According to his most recent Bloomberg interview, the CEO of the world’s largest cryptocurrency exchange said, “He’s leading, we’re following.” This would be one of the world’s largest acquisitions.
The host questioned CZ’s continued commitment to the Twitter transaction, given Musk’s lack of interest in purchasing the platform for the agreed-upon price due to the possible high percentage of bots and fraudulent users in the daily userbase.
Elon Musk’s bid backers, according to CZ, are merely following his lead and are ready to proceed with the necessary funds or withdraw them if Musk cancels the transaction.
The purchase of Twitter by Elon Musk was not the only item discussed with the Binance CEO. CZ was also questioned on the market’s most recent behavior, in which the bulk of digital assets have lost between 15% and 30% of their value on average.
Zhao told the presenter that he is not surprised and that the cryptocurrency market is behaving “normally,” as volatility has always been a component of a typical digital asset on the market. In 2018, the cryptocurrency market lost about 90% of its capitalization, with the vast bulk of assets disappearing from the market and never to be seen again.
In 2022, the DeFi industry was one of the largest losers, with billions of dollars in liquidations as a result of a drop in lending and borrowing liquidity.
The crypto market sell-off this year was precipitated by two incredibly unfavorable events in quick succession: Terra’s UST and LUNA disaster and unexpectedly strong inflation figures, which resulted in a significant outflow of cash from risky assets such as cryptocurrencies and stocks.