always wants to “help Binance grow and show confidence” in the company.
Binance has seen billions of dollars worth of withdrawals in recent weeks as traders yank funds from the platform amid fears it could suffer the same fate as FTX and causing some to warn users to “remove their funds immediately.”
Earlier this month, Binance chief executive Changpeng “CZ” Zhao warned the “crypto winter” isn’t over yet and said he expects “the next several months to be bumpy.” However, CZ predicted Binance “will survive any crypto winter.”
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MORE FROM FORBES’Historic Moment’-Leak Reveals Shock Binance CEO Prediction After FTX Bitcoin And Ethereum Price CrashBy Billy Bambrough
The bitcoin price has plummeted over the course of 2022, with a looming Binance crisis threatening … [+] to push it even lower.
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CZ went on to dismiss Binance instability accusations as nothing more than “jealous” FUD [fear, uncertainty and doubt] spread by rivals in a Twitter thread.
Coinbase COIN chief executive Brian Armstrong has issued a similar warning, saying he expects there to be “more contagion” from the FTX collapse before the crisis comes to an end.