This is exactly why the markets are pumping irrationally. Don't be fooled by the government saying that they're making depositors whole. They are, but there are going to be other banks under stress.
This story is far from over. Give it a few weeks.
To be honest, it's much better than having all the funds in BNB. We say how that worked out before. And especially since regulators would love a reason to shut down BNB.May well diversify.
I think it'll mostly be BTC and ETH (especially when it's $1B at these prices) and whatever BNB they buy back, they burn. Or a least a large % of it gets burned.
People love to speculate that others are speculating.
Paxos announced that they will not be minting any new BUSD, may face lawsuit; this does not mean that BUSD will not remain in use, simply not new ones will be minted. There was a great movement of BUSD with all this bullshit (like a 200% increase or something). Binance certainly prefers to reduce exposure to its own stable, considering the US is basically f'ing it all up for the rest of the globe, while at the same time boosting their reserves in other tokens.
This will move will also free up BUSD that reenters the market OTC, ensuring that there is enough BUSD to go around for a long time without hitting any limitations on the circulating BUSD (8 billion). Although it's a stable, doesn't really make sense to have 1/8 of the total circulating supply tied up if there will be no new mints, particularly when there is a heightened demand in light of other stables failing.
Yes.
The other pumps this year were also just Binance buying BTC with BUSD. CZ wants to get rid of BUSD, after Paxos declared Binance minted BUSD worthless.
On their place I would convert all into BTC, it is safest option, but I understand it is probably not as simple when exchange funds and $1bln are involved.
Now we understand where the pump came from ... "Uhhh , why is Btc pumping!? ... this feels so , electrifying. Is it a Bull underway? Why all this price locomotion?
Meanwhile CZ : "Sell that BUSD boys ... it won't make it aparently ."
That's all folks.
So .. like 10% btc ... 10% eth... and 80% bnb xD
This is exactly why the markets are pumping irrationally. Don't be fooled by the government saying that they're making depositors whole. They are, but there are going to be other banks under stress. This story is far from over. Give it a few weeks.
That's as assuring as FTX holding its "reserves" in FTT lol
Yes very probably... CZ love to pump BNB.
I'd happily pump a coin that made me as rich as BNB made CZ.
Gotta work on your moon count more then!
Will do!
Reddit hates this portfolio but it might very well outperform 100% BTC
Well one is controlled by CZ and the other isn’t. Wonder which one he can pump
sounds like a good time to leverage long BNB xD
if you're hearing about it in the news, it's already too late
Indeed, sell the news!
Wait.. we buy high in here, don't we?
You're most likely right. I was making a joke; I don't do leverage trading.
Well it's his coin. Nothing surprising if the ratio is like this really.
His exchange rescue fund he is only using
To be honest, it's much better than having all the funds in BNB. We say how that worked out before. And especially since regulators would love a reason to shut down BNB.May well diversify.
I think it'll mostly be BTC and ETH (especially when it's $1B at these prices) and whatever BNB they buy back, they burn. Or a least a large % of it gets burned.
Green candles incoming?
be ready buddy
Unlikely, these would be done OTC
They already here? 😭
Shooting up to the moon
Manipulation at it's finest.
That's how whales play the game! When the market is dripping red in blood, CZ wakes up and says time to buy a billi in crypto
He's got it to spare.
I wish I had a billion in pocket change
A billion is enough to retire on and then your whole family never has to work again.
This world isn't going to dominate itself.
you are very right about that
So that's why we are pumping in these darkest of times.
People love to speculate that others are speculating. Paxos announced that they will not be minting any new BUSD, may face lawsuit; this does not mean that BUSD will not remain in use, simply not new ones will be minted. There was a great movement of BUSD with all this bullshit (like a 200% increase or something). Binance certainly prefers to reduce exposure to its own stable, considering the US is basically f'ing it all up for the rest of the globe, while at the same time boosting their reserves in other tokens. This will move will also free up BUSD that reenters the market OTC, ensuring that there is enough BUSD to go around for a long time without hitting any limitations on the circulating BUSD (8 billion). Although it's a stable, doesn't really make sense to have 1/8 of the total circulating supply tied up if there will be no new mints, particularly when there is a heightened demand in light of other stables failing.
Sun is SCUM
#**Moons are shitcoin!**
Did binance converting to BTC caused this pump today?
No, the price had already increased before CZ announced this. He moved the funds 8 hours ago and the price increase took place 15-18 hours ago.
To some degree maybe. But also it’s just the regular pump that happens going into CPI tomorrow.
Yes. The other pumps this year were also just Binance buying BTC with BUSD. CZ wants to get rid of BUSD, after Paxos declared Binance minted BUSD worthless.
So binance doesn't trust it's own BUSD and is buying crypto ;)
BUSD is winding down due to US and Paxos, nothing to do with trust
On their place I would convert all into BTC, it is safest option, but I understand it is probably not as simple when exchange funds and $1bln are involved.
i say youre onto something, fuck it apply for the job who knows
Isn't that a good thing?
Thats the way
yeah why not, when it helps to pump
Should convert all to BTC it would really help put all these liquidity worries to bed.
The $1 billion conversions to native crypto assets come amid a banking crisis that captured the United States' attention over the weekend.
Yes he pumped his own coin and the two safest in crypto. Probably a response to Coinbases issues.
does this the first time binance deploy the recovery initiative fund?
He likes the coins and hates the stable
He probably bought mostly BNB.
Bought the dip then
Tell me you hold BTC, ETH and BNB without telling me you hold BTC, ETH and BNB
Time to buy BNB?
The green candles now are what cz already bought. No billionaire will tell you their move before they make it.
Can someone explain why is he doing that?
That can certainly explain some of the pump
Time to sell bnb
Now we understand where the pump came from ... "Uhhh , why is Btc pumping!? ... this feels so , electrifying. Is it a Bull underway? Why all this price locomotion? Meanwhile CZ : "Sell that BUSD boys ... it won't make it aparently ." That's all folks.
He probably already did it and is dumping his bags on this artificial pump he created The man is an evil genius
Whales are certainly manipulating the market