Binance Withdrawals News: The crypto prices continue to be on an upward curve after the Consumer Price Index (CPI) fell to 7.1%. In this context, the U.S. Federal Reserve is set announce its interest rate hike decision later on Wednesday. While the Fed rate hike is more likely to come in line with the market expectation of a 0.50% rise, it remains to be seen if the crypto market will react positively to the news. The rate hike decision assumes huge prominence as the central bank could for the first time reduce the rate hike.
Also Read: Crypto Expert Predicts Ethereum (ETH) Price; Time To Buy?
In the last few months, the Federal Open Market Committee (FOMC) has consecutively raised interest rates to contain the rising inflation in US. More importantly, the crypto market is showing first signs of positive momentum after the FTX collapse that led to a crypto crash in November 2022.
Share Of Withdrawals In Binance Reserves
Amid concerns of recent Binance withdrawals, CZ responded to fears of the exchange being at the risk of collapsing. Speaking on a Twitter space on Wednesday, the Binance CEO spoke about the exchange getting consolidated and become even stronger and more powerful in the industry after the FTX collapse. Ran Neuner, a crypto influencer, pointed out that Binance reserves and trading suggests that the platform is multiple times bigger than its nearest competitor. Binance is perhaps bigger than the volume of most other competitors put together, he said.
Reacting to this, CZ said traders are choosing Binance over other platforms due to its high security and reputation, among other things like the big reserves. The crypto exchange stood the test of time many times with attacks all the time by frauds. This is how we earned our trust, he said.
Also Read: Tron Founder Justin Sun Withdraws 100M BUSD From Binance, FUD Ending?
CZ also suggested that ‘stress tests’ like the recent withdrawals are a good thing for the industry. In fact, the share of withdrawals in the last two days amounts to less than 2% of the total assets on Binance, he said.
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