Oh guys, if only you knew how many subscribers wrote to us yesterday about this. Everyone was very worried that the market was going to collapse and did not understand what to do. To us, all this indicated the usual panic, the purpose of which is to shake out the extra passengers from the market.
Let's figure out why what happened to Binance means absolutely nothing for the market.
1️⃣ Lawsuits with Binance
Attacks on the Binance exchange are nothing new, but very old. We wrote a post about this back in June, when the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance 👇
That is, this event is not a black swan, but only a continuation of what has already happened.
In that post, we even predicted that Binance would end up getting off with a fine and leaving the US market, which is what happened 🤷♂️
The Justice Department ordered Binance to pay $4.3 billion in fines for multiple violations.
It may seem like a big sum, but for such a monopolist exchange it's pennies. The exchange immediately transferred a practically identical sum from its cold wallet to the exchange.
2️⃣ CEO CZ resigns
This is a fairly standard procedure that occurs in most large companies in the world. And there is nothing wrong with that, in such companies the decision is not made by one person, that is, in fact, it will not affect the stock exchange at all.
Moreover, a new person, Richard Teng, who has been working at Binance for a long time, will simply be appointed to the position of CEO. It is a pity, of course, that everyone's favorite CZ is leaving. But we think it is time for him to take a well-deserved rest and thank him very much for his work.
3️⃣ US Hegemony
The US now has huge holes in its budget due to the continuation of the QT cycle (quantitative tightening of monetary policy). And these holes need to be closed somehow. Therefore, attacks on other exchanges will most likely continue and everything will be resolved with "large" fines. Any government wants to get a share of business in their country and this is normal.
✅ We hope, friends, that you didn't panic yesterday and didn't sell anything at a loss. Absolutely nothing terrible happened and, as you can see, everything was predicted in advance. Personally, we have long been immune to such news.
And remember one very important thing, as soon as emotions appear during trading - immediately close the trading terminal and go outside to clear your head.
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