A mare’s nest of epic proportions is surrounding the 60 per cent XRP crash on BitMEX and bitcoin going south. It has thrown Twitter users into a debate, and they are debating whether the all so powerful exchanges can influence the price.
Binance CEO, Changpeng Zhao, one of the most prominent names in the cryptocurrency world, recently chimed on twitter. He put out a thread that delves into the details of the above-mentioned matter. He says that if exchanges had the authority to manipulate the price of BTC, it would keep mounting. Since exchanges themselves are into the mix, it would be baffling to opt for for a price dwindle.
Price movements are rooted in conspiracy about exchanges.
To me, it is a waste of time trying to analyse order books with so much random noise & making theories around it.
Think independent. Don’t be influenced by anyone. https://t.co/IXp71OqiZb
— Gautam Chhugani (@gautamchhugani) February 16, 2020
It’d be foolish on our part not to believe the words of Binance CEO, provided how restless he has been for BTC to go higher. In August of 2019, he shared his views on twitter that those traders who opted to sell their BTC under $10,000 should slap themselves before eventually, the price fell by 20% in the two months that followed.
Binance CEO Used to Wild Declarations
When Bitcoin spiralled after a 40 per cent rise on November 1, Binance Ceo made a premonition that the top crypto-currency could rally itself to $16,000. In contrast, Bitcoin came sliding down to $6,500 in the same month.
However, The crypto-winter of 2018, knocked the wind of the sails of many crypto-businesses, but Binance weathered the storm stupendously. Not only did Binance make its way out of it without a scratch, but it also took it by the scruff of its neck and ended Q1 2019 by a staggering 66% even when BTC hit rock-bottom of $4,000. So it is safe to say that Binance knows what they are doing, and they saw the sun even during the dark days of the crypto winter.