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Search resuls for: "Binance ."


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☆ Bitcoin’s correlation with stocks is at its lowest since 2021 as investors grapple with the cryptocurrency's narrative shift
  + stars: | 2023-03-30 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +3 min
The break became more noticeable in March, as investors rediscovered bitcoin's appeal as alternative banking system as the regional banking crisis unfolded. Bitcoin's correlation with the S & P 500 is now at its lowest since September 2021, after reaching its highest ever in 2022 , according to Coin Metrics. Meanwhile, bitcoin's correlation with gold, a traditionally "risk-off" asset, has risen. This break in correlation is perhaps a sign more investors are waking up to this fact." Bitcoin became more of an institutional asset at the start of 2021 as big investors, short term traders and macro funds jumped into the market.
☆ Binance CEO Changpeng Zhao says 100% of customer assets are fully backed one-to-one, and all withdrawals will be covered: 'We will not have an issue'
  + stars: | 2022-12-15 | by ( Brian Evans | ) www.businessinsider.com   time to read: +2 min
The Binance chief executive told CNBC on Thursday that his exchange backs customer assets one-to-one. The chief executive and founder of the world's largest cryptocurrency exchange told CNBC's Squawk Box that all customer assets on the platform are backed one-to-one, either in hard or cold-storage wallets. "In crypto, there's no central bank printing money to bail out banks when there's a liquidity crunch," Zhao said. "Crypto businesses have to hold user assets one-to-one, and that's what we do - it's very simple." The collapse of FTX and the ensuing criminal probe into founder Sam Bankman-Fried has added a new layer of skepticism to the crypto space and concerns over the safety of customer assets.
☆ Crypto Has Reinvented Bank Runs
  + stars: | 2022-11-09 | by ( Telis Demos | ) www.wsj.com   time to read: 1 min
Cryptocurrency is an industry often powered by extraordinary belief, yet losses of faith are increasingly common. The latest example is also one of the biggest: The sudden liquidity crunch for FTX and its subsequent takeover agreement with rival Binance . The exact sequence of events that led up to the agreement isn’t totally clear. They seemed to accelerate when Binance’s founder, Changpeng Zhao , tweeted that Binance was going to sell FTX’s own cryptocurrency called FTT. That appears to have prompted a series of events that culminated in what The Wall Street Journal described as a “run” on FTX by users and a deal with Binance.
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