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Binance CEO Is Ready to Support Elon Musk's Twitter Purchase Endeavor

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Thu, 16/06/2022 - 14:03
Binance CEO Is Ready to Support Elon Musk's Twitter Purchase Endeavor
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"He's leading, we're following,” says the CEO of the biggest cryptocurrency exchange in the world, according to his most recent Bloomberg interview. This would be one of the biggest purchases in the world.

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The host asked why CZ is still so committed to the Twitter deal while Musk himself is not showing any interest in buying the platform for the agreed price because of the potentially high percentage of bots and fake users in the daily userbase.

CZ stated that Elon Musk's bid backers are simply following his lead and are ready to proceed with the funds needed or withdraw them if Musk waves the deal off.

Elon Musk’s Twitter purchase was not the only topic discussed with the Binance CEO. CZ was also asked about the most recent behavior of the market in which the majority of digital assets have lost from 15% to 30% of their value on average.

Zhao told the host that he is not surprised and that the cryptocurrency market is acting "normal" as volatility has always been part of an average digital asset on the market. Back in 2018, the cryptocurrency market lost almost 90% of its capitalization, with the majority of assets evaporating from the market and never being seen again.

In 2022, the DeFi industry was one of the biggest losers after facing billions worth of liquidations following the plunge in liquidity on the lending and borrowing market.

This year's crypto market sell-off was caused by two extremely negative events in a row: Terra's UST and LUNA catastrophe and unexpectedly high inflation data, which caused a massive outflow of funds from risky assets like cryptocurrencies and stocks.

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