Interest per week
Interest per year
In the wake of the imbroglio surrounding the 60 percent XRP crash on BitMEX and the most recent Bitcoin price drop, crypto Twitter is once again debating whether or not omnipotent exchanges can impact prices.
Changpeng Zhao, the CEO of Binance and one of the most influential personalities in the industry, recently left his rare take on the matter. In a thread that touches upon how the cryptocurrency market is being manipulated by big players, CZ tweeted that the price of BTC would be extremely high if crypto exchanges could manipulate prices. Since exchanges have skin in the game, it doesn't make any sense for them to dump the BTC price.
Slap yourself when...$16,000
It's hard not to find CZ's tweet believable given how he desperately wants the price of BTC to go higher. Back in August, he tweeted that those traders who sold BTC under $10,000 had to slap themselves before the BTC price dropped about 20 percent less than two months later.
On Nov. 1, after Bitcoin's epic 40 percent moonshot, CZ predicted that the top coin could hit $16,000 soon-ish. BTC ended up tanking to the $6,500 during the same month.
What crypto winter?
A lot of crypto businesses took a massive hit during the market downturn in 2018, but Binance was an outlier. Not only did it walk away unscathed, but the Malta-based exchange actually increased its profits by 66 percent in Q1 2019 when BTC was trading below $4,000.
It seems like Binance continues to shine no matter whether its crypto winter or summer.